This article examines the impact of multi-level governance (MLG) on the democratic input into European Union (EU) trade policy under the Lisbon Treaty. Focusing on two recently concluded EU trade agreements, i.e. the multi-party agreement with Colombia and Peru and the association agreement with Central America, the article traces several dangers and risks that MLG entails for democratic accountability and participation, which are closely tied to the strong output-oriented nature of MLG and its emphasis on technical effi ciency. These dangers of MLG – the article argues – are not accidental, but are fi rmly rooted within an underlying hegemonic social-economic trend, characterised by an intentional (neo-liberal dominated) attempt to de-politise, and even de-democratise, European political policy-making.