Mexico and Italy established diplomatic relations on December 15, 1874. In order to institutionalize bilateral cooperation, a Mexico-Italy Framework Cooperation Agreement was signed in July 1991, which came into force on July 1, 1994.
Since the entry into force of the Free Trade Agreement between the European Union and Mexico (FTAEUM) in 2000, trade between Mexico and Italy has had an Annual Average Growth Rate (AAGR) of 9.3%.
- Italy is the Mexico’s largest trading partner of the EU countries and its 11th largest worldwide.
- In 2015, bilateral trade totaled $6.7084 billion USD, 1.9% less than in 2014 ($6.8429 billion USD).
- Mexican exports ($ 1.6468 billion USD) rose by 1.2% over 2014 ($ 1.6257 million USD).
- The five main products exported by Mexico to Italy between 2010 and 2014 were passenger cars (21.8%), crude oil (18.7%), polycarboxylic acids (4.3%) lead ores and concentrates (3.5%) and vinyl chloride polymers (3.3%).
- The five main products imported by Mexico from Italy between 2010 and 2014 were stainless steel flat-rolled products (6.4%), petroleum oils (5.5%), tractor parts and accessories (4%), drugs (3.1%) and dishwashing machinery (3.1%).
According to the Italian Ministry of Economic Development and National Agency for Attracting Investment and Business Development, Mexico’s cumulative investment in Italy from 1992 to 2011 amounted to $ 132.2 million USD
1. There are 1,764 companies with Italian capital in Mexico, located in 17 economic sectors, particularly the manufacturing sector (52.7%).
2. In 1947, Mexico and Italy signed a Peace Treaty, since they had two periods of estrangement when Mexico protested to the League of Nations over the Italian troops’ invasion of Abyssinia (Ethiopia), and during World War II, when President Manuel Ávila Camacho declared war on the Axis countries.
3. Since the entry into force of the Free Trade Agreement between the European Union and Mexico (FTAEUM) in 2000, trade between Mexico and Italy has increased by 258.3%.
4. The sectors with the greatest potential for Italian investment in Mexico are: automotive, aerospace, renewable energy, tourism, furniture manufacturing, aquaculture, home appliances, and the port sector.
5. President Enrique Pena Nieto met with Prime Minister Enrico Letta on June 18, 2013 during the G8 summit in Lough Erne, UK. Subsequently, on September 5, 2013, they met in the framework of the G20 Leaders Summit in St. Petersburg.