The deal sees the original partnership set out in 2009 renewed, representing a commitment by both cities to their respective tourism industries and an acknowledgement of the economic impact of the leisure and hospitality sectors.
British Airways has been named as the official airline partner of the deal and has created two travel packages to each destination to encourage people to book during the winter period.
The two tourism and marketing agencies for the cities, NYC & Company and London & Partners, have agreed to exchange outdoor media space to advertise each other’s destinations, and to share best marketing and tourism practices in order to improve their impact.
Both NYC & Company and London & Partners will develop cultural promotion programmes to encourage visitors to explore large and small institutions, with the hope of creating better dialogues between the institutions themselves.
Boris Johnson said: "As great world cities for culture, London and New York offer the visitor an extraordinary number of attractions, so I am delighted to be renewing this important partnership.
"Let’s shout it out loud – London loves New York and New York loves London, and as big, bold cities, tourism has a vital part to play in the prosperity of each.
"As the global economy emerges from this economic downturn, our goal is to build on the mighty reputations of each as pre-eminent destinations for culture-hungry visitors."
Michael Bloomberg said: "Mayor Johnson and I have long championed the need for municipal governments to diversify their economies and maximise opportunities to support small businesses and cultural institutions.
"Encouraging tourism development was one of our first initiatives together, and renewing and enhancing those commitments will be pivotal to the continued vibrancy of these two world-class cities."