The Amazon is important because it provides 20% of the Earths oxygen. Also that the Amazon cools the planet by 1-2 degrees Celsius. It also helps to control rainfall and humidity in several parts of the world. The trees in the Amazon are thought to absorb 300 million tonnes of co2 (carbon dioxide(greenhouse gas)). Deforestation could result in a reduction to this capacity also releasing additional co2.
Many modern medicines have been produced from plants found in the Amazon and scientists estimate that only 1% of all medical plants that are thought to exist have been found. By deforesting, we could be destroying cures we don't even know exist.
FINALLY TO CONCLUDE THE AMAZON REDUCES THE WORST CONSEQUENCES OF GLOBAL WARMING.