Mexico and Panama have maintained diplomatic relations since 1904, engaging in multilateral cooperation through various regional organizations like the Association of Caribbean States, Community of Latin American and Caribbean States, Latin American Integration Association, Organization of Ibero-American States, and the Organization of American States. Their relationship reflects broader Latin American cooperation and shared interests within the region.
In 1956, Mexican President Adolfo Ruiz Cortines made an official visit to Panama, marking the first such visit by a Mexican head of state.
In 1969, Panamanian President Omar Torrijos visited Mexico, fostering stronger ties between the two nations. This visit was part of a series of high-level engagements between the leaders.
In 1977, Panama and the United States signed the Torrijos-Carter Treaties, which set the stage for Panama to eventually gain control of the Panama Canal by December 1999.
In December 1999, Panama officially gained control of the Panama Canal, following the Torrijos-Carter Treaties signed in 1977.
On December 31, 1999, Mexican President Ernesto Zedillo joined Panamanian President Mireya Moscoso and other world leaders to celebrate the transfer of the Canal Zone to Panamanian control, marking a significant milestone in Panama's sovereignty.
In 2002, Mexico and Panama signed an Agreement for Mutual Cooperation in the Exchange of Information regarding Financial Transactions carried out through Financial Institutions to Prevent, Detect and Combat Operations of Illegal Origin or Money Laundering.
In November 2024, Mexican President Claudia Sheinbaum made a brief stopover in Panama while en route to Brazil on a commercial flight. During her visit, she met with Foreign Minister Javier Martínez-Acha Vásquez.
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