To this end, the Greek government, especially Foreign Minister Andreas Michalakopoulos, put renewed emphasis on improving relations with Italy, leading to the signature of a trade agreement in November 1926.The Italian–Greek rapprochement had a positive impact on Greek relations with other Balkan countries, and after 1928 was continued by the new government of Eleftherios Venizelos, culminating in the treaty of friendship signed by Venizelos in Rome on 23 September 1928.
Both countries are full members of many international organizations, including NATO, the European Union, the Council of Europe, the OECD and the WTO.
Greece and Italy were also part of the European Territorial Cooperation Programme (2007–2013), for the boost of cross-border cooperation in the Mediterranean Sea.
To this end, Pangalos sought Italian diplomatic support, as Italy still had ambitions in Anatolia, but in the event, nothing came of his overtures to Mussolini.
After the fall of Pangalos and the restoration of relative political stability in 1926, efforts were undertaken to normalize relations with Greece's neighbours.
Italy, an Axis power, invaded Greece in the Greco-Italian War of 1940–41, but it was only with German intervention that the Axis succeeded in controlling Greece.
Italian forces were part of the Axis occupation of Greece.
In July 2014, an official artistic exhibition with the title "Italy – Greece: one face, one race" was inaugurated in Rome on the occasion of the passing of the EU Council Presidency from Greece to Italy.
The title of the exhibition refers to an Italian saying, una faccia, una razza (Greek: "mia fatsa mia ratsa"), often used in Greece to express the perception of close cultural affinities between Greeks and Italians.
Greek troops were landed and the Greco-Turkish War (1919–22) began with Greek troops advanced into Anatolia.