The United States and Uruguay announced the establishment of a Joint Commission on Trade and Investment (JCTI) in February 2002. In November 2003, at the FTAA Trade Ministerial meeting in Miami the countries announced that they would begin to negotiate a Bilateral Investment Treaty (BIT). Negotiations began on 11 May 2004 and concluded on 07 September 2004. It was signed on 25 October 2004.
On 4 November 2005, during the IV Summit of the Americas in Mar del Plata, Argentina, Uruguay and the United States signed a new investment treaty modifying the October 2004 BIT. Modifications were made to Article 17 and the selection of arbitrators in the settlement of disputes. Uruguay issued an interpretative declaration on the scope of Annex II of the Treaty referring to Most Favored Nation treatment.
The Senate of Uruguay approved the Treaty on 21 December 2005 and the U.S. Senate approved the BIT on 12 September 2006. The BIT entered into force on 01 November 2006.
During the VI meeting of the Joint Commission on Trade and Investment, held in Montevideo, Uruguay on 02-03 October 2006, the United States and Uruguay agreed to launch negotiations of a framework agreement to strengthen their bilateral trade and investment relations. On 25 January, 2007, a Trade and Investment Framework Agreement (TIFA) was signed in Montevideo, Uruguay. The agreement establishes a Uruguay-United States Council on Trade and Investment and sets out a work program. The first meeting of the Council on Trade and Investment was held in Washington DC on 26 April 2007. The Trade and Investment Council met for the second time on 1 May 2008.
On 18 August 2008, the TIFA coordinators met in Atlanta agreeing to convene another meeting of the Trade and Investment Council by November 2008.
On 2 October 2008, the governments of the United States and Uruguay signed two protocols to the TIFA in the areas of trade facilitation and public participation in trade and environment.
The third meeting of the Council on Trade and Investment took place in Washington DC on 05 June 2009. The fourth meeting was held in Montevideo, Uruguay, on 19 October 2010.