Italian-Libyan international relations entered a new era when the two countries signed the Treaty on Friendship, Partnership, and Cooperation on August 30, 2008. The treaty allowed Italy to extend its interests into the southern basin of the Mediterranean in order to balance Atlanticism and Europeanism in the region. The treaty enabled Libya also to create a partnership with a northern ally that was until recently described as an adversary. In politics, however, there is no such thing as permanent enemies or absolute friends. This study focuses on Italian-Libyan international relations within the framework of the Treaty on Friendship, Partnership and Cooperation; and subsequently, a content analysis of the treaty's text reveals that political, economic, and cultural aspects represent new dimensions in the contemporary bilateral relationship. The convergence of national interests and the impact of globalization, among other elements, are among the crucial factors that prompted this new era of partnership between Italy and Libya. The treaty represents a new model of international relations between a northern ex-colonist country and a southern ex-colonized state. In time, from this example, relations between northern ex-colonists and southern ex-colonized states are expected to witness major changes that might lead to the establishment of equal partnerships and not just dependent relationships.