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As far as I'm aware (and I'm not expert) Peru, Uruguay, Argentina and I think Chile, among other Latin American countries, were reliant on Britain for grain imports and in turn exported raw materials. (Or maybe that's the other way around, again I'm hazy on this at best) And I've often heard of South America being referred to as Britain's 'informal empire'. So the challenge is to have this informality become very much formal, and have a Latin American nation join the British Empire proper.

I imagine the POD would have to be before 1823, when the Monroe Doctrine was put into effect. Though it's pretty easy to butterfly away. One of the more obvious ones is to have the British invasion of La Plata actually succeed, but bonus points for having this happen after the Napoleonic Wars and even more if the terms are peaceful, to spur some thought on the subject.
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