This chapter examines trade governance in EU-Latin American relations, emphasizing the complex interplay of interests, ideas, and institutions. Throughout the extensive trade history between these regions, governance has remained fragmented and marked by asymmetric power relations. The chapter delves into the dynamics of both the demand and supply of trade governance, analyzing the driving forces behind this scenario. We assess the trade interests of both regions, exploring export–import patterns and trade-related complaints. We argue that the demand for governance has been primarily driven by the traditional exporting industries in each country, shaping a governance framework that maintains an inter-industrial exchange pattern. The analysis extends to the supply of governance, predominantly channeled through sub-regional free trade agreements as the favored mechanism. The chapter concludes by shedding light on the variations in agreements, influenced by counterpart heterogeneity and EU learning and policy evolution.