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The objective of the research was to analyze the perspectives of Ukraine's foreign economic policy with respect to Latin America. An overview of the economic and political situation in Latin America is characterized by intensification of inflation in the region, reduction of exports and foreign investment, erosion of the level of business and consumer confidence. She used the following research methods: methods of analysis and synthesis, systematic approach, methods of induction and deduction, generalization, and systematization, economic, etc. Defined strategic orientations have been identified to improve foreign economic cooperation between Ukraine and Latin America to seek new foreign markets and increase foreign trade, such as: opening representative offices of Ukrainian companies in Latin America; active participation of Ukrainian companies in trade fair and exhibition events taking place in the countries of the region; establishment of bilateral industrial cooperation in the territory of MERCOSUR member countries. It concludes on the need to develop a long-term strategy to activate trade and economic cooperation between Ukraine and the countries of the Latin American region with the identification and justification of sectoral priorities.