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The European Union, Latin America and the Caribbean Summit (EU-LAC) is a biennial meeting of heads of state and government of Latin America, the Caribbean and the European Union. In the first EU-LAC summit, held in Rio de Janeiro between 28 June and 29 June 1999, participant nations agreed to develop a strategic partnership focused on strengthening democracy, the rule of law, international peace and political stability. The second meeting was carried out in Madrid in 2002, the third in Guadalajara in 2004, the fourth in Vienna in 2006 and the fifth was held in Lima in mid-May 2008. Major topics discussed at the Lima summit were free trade, food prices, which leaders were "deeply concerned by" and poverty, and sustainable development. The results of the event were rather disappointing, as very little was achieved. The next round of talks took place in Brussels on June 2008. The sixth summit was held in Madrid in 2010. At this Summit, the Heads of State of the Latin America, Caribbean and European Union countries decided to create the EU-LAC Foundation as a tool to strengthen the biregional partnership.