This article discusses current European Union foreign policy developments and their application in Latin America including the possibility of negotiating a bi-regional partnership agreement between the European Union and the Andean Community. The way from an Association Agreement to a Free Trade Agreement is also analysed presenting the different viewpoints of the negotiating parties and possible ideological differences. The Eurolatinamerican interregional space theory and its application in the bi-regional integration process are also presented. In the conclusions concerns are expressed regarding the future of bi-regional partnership negotiations especially between integrations with asymmetries.