The article considers the main forms of cooperation between the EU countries and the largest associations of Latin American countries MERCOSUR and СELAC. The historical basis is analyzed through the prism of the theory of neoliberalism and the concept of regionalism, the search for models of interaction of the common future of regional associations. It is noted that relations between the EU and Latin America also influenced the accession of Portugal and Spain to the European Community and significantly strengthened their cooperation. The main stages and periods of cooperation are indicated: economic, political, cultural, and social. Each period has different results since the internal political processes of states played a significant role, which influencing further decisions. A detailed analysis of bi-regional meetings, summits, and negotiation processes of the countries-participants of the studied associations.
 It is noted that the EU actively uses the theory of neoliberalism as one of the main mechanisms for interaction with other countries, in particular, it considers relations both with the region as a whole and through cooperation with MERCOSUR and CELAC. This approach contributes to a more effective and multilateral dialogue that involves many areas of activity and the interests of partners at different levels of international relations, using the policy of soft power.
 The main problems and difficulties that have arisen on the way to signing a document on the creation of a common free trade area between the EU and MERCOSUR are outlined. The article considers a significant documentary base on various meetings and summits since they became the basis for the signing of a joint declaration in 2019. Today, the EU interacts with Latin America at several levels: continental, regional, and bilateral, resulting in a network of discussions, negotiations, and joint efforts for deeper cooperation.