Recent economic, political and social changes and the accelerated digital revolution, along with the 2030 Agenda for Sustainable Development and the Sustainable Development Goals, are the new backdrop for the review of cooperation between the members of the Community of Latin American and Caribbean States (CELAC) and the European Union. The end goal is renewed and dynamic collaboration based on multilateralism, which goes beyond trade integration and strengthens the shared vision and values of both regions. This document is a joint effort of the Economic Commission for Latin America and the Caribbean (ECLAC), the European Union and the European Union-Latin America and the Caribbean Foundation (EULAC Foundation), which identi¬fies many areas in which cooperation is crucial, especially for economies experiencing “development in transition”. It examines factors that drive investment and the development of real production integration, encourage technology transfer and innovation, favour the inclusion of micro, small and medium enterprises, and improve States’ responsiveness to citizens’ demands. In short, it aims to outline the path to progressive structural change with stronger productivity, more and better jobs, and higher wages. In other words, to establish cooperation that helps to build more modern, productive and inclusive societies.