What does a more fragmented and uncertain world mean for Latin America and the Caribbean? As geopolitical rivalry reconfigures globalization, the region faces new threats, but also opportunities to leverage its strategic assets more effectively.
The recent report , prepared by the ECLAC Commission on Geopolitics, Globalization and Development for Latin America and the Caribbean, includes an analysis of transformations in the global order and recommendations for how the region should navigate them.
For Latin America and the Caribbean, this new scenario presents both risks and opportunities. Although the region cannot control the ruptures occurring worldwide, it has assets that the world needs and that are even more valuable in the new geopolitical context.
For example, it has an abundance of strategic minerals, including 46 per cent of the world¡¯s lithium reserves, 35 per cent of its copper, and 23 per cent of its rare earths.
It is also the world¡¯s leading net food-exporting region, and hosts nearly half of the planet¡¯s total terrestrial biodiversity and one third of its freshwater resources. Moreover, the region¡¯s electricity mix is among the cleanest in the world.
In addition to natural resources, Latin America and the Caribbean¡¯s strategic assets include productive capabilities, human talent and technological ecosystems, as well as the fact that it is free from nuclear weapons and inter-State wars.
With a population of more than 660 million people, the region harbours significant potential to develop broader markets and regional value chains.
Leveraging these strengths to ensure development requires progress on three fronts:
- The first is mobilizing the region¡¯s strategic assets, promoting value addition, innovation, and productive transformation.
- The second is strengthening governance, democratic institutions, and State capacities.
- The third is increasing the region¡¯s agency in international affairs by reinforcing regional integration and cooperation, diversifying partnerships, and strengthening capacities for geopolitical analysis.
In short, the main message of the report is that the world has changed, and that Latin America and the Caribbean has the strategic assets to successfully navigate the new global landscape.
The challenge is transforming the opportunities that these assets represent into development and global influence, based on clear strategies and a more pragmatic approach to regional cooperation.
