The Congress approved the enabling legislation just hours after telecommunication company America Movil, owned by billionaire Carlos Slim, announced plans to shed its dominant share of the country's telephone phone market.
At a ceremony at the national palace, Pena Nieto said the new law fosters competition, productivity and innovation.
America Movil currently has an 80% of the traditional telephone market, and holds 70% of the mobile phone market.
Its market share must drop below 50% to meet the requirements of the new law.
Televisa, the other major telecommunications company affected by the law, has a 70% share of the broadcast TV market and 60% of the cable TV market in Mexico.
Source: AFP via I-Net Bridge
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