The partnership between the European Union, Latin America and the Caribbean is based on close historical, cultural ties and shared values and aspirations, such as commitment to democracy, human rights and the rule of law, the search for sustainable development for a prosperous, inclusive society committed to respecting the environment and fighting climate change. Over the years, the two parties have progressively built a relationship based on mutual respect and open dialogue. In 1999 a bi-regional strategic partnership was established, which provides a consensual and dynamically evolving framework for political dialogue and cooperation in specific areas of mutual interest.
The EU-LAC Foundation was created by decision of the Heads of State and Government in 2010 as an instrument to promote the bi-regional partnership, and is made up of the 61 countries of the European Union, Latin America and the Caribbean, as well as the European Union itself, for a total of 62 members. It has been established since 2011 in Hamburg, where it has its sole headquarters, and it is in the process of being transformed into an international organisation. The process of ratifying an agreement that establishes it in this new status is currently underway.
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