The European Union and Latin America have enjoyed a Strategic Partnership since the first bi-regional Summit in Rio de Janeiro (Brazil) in 1999. They are natural allies linked by strong historical, cultural and economic ties. They co-operate closely at international level and maintain an intensive political dialogue at all levels - regional, sub regional (Central America, Andean Community and Mercosur) and also more and more at bilateral level.

EU policy priorities towards Latin America are defined in the recently adopted Communication "EU-Latin America: Global players in Partnership" 2009 [55 KB] that updates the Communication on a "Stronger Partnership between the European Union and Latin America" 2005 [454 KB] This represents, as Commissioner Ferrero-Waldner stated: "another visible and tangible step towards the strengthening of our already well established and flourishing relationship”. Issues such as macro economic and financial matters; environment, climate change and energy; science, research and technology; migration; and, finally, employment and social affairs figure prominently in bi-regional dialogues.

The regional strategy paper 2007-2013 [139 KB]  defines the specific areas for regional development cooperation programmes. For the 2007-2013 period, EU assistance amounts to around € 3 billion, while for the same period the European Investment Bank is authorized to lend up to €2.8 billion.

The recently concluded Mid-Term Review of the Regional Strategy Paper [596 KB]  confirms the priority sectors for cooperation with Latin America, describes newly evident challenges and identifies an innovative approach for complementing the existing activities. In this respect the Regional Indicative Programme 2011-2013 includes the creation of the Latin America Investment Facility.

The EU is the leading investor in the region and the second trading partner of Latin America. 

A summit of EU, Latin America and the Caribbean (LAC)  leaders takes place bi-annually, the last one was held in Madrid, Spain in May 2010.

On alternate years to the EU-LAC Summits, there are meetings at Ministerial level between the EU and the Rio Group. The last EU-Rio Group ministerial meeting took place in Prague in 2009.