Spain’s King Felipe VI and Prime Minister Pedro Sánchez closed out the Ibero-American Business Meeting in Madrid with a joint push for tighter economic integration between Europe and Latin America. Sánchez went a step further, proposing a regional bloc to confront shared risks such as artificial intelligence.
The gathering marked the XVI business forum held alongside the XXX Ibero-American Summit, which runs Wednesday and Thursday in the Spanish capital. Business leaders and heads of state converged at Madrid’s Las Ventas bullring before the official opening ceremony later that evening at the Teatro Real.
Argentina’s President Javier Milei will skip the summit’s opening ceremony and the royal gala dinner. Instead, he plans to meet Vox leader Santiago Abascal before joining Thursday’s plenary session. King Felipe VI and Queen Letizia were set to host the welcome dinner at the Royal Palace.
Preparations involved a technical session on 2 and 3 November, where national coordinators and cooperation chiefs from all 22 Ibero-American countries reviewed the draft Madrid Declaration. Susana Sumelzo, Spain’s Secretary of State for Ibero-America, chaired those talks. Foreign Minister José Manuel Albares then received his counterparts on 4 November to build political momentum behind the summit’s key documents.
Both Spanish leaders stressed the urgency of stronger EU-Latin America ties. The king cited recently updated EU agreements with Chile and Mexico, along with the EU-Mercosur deal. He also warned that geopolitical fragmentation and trade friction demand open economies rather than protectionist retreats. Meanwhile, Sánchez framed the summit as a counterweight to powers that flout international law.
The proposed Ibero-American alliance on artificial intelligence heads to Thursday’s plenary at the Gallery of the Royal Collections. CEOE president Antonio Garamendi urged business leaders to take a more active role in the regional project.
Ukrainian President Volodymyr Zelensky also arrived in Madrid for summit sidelines. Sánchez will receive him, and Zelensky will meet other leaders to discuss Ukraine’s situation and threats to international peace.
