This research paper analyzes the results of the Association Agreement (AA) between the European Union and Chile, which entered into force in 2003, up to the present time when its modernization is being negotiated. After 19 years of the agreement, the international context has changed both in its political and economic dimensions, so it is important to analyze what role these agreements can have in the face of the challenges of the post-pandemic recovery and the objectives of both regions in terms of strategic autonomy, in the geopolitical field, and in the transition towards new development models that respond to shared challenges such as climate change, ecological transition, digitalization, social inclusion or the revitalization of multilateralism.