Some observers say it was an historic summit. Others aren't so optimistic. The European Union and Latin American countries wrapped up a two-day meeting in Madrid on Saturday. It brought together almost 50 leaders from Europe, Latin America and the Caribbean.

One of the things they achieved in Madrid is building closer economic and political ties between the continents. Europe is making its voice heard in Latin America. It's interested in exporting products like automobiles and machinery. But it's worried about some South- and Latin American products – like beef – flooding the European market.

The backyard of the United States

As Europe's strengthens its trade ties with Latin America, Europe will gain more influence in America's backyard. And that prospect is worrying some politicians in the U.S.

They voiced concern that a statement issued at the summit was unfair criticism of the United States. But the EU quickly denied these charges.

Spanish Foreign Minister Josep Pique told reporters that a clause condemning "unilateral and extraterritorial policies" was not a reference to recent U.S. policies. French President Jacques Chirac (photo), however, was less diplomatic than Pique: the French President sharply criticized what he called U.S. unilateralism.

But regardless of whether it's outright or implicit criticism, the clause condemning "unilateral and extraterritorial policies" is directed at Washington. It stresses the belief of the participants of the Madrid summit that the world's problems cannot be solved by one player without consulting the others. Multilateral solutions are needed. This is a clear reference to the U.S.-led War Against Terror and the U.S. withdrawal from the Kyoto treaty against global warming.

The summit also voiced discontent with recent U.S. trade decisions like raising farm subsidies and slapping tariffs on steel. In a declaration, the leaders said they would "firmly reject all measures of unilateral character and with extraterritorial effect, which are contrary to international law and the commonly accepted rules of free trade".

In March, U.S. President Bush (photo) had imposed hefty tariffs on steel products in a move designed to give the struggling U.S. industry time to get back on its feet. Since then, the EU and Japan decided to adopt retaliatory measures. A top International Monetary Fund official called the U.S. decision regrettable and damaging for the U.S. steel industry.

Not just a show of harmony

However not everyone at the Madrid summit was convinced by the show of harmony the participants were eager to present.

Venezuelan President Hugo Chavez (photo) put his finger on a sore spot: He criticized the summit as being ineffectual and said the world's leaders were not doing enough to help the poor. "There has been no time for debate here," he said. "I think we are moving too slowly and we are headed in the wrong direction. We have to rethink these summits."

Some political analysts echoed these statements. They said the summit participants had postponed pressing decisions until a later date.

The Mercosur countries Argentina, Brazil, Paraguay and Uruguay, for instance, demanded free trade with the European Union.

But the EU tried to overhear their request: The Mercosur countries want to export beef and grain to Europe – but if that were permitted without restrictions, these imports would throw the heavily subsidized EU agriculture market into disarray. Many European farmers would face bankruptcy due to cheap South American imports.

Ministers avoided discussing these matters in Madrid. They agreed to meet again in July to try and push forward free-trade negotiations between the EU and the Mercosur countries.