Colombia and Mexico both share a common history in that they were both colonized by Spain and each nation was the seat of power of one of four Spanish viceroyalties.

[5] In July 2021, Colombian Vice-President and Foreign Minister Marta Lucía Ramírez, paid a visit to Mexico and met with her counterpart Marcelo Ebrard to reaffirm their commitment to strengthening both nations' joint bilateral relations mechanisms.

During the visit, Mexico was asked to and accepted the invitation to become a guarantor country in negotiations between the Colombian government and the National Liberation Army (ELN).

[8] In September 2023, Mexican President Andrés Manuel López Obrador paid a visit to Cali, Colombia to attend a Latin-American and Caribbean Conference on drugs.

[16] Colombia's main exports to Mexico include: coal, crude oil, instant coffee and automobile parts.

Mexico's main exports to Colombia include: flat screen TVs, pure petroleum oil for tank-car, ship-tank or auto-tanks; corrugated rods or bars for reinforcement, for cement or concrete; shampoos; milk powder or pills; tequila and malt beer.

Mexican multinational companies such as Alsea, América Móvil, Grupo Bimbo, Cemex, Mabey, Orbia and Oxxo (among others) operate in Colombia.