Acceptable Public Behavior

Men will shake hands during greetings that may become particularly warm between close friends. Women, however, will often pat each other on the right forearm or shoulder. If they are particularly close, women will hug or kiss each other on the cheek.
Women should initiate handshakes with men.
A gentle grip is all that is required when shaking hands.
Mexican men may exchange a sort of bear-hug, called an "abrazo." It follows a simple but
defined protocol. The "abrazo" is used among closer male acquaintances; it is welcomed as a sign of good will, a vital asset in Mexican business culture.
Handshakes at the conclusion of a meeting are intended to affirm what was discussed or agreed to. Your Mexican host will probably walk you to the door or elevator.
Eye contact should be infrequent; avoid looking at others too intently

Business Attire

Conservative suits and ties are the norm for most men in Mexican business culture. Ensure that your shirts are well-pressed and that your shoes are polished to a high gloss.
Standard office attire for women includes dresses, skirted suirs, or skirts and blouses. Women business travelers will want to bring hosiery and high heels.
The rainy season in Mexico City is typically from May to November. Mexican men do not favor raincoats, but umbrellas are popular.
Suitable casual wear for men includes pants and a light shirt with a sweater for the sometimes chilly evenings. Women can wear a skirt or a pair of stylish pants.
Jeans are acceptable casual wear if they are clean and in good condition.
Tennis shoes are never appropriate for business meetings.

Conversations and Networking

Topics of conversation in Mexico include positive comments about the city and the people.
Mexican landmarks
Mexican culture and history
Sports, particularly Mexican soccer

Topics that one should avoid include:

Mexican politics
The Mexican-American War and its consequences for Mexico
Illegal aliens
Comparing Mexico unfavorably to the United States

Meetings, Presentations, and Negotiation Tactics

Mexicans place considerable reliance on personal relationships. Indeed, good personal relationships are the basis of business success in Mexico. This means that the visiting North American businessperson has to secure credible personal introductions to appropriate Mexicans in the organization where he or she wants to do business. These introductions are suitable when arranged by a mutual friend or an appropriate professional.
Mexican business hours in the cities are 9:00 a.m. until perhaps 6:00 p.m. Government offices may be open much later, until 9:00 p.m. or more. Lunch is often a key business venue that extends from about 1:30 p.m. to 3:00 p.m.
Mexicans seldom work on Saturdays or Sundays.
Punctuality is not always as much of a priority in Mexican business culture. Nonetheless, Mexicans are accustomed to North Americans arriving on time, and most Mexicans in business will try to return the favor.
For the purpose of discussion, Mexicans are often willing to embrace new ideas and concepts. You may notice, however, very little change in their opinions.
Mexicans may look less at the rules or laws for guidance in solving problems. Rather, they will look at the particulars of each situation and involve themselves personally in finding a solution.
Mexicans avoid directly saying "no." A "no" is often disguised in responses such as "maybe" or "We'll see." You should also use this indirect approach in your dealings. Otherwise, your Mexican counterparts may perceive you as being rude and pushy.
One should never throw documents on the table during a business meeting. This gesture is considered highly offensive.
In Mexican business culture, although subordinates are encouraged to give their input, only the highest person in authority makes the final decision.
During initial meetings, use a professional title (i.e. "Ingeniero", meaning "engineer") followed by a surname. When you develop a closer acquaintance with a Mexican professional, you may be invited to use the title without the surname.
Anyone without a professional title should be addressed by a courtesy title such as "Mr.", "Mrs." or "Miss" followed by a surname. If you don't know someone's last name, just use the courtesy title.
- Mr. = "Señor"
- Mrs. = "Señora"
- Miss = "Señorita"
Mexican men carry their father's surname followed by their mother's surname. One should address the men using both surnames, or the father's surname alone, but never only using the mother's surname.
Gift giving is not usually a requirement in Mexican business culture. Presenting a small gift, however, will generally be appreciated as a gesture of good will.

Dinner Etiquette

Many business meetings in Mexico have an important social component and meetings may take place at breakfast, lunch or dinner. Allow your Mexican counterpart to select the time, but remember that you are at 7,300 feet. Don't schedule breakfast too early.
Punctuality is not expected at social events such as parties and dinners.
Breakfast and lunch are good occasions for business meetings. Keep in mind that these meetings are primarily for socializing. Business should be discussed only if the host brings up the subject.
The Mexican breakfast [7 a.m. - 8 a.m.] tends to be a heartier meal than in the U.S., including foods such as fruit, meat, and eggs. A business breakfast, if progressing well, may last for more than just an hour.
Lunch [1:30 p.m. - 3:00 p.m. or later] is the main meal of the day. Business lunches can last several hours.
Dinner is usually served around 9:00 p.m. and is usually a light meal.
A woman alone should not invite a man to a business meal unless he is accompanied a spouse or a colleague.
If one is invited to a Mexican home; this is usually not the occasion to discuss business. The Mexican sees the purpose of such a visit as an opportunity to further and expand a pleasant personal relationship. If he wants to discuss business, let him bring it up. Being invited into a Mexican counterpart's home signifies that your relationship has developed from an acquaintance into a friendship. Consider this invitation a big step, since friendship is vital to Mexican business culture and signifies trust, the key element in a successful relationship.

Other

Average Mexican tends to watch more TV than the average American. On weekends the average Mexican male spends almost all day watching soccer (from 12 pm to 8 pm).
In the U.S., a large amount of business is conducted by telephone. Mexicans are less trusting of the telephone and prefer to conduct business in person.
If you go to lunch with a Mexican businessman or woman, be prepared for a long, relaxed lunch (perhaps as much as 2-3 hours).
Most Mexican children receive toys on January 6, known in Mexico as Kings' Day. However, an increasing number of children receive their toys on Christmas Day. The second most important date for the sale of toys is Children's Day on April 30.
Do not expect to conduct business in Mexico during the week preceding Easter, between Christmas and New Years, or during the week of the 16th of September. Other government and religious holidays during which business is not conducted are May 5, May 10, November 2, November 20, and December 12.
In Mexico the use of credit cards is very low, and when a person buys something, he or she usually pays cash.
Taxes are usually already included in the price of an item or service.
Mexicans frequently see Hollywood films and listen to music from the United States.
Mexico does not have the same standards regarding intellectual property as the USA. This creates an issue for marketers of computer software, music, CD's, and books.

Source

A summary of this information can be found at Executive Planet.
For more information go to:
http://www.executiveplanet.com