Andorra and Mexico, encouraged by the desire to develop friendly links among their peoples and to cooperate in the political, economic, commercial and cultural spheres, agreed to establish diplomatic relations on 5 May 1995 after Andorra adopted a new constitution establishing them as a parliamentary democracy. The establishment of diplomatic relations between both nations took place in New York City, during an act in which the representatives of both countries to the United Nations signed a joint communiqué. Mexico soon accredited an ambassador to Andorra based in Madrid, Spain. In December 2014, Andorran President Antoni Martí paid a visit to Mexico to attend the 24thIbero-American Summit in Veracruz City. While in Mexico, President Martí met with Mexican President Enrique Peña Nieto. The meeting was also attended by Andorran Foreign MinisterGilbert Saboya Sunyé. In September 2018, both nations signed a Memorandum of Understanding of cooperation between the Andorran General Prosecutor's Office and the Mexican Attorney General. Andorra, being known as a tax haven; there have been situations where some Mexicans have traveled to the nation to open bank accounts in the country to either hide and/or launder money. In 2016, Banca Privada d'Andorra was discovered to be holding $6 million dollars in a private bank account of a Mexican congress man from the state of Sinaloa. It is speculated that the money was from the Sinaloa Cartel. In 2017, a Mexican ambassador in Uruguay, Francisco Arroyo Vieyra, was found to have hidden $1 million dollars in an Andorran bank account.
Trade
In 2018, trade between Andorra and Mexico totaled $2.4 million USD. Andorra's main exports to Mexico include: plastic manufactures, lightning rods, voltage limiters and transient over voltage suppressors. Mexico's main exports to Andorra include: fumaric acid. Between 1999–2012, Andorra invested $2.5 million USD in Mexico. Andorra is the 71st largest investor in Mexico, with most of its investments concentrated in the construction and financial services sector, as well as pipe fittings and stainless steel sectors. Andorran multinational banking companies Andbank and Crèdit Andorrà operate in Mexico. Mexican multinational company, Cemex, operates in Andorra.
