The paper deals with the history of the EU-Latin America relations, primarily in 1990s and 2000s. Prospects of bilateral economic relations after the EU enlargement in 2004 are described. In respect to Latin America, the European Union is pursuing a policy of different gears and priorities. Author stresses that the European community and Latin America are unequal partners. It must be established that on the basis of the asymmetrical ratio of forces, the EU is the senior partner that, to a significant extent, determines the modus operandi and the rates of developing ties between the EU and Latin America. Along with this, it is argued, Europe has larger common political interests with Latin America than with the USA. And for the Latin American countries, a closer cooperation with the European Union in the future could create a counterbalance to the “special relationship” between the South American continent and the USA.