Latin America and the Caribbean can thrive in new geopolitical era

A report by the Economic Commission for Latin America and the Caribbean (ECLAC) suggests the region can prosper in a new geopolitical era by leveraging its strategic assets. As global power rivalries reshape globalization, critical minerals, energy, and supply chains have become tools of economic influence.

Latin America and the Caribbean hold significant resources, including 46% of the world's lithium reserves, 35% of copper, and 23% of rare earths. The region is also a major net exporter of food and possesses substantial biodiversity and freshwater resources. The report advises against rigid alignments, suggesting instead a pragmatic approach to regional cooperation to transform these assets into development.

Simultaneously, the importance of multilateralism is being highlighted as a practical necessity to address global challenges like climate change, pandemics, and structural inequality. While geopolitical tensions and shifts toward unilateralism threaten global governance, collective cooperation through institutions like the United Nations, the World Bank, and the IMF remains essential for sustainable and equitable development.