While the North-Transatlantic community is deeply intertwined, the relationship between the European Union (EU) and Latin America, a transatlantic association as well, is trying to find formulas to revitalize their partnership. Today, the EU is the leading donor of aid in Latin America, its largest foreign investor and the second most important trade partner in the region. Nevertheless, the Forth EU-Latin America/Caribbean Summit held in Vienna in May 2006 was pervaded by an unenthusiastic atmosphere about boosting the dynamism in the bi-regional relationship. On the road to Peru 2008, site of the fifth bi-regional summit, the main target of both partners is the enhancement of the network of association and free trade agreements and strengthening the existing ones with Mexico and Chile. Will the EU and Latin America be able to reach such an objective? If that is the case, what can we expect from those association agreements?