The terms of the deal have not been spelled out, but it's part of the Global Cities Initiative. The point of the initiative is to expand economic ties.
Former Mayor Daley is already in Mexico for the event and says a key component is to help businesses grow.
"Medium-sized businesses benefit with Canada and Mexico doing business, and eventually more and more with China as well," said former Chicago Mayor Richard M. Daley.
The details of the deal with Mexico City are expected to be announced soon.