New York and London will move a step closer following the announcement of an advertising deal to boost tourism between the two cities.

The two-year deal will involves each city giving the other advertising space – on bus shelters in NYC and on the tube in London.

Tourism bodies Visit London and NYC & Co. have also agreed to share best practices and help each other out with events.

Both mayors welcomed the deal, which is worth $357,000 to each city in advertising space.

London mayor, Boris Johnson, said: ‘London and New York City share many similarities, including a strong sense of optimism and determination, along with a great appreciation for diversity and innovation.

‘Our common cultural ties, not least absolute dedication to providing world-class services and experiences for both residents and visitors, make the two cities exceptionally well poised to combine knowledge as well as resources to impact the economies and future of the cities.’

Michael Bloomberg, mayor of New York, said: ‘Now more than ever – as we work to limit the effects of the ongoing global financial downturn – it is important to find new ways to grow a diverse array of economic sectors, and tourism is among the most important for New York City.

‘New York City and London – both significant sources of overseas travel for each market – can learn a great deal from one other and we will work together to highlight each other’s strengths and remain leading global cities.’

The cities are still the most popular destinations for Brits and Americans in terms of international visitors.

Last year, 1.3 million Brits visited NYC, a record figure and up from 1.2 million in 2007.

Americans made 2 million visits to London last year, making it the number one destination in the UK.

The London campaigns will run in 71 New York City bus shelters for four weeks per year.

New York will get 250 posters on the tube for four weeks twice a year.