Latin America and the Caribbean and the European Union have a rich history of cooperation and share common values and interests such that cooperation is the natural path for responding to the major challenges facing the countries of the region and the international system. In this document, the Economic Commission for Latin America and the Caribbean (ECLAC) analyses areas for investment and cooperation in strategic sectors, offers assessments, identifies opportunities and proposes work and policy agendas. The region faces significant challenges in the areas analysed, which include energy transition and digital transformation, but it has also made important progress and there is potential to strengthen partnerships that benefit Latin American and Caribbean countries and European Union countries alike. The Third Summit of Heads of State and Government of the Community of Latin American and Caribbean States (CELAC) and the European Union, which will be held in Brussels on 17 and 18 July 2023, is a valuable opportunity for both country groupings to deepen and strengthen their strategic partnerships. This document aims to facilitate this path, foster a better understanding of the strategic areas of opportunity and support the definition of tangible projects and action that will make these and other opportunities a reality in the near future.