Countries worldwide are taking measures to adapt to the current economic climate. To a large extent, the economic challenges faced by Russia and Latin American countries today coincide. Similar to Russia, many Latin American economies are facing challenges in responding to a winding down of the commodity supercycle and the subsequent need to revamp growth models. Strengthening trade and investment cooperation can make a major contribution towards resolving mutual challenges while increasing competitiveness. How can Russia and Latin America respond in concert to the current trends in global economic development? What potential do foreign trade and investment hold for achieving social and economic goals? What could be done to promote and accelerate the implementation of mutually beneficial projects in key sectors?