The article focuses on the current state of Spanish-Latin American trade and economic ties and assesses prospects for their development. The author explores the impact of the global financial and commodity crises in order to create a complete picture of the legal framework of economic interaction, key indicators on trade and investment performance between Ibero-American countries. A hallmark of Spain among other EU countries is a privileged position not only in terms of culture, but also in the contractual aspect within Ibero-America. This in turn has become one of the main drivers for sustainable Spanish-Latin American investment cooperation where the Ibero-American transnational corporations play a key role. Examples of the internationalization and cooperation of these companies are given and special emphasis is put on changes in the patterns of investment flows within the Ibero-American space. The leading role of investment in Spanish-Latin American trade and economic relations and the major trade challenges are identified.