President Grímsson addressed the people of Mexico on 11 March 2008, saying: In this new century, mankind eagerly seeks and requires leadership born of the same qualities, searching for solutions to the most fundamental challenge of our times, the threat of climate change, which is so evident in the melting of the ice sheets and the glaciers and the rising sea levels all over the world.

Flowing from Mexico into the North–Atlantic, the Gulf Stream encircles my country and constitutes the core of the conveyor belt of ocean currents which in every continent regulates the climate.

Cooperation between our countries is therefore both urgent and is endowed with symbolic value, reminding us how all nations now share a common fate, but also demonstrating to others new ways towards solutions....[5] In November 2017, the Annual World Summit, Global Forum of Women and Leaders in Politics was held in Reykjavík, Iceland.

[2] In May 2024, Mexican Foreign Undersecretary Carmen Moreno Toscano traveled to Iceland leading a delegation to attend the IV Summit of Heads of State and Government of the Council of Europe as a Permanent Observer.

Mexico's main exports to Iceland include: motor vehicles for the transport of goods, axles and cranks, data processing machines, machinery parts, telephones and mobile phones, tools, plastic, margarine, coffee, and alcohol.