How Permacrisis Has Redefined EU–LAC Trade Governance

Abstract

This chapter examines how the repercussions of an era of permacrisis have shaped the dynamics of trade governance between the European Union and Latin America. This study delves into the evolution of interregional trade governance, scrutinizing data and documents to identify trends and changes during the last decade. The chapter analyzes the limitations of the “old” governance mechanism built by a series of free trade agreements and identifies three new key mechanisms that are shaping interregional trade governance: the modernization of existing free trade agreements and conclusion of pending negotiations, the establishment of a new type of trade-related cooperation sectoral agreements, and unilateral reforms. Our findings highlight the continued relevance of trade for interregional integration. They offer valuable insights into the changing dynamics of trade governance in the permacrisis context and, at the same time, highlight the asymmetries and vulnerabilities in the EU–Latin America relationship.