Washington - The United States and Mexico are set to begin negotiating a new nuclear power cooperation agreement, the White House announced on Friday.

Officials for the two countries will look to craft a "123" nuclear agreement before the end of the year, according to a fact sheet put out by the Obama administration on Friday.

The deal would allow US nuclear companies to export their products and technologies to Mexico. In the fact sheet, the administration said the deal would "strengthen our existing legal framework and provide an enhanced basis for the transfer of technology, fuel and other major nuclear components between the two countries, as well as enhance potential emissions reduction in the power sector."

"It would also enhance national capacities in the supply chain and nuclear fuel services, and facilitate sharing of experiences and best practices in this sector," the statement said.

The United States has 123 nuclear agreements with 22 countries, the International Atomic Energy Agency and a consortium of European nations. The deals, crafted by the executive branch and reviewed, but not ratified, by Congress, are popular within the nuclear industry. The last major 123 agreement to take affect was a renewal of the one with China, which the administration finalized last year.

Officials announced the nuclear power work following a visit by Mexican President Enrique Peña Nieto. The U.S. and Mexico agreed to a handful of other energy and environment provisions during the meeting, including energy efficiency financing, methane reduction steps, a study into renewable energy and a timeline for reaching a water management plan for the Colorado River.