It was signed by GSMA director-general Mats Granryd and ICANN president and chief executive Göran Marby at the Mobile World Congress being held this week in Barcelona, Spain.
Over the years, mobile networks have evolved to become a critical infrastructure for Internet services, especially in developing countries.
The two organisations say the MoU aims to advance their shared objective of fostering the continuous expansion of interoperable networks and the deployment of information and communication technology.
According to the GSMA and the ICANN, the document highlights co-operation on capacity building and policy exchanges.
Joint activities include workshops, regional events, and ad hoc interactions on technical subject matter areas designed to further intersect the GSMA and ICANN's respective missions.
The MOU is described as a non-binding and unenforceable statement of the mutual intentions of the GSMA and the ICANN, with the objective exploring opportunities to build a non-exclusive partnership program between the two organisations.