1)
What is the connection between this Pasuk and the previous one?
1.
Ramban: The Torah is teaching us here that all that is written in the previous Pasuk applies to Hashem exclusively, and that applying them to any other god is forbidden.
2)
Why does the Torah mention specifically "me'Elohei ha'Amim asher Sevivoseichem"?
1.
Rashi: Because, since those were the gods that they saw being worshipped, it was necessary to warn them particularly about them - but not to the preclusion of gods that were further away.