The study aims at studying the context in which the new 'Barcelona Process: Union for the Mediterranean' initiative was adopted by the 27 EU Member States and its Mediterranean Partners and what can be expected from this new initiative in the trade and economic fields. Since 1995 it is obvious that progress was achieved in building a Euro-Mediterranean Free Trade Area as almost all Euro-Mediterranean Association Agreements have been implemented. The multilateral dimension of the Euro-Mediterranean Partnership: the Barcelona Process has also generated positive results such as the creation of a number of multilateral networks and institutions. The 2005 five years programme (2006-2009) adopted at the occasion of the 10th anniversary of the Barcelona Process gave, in this regard, a new impetus to the multilateral cooperation. The issue of economic integration between the Mediterranean Partners is nevertheless still a major concern as little has been achieved at operational level. However, even if the Arab Maghreb Union process is still frozen, the creation of the Greater Arab Free Trade Area and the launching of the Agadir initiative are positive signs indicating that there is a renewed political will to address this crucial issue. The prospect of deeper Euro-Mediterranean integration implies a number of new challenges in the areas of trade in industrial and agricultural products and services. Deeper economic integration implies also the creation of new structures on the two shores of the Mediterranean. According to the European Commission the 'broader neighbourhood economic community' should be the long term vision and 'deep and comprehensive free trade agreements' could be envisaged in the future. The potential impact of deeper economic integration on key economic sectors should however not be underestimated. Also, the level of Foreign Direct Investment in the Mediterranean is still a major concern even if the new trends are a little bit more positive. The 'Barcelona process Union for the Mediterranean' is indeed an opportunity to consolidate the Barcelona acquis and to go forward with a deeper Euro-Mediterranean economic integration initiated with the launching of the European Neighbourhood Policy. The proposals made in the recent Communication of the European Commission and within the framework of the Paris Summit Declaration are however quite limited in the field of economic and trade relations as the three key elements of the new strategy are: i) To upgrade the political level of the EU's relationship with its Mediterranean Partners; ii) To provide for further co-ownership to the Euro-Mediterranean multilateral relations; and iii) To make these relations more concrete and visible through additional regional and sub-regional projects, relevant for the citizens of the region. Six projects have been identified by the Paris Joint Declaration but new initiatives are needed to reinvigorate the Barcelona Process. The architecture of the new institutional structure is to be further clarified in the coming months and it is still time to address some remaining shortcomings.