Uruguay remain one of the smallest nations in the competition by population, but they carry a heavyweight football history as one of only a few countries to have lifted the World Cup trophy. However, it has been more than 75 years since their last triumph, and Ugarte is determined to help change that.
"Uruguay is a small country, but we have a history in football," Ugarte said. "We won the World Cup before. We know the reality, we know the favourite teams, but Uruguay always can win, in my opinion."
The Manchester United midfielder was named in boss Marcelo Bielsa's 26-man squad and is expected to play a key role in midfield during the tournament.
England, managed by Thomas Tuchel, already experienced how difficult Uruguay can be, with the two sides drawing 1-1 in a friendly at Wembley in March.
Ugarte also spoke about what representing his country means to him.
"Everything," he said. "I love my country. I'm so proud. We are few people, that means we are so together. We are close to each other. We have friends in the squad, friends everywhere."
Uruguay's squad includes several familiar names from European football, such as Darwin Nunez, Rodrigo Bentancur and Federico Valverde, with Ugarte reserving special praise for the Real Madrid star.
"He's amazing. He has everything," Ugarte said. "For me, he's the most complete player in the world. I grew up watching him in the Under-20s, so it's a big experience playing with him."
He also highlighted former Manchester United defender Guillermo Varela, who has spoken positively about his time at the club.
Ugarte praised Bielsa's demanding approach in training, suggesting it could give Uruguay an edge.
"He wants to control everything," Ugarte said. "He looks at how you play, what you need. If we reach a high intensity in preparation, nothing in the World Cup will be more intense than that."
Uruguay begin their Group H campaign against Saudi Arabia on Monday 15 June, before facing Cape Verde and Spain, with qualification for the knockout stages at stake.
