With the object of taking advantage of the Partnership Agreement between Central America and European Union –EU- the study reviews the theories and the “state of the art” regarding Regional Trade Agreements in order to deepen trade relations between Central America and the EU. Its evolution and its determinants as well as the results of the negotiations of the Agreement, as the basis to identity trade opportunities and challenges presented for the Central American region in light of the establishment of a free trade zone within the framework of above-mentioned agreement.For the above-mentioned reason, the results of formal tests regarding trade relations between the two regions are described applying a trade model with two econometric approaches: the Gravity Model and Panel Data technique.As a result, it was identified that in order to take advantage of the opportunities of the Agreement, Central American countries will need to carry out structural changes in different areas among which the ones aimed at increasing, diversifying, and improving the exportable production quality, in order to satisfy the demand and to comply with the norms and regulations necessary to access the European market.It is concluded that many of the factors that have limited Central American exports to the European Union are the ones related to macroeconomics and of a structural nature and that the issue of tariff reduction by itself it is not a sufficient condition to guarantee taking advantage of the Agreement due to the fact that its benefit will be measure in light of the changes that will take place in Central America.