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Although widely admired in Latin America, President Obama has so far ignored the region. His agenda includes immigration reform, but only because of growing Latino political clout. Latin America appears fated to sporadic attention—when an earthquake devastates Haiti, a political crisis undoes Honduras, or an economy collapses somewhere.

But two of the region’s 33 countries surely demand a more strategic approach. Mexico and Brazil produce nearly 65 percent of Latin America’s output, and within a generation, may emerge as the world’s fourth and fifth largest economies.

With new president Peña Nieto committed to revamping Mexico’s languishing energy sector and introducing other far-reaching economic reforms, US-Mexican relations should be the highest priority. Bilateral trade exceeded $500 billion in 2012, and Mexico is on track to surpass Canada as the US’s top commercial partner. Coupled with more sensible US immigration laws, Mexico’s reforms have the potential to accelerate growth and create thousands of new jobs in both nations.

Boasting an economy twice the size of Mexico’s, Brazil has achieved a prominent global profile and uncontested leadership in Latin America. US-Brazil relations, however, are tepid and discordant. The Obama administration should be working to build a more robust relationship. A trade pact seems out of the question for now, but the US might propose one or more high powered technology exchanges, perhaps along the lines of the US-India nuclear agreement—or a broader energy development program.

Beyond the region’s two giants, the US should seek to make its 11 free trade agreements in Latin America more productive, perhaps by proposing single trade area with its hemispheric partners. The US must cautiously avoid the appearance of forming a US economic bloc that excludes Brazil and other Latin American nations.

Public security should also be a priority on Obama’s agenda. US assistance is vital for many nations now being wracked by criminal violence—but Washington needs to adopt more flexible anti-drug policies.

Two final items. The US should be playing a more constructive role in the OAS, which is the only hemispheric institution with a mandate to defend human rights and democracy. Yes, the OAS is deeply troubled, but partly because Washington has been AWOL. Despite political roadblocks, the Obama administration should rethink US Cuba policy, which divides the US from every other nation in the hemisphere and has brought no change to the island.

Compared to what the US faces elsewhere in the world, the Latin American agenda is low risk and relatively high payoff.

Peter Hakim is President Emeritus and Senior Fellow at the Inter-American Dialogue.