Latin America to 2020 - A UK public strategy paper

Mar 2007

Latin America matters to the UK and the world. The entire process of globalisation means we are increasingly interlinked. And it is not only about mutual economic interests. Political stability is a vital mutual interest. Yet there remains a lot to do to build on this success. Poor governance, insecurity, corruption and the task of ensuring everyone enjoys new wealth and opportunities challenge Latin American nations. Levels of violence and the plight of street children, for example, make the rest of the world cautious about Latin America's prospects.
Britain also needs Latin America to ensure stable world supplies of energy. The region provides some 14% of the world’s oil and some 5.5% of the world’s natural gas. It is estimated to hold at least 10% of the world’s oil and 6% of its natural gas reserves. Venezuela holds larger oil reserves than Saudi Arabia. The reliability of supply from the region therefore has an important impact on the stability of the world oil and gas markets, avoiding high risk premium and market volatility. Brazil is the largest producer of ethanol, and a world leader in clean biofuel technology. Latin America’s contribution is therefore key to the development of a global low-carbon economy.

By: UK Foreign & Commonwealth Office (FCO)

 
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