Spirit of Brazil and Uruguay ultimately
I believe the answer is:
brandy
'spirit' is the definition.
(alcoholic spirit)
'brazil and uruguay ultimately' is the wordplay.
'brazil' becomes 'br'.
'ultimately' indicates one should take the final letters.
The final letter of 'uruguay' is 'y'.
'br'+'and'+'y'='BRANDY'
'of' is the link.
(Other definitions for brandy that I've seen before include "Strong alcohol" , "Strong alcoholic spirit" , "Liquor distilled from wine" , "Distilled wine or fermented fruit juice" , "Spirit from grapes" .)