This chapter studies the role of the Iberian states (Spain and Portugal) in the evolution of the European Union's Latin American strategy. It first identifies the EU member states that have interests in Latin America and discusses the implications of their foreign policy for community-based dialogue with Latin American groups. It then analyses the place held by Latin America in Portuguese foreign policy. It goes on to explore the role played by Spain in the EU's rapprochement with Latin America and in the construction of interregional relations. It then examines the role of the Ibero-American grouping in providing a framework for discussion about Euro-Latin American agreements and concludes with a consideration of the effects that changes in international, European and Latin American politics are having upon EU-Latin American interregionalism.