Abstract:
This paper examines the impacts of the trade liberalisation on production, trade and welfare among the Pacific Alliance (PA) and MERCOSUR members employing the computable general equilibrium Global Trade Analysis Project (GTAP). The results show that Chile and Mexico would benefit the most from the agreement due to an improvement in their terms of trade. The total welfare gains obtained for Chile reached US$ 230 million, while in Mexico they were US$ 75 million. MERCOSUR countries would be most negatively affected by the new bloc, with the larger welfare loss.

Resumo:
Este artigo examina os efeitos da liberalização comercial entre os países membros da Aliança do Pacífico (AP) e os países do MERCOSUL, por meio do modelo de equilíbrio geral computável Global Trade Analysis Project (GTAP), sobre a produção, comércio e bem-estar.

Os resultados apontaram que os maiores beneficiados com a formação da AP seriam Chile e México, devido à melhoria de seus termos de troca. Os ganhos de bem-estar do Chile chegaram a US$ 230 milhões, enquanto no México eles alcançaram US$ 75 milhões. O MERCOSUL seria o grupo de países mais prejudicado, em termos de bem-estar, com a criação da AP.

Authors: Aline Ribeiro de Oliveira and André Filipe Zago de Azevedo
Título em português: A Criação da Aliança do Pacífico e os Impactos para o Mercosul
Full document: Oliveira & ZAgo, A Criação da Aliança do Pacífico e os Impactos para o Mercosul

Abstract:
The benefits of deeper, broader and more diversified capital markets are, in theory, well-established. The primary purpose of capital markets, or the buying and selling of equity and debt instruments, is to serve as a conduit for the transformation of savings into investment for the real sector, thus constituting an alternative to bank financing.

Markets also serve as a mechanism through which risk is transferred, and risk exposure diversified, enabling financial intermediaries to manage risk more efficiently. Deeper and more liquid capital markets, along with a large investor base, can lead to effective price signalling mechanisms and reduced transaction costs via frictionless trading in the secondary market.

Within the context of Latin America, could efficient capital markets play an essential role in achieving the wider socio-economic goals of the region?

Broadening and deepening capital markets via regional integration initiatives may, in theory, create a number of positive outcomes: greater investment and growth by disconnecting investment from domestic savings rates and unlocking cross-border capital flows; financing to address the region’s infrastructure needs; financial stability in a region where volatility has historically been prevalent; development and diversification of a private sector that remains commodity-dependent and often crowded out by government investment.

Academically, these gains are relatively well-established, if not unilaterally accepted. But do they translate into reality? This paper explores the possibility for and applicability of capital markets integration in Latin America, precisely the economies of Mexico, Chile, Colombia and Peru.

It explores three main channels:

1. Assess whether there is scope for regional integration in Latin America. Identify the key drivers for regional integration by reference to other integrating regions (Europe, Asia, East Africa), and assess the applicability of these trends to Mexico, Chile, Colombia and Peru.
2. Identify the principal risks and rewards of capital markets integration, and analyse how they apply to these four economies
3. Assess whether a gap exists between the theoretical model of integration and the reality within the region.
4. If challenges and barriers to integration exist, what policy initiatives can and should be undertaken to address them?

Resumen:
No disponible

Institutional Authors: Inter-American Development Bank and Columbia University
Authors: Mario Campa, Sebastian Essl, Muhammed Gundogdu, Caitlin Page, Hongrui Zhang, Liting Zhao
Spanish Title: Regional Capital Markets Integration in Latin America: Mila & Beyond
Full document: Campa, Regional Capital Markets Integration in Latin America- MILA and Beyond

Abstract:
The Pacific Alliance (PA) is a regional integration initiative comprised of Chile, Colombia, Mexico, and Peru. With 215 million inhabitants, the PA’s countries account for just over 40% of Latin American GDP, as well as 52% of total trade and 45% of FDI in the region.

They are also the four nations that occupy the top four places for Latin America in the 2016 World Bank’s Doing Business index. As a bloc, they aspire to become a platform for political articulation and projection to the world, with an emphasis on the Asia-Pacific region.

Indeed, an example of these shared objectives is the Authorised Economic Operator (AEO), an institution born after the establishment of the Customs-Trade Partnership Against Terrorism (C-TPAT) by the U.S. Customs and Border Protection (CBP), as a part of a multi-layered cargo enforcement strategy.

Through this program, the CBP works with the trade community to strengthen international supply chains and improve border security. The AEO Program is, at the same time, part of a much larger and ambitious global initiative, supported by both the World Trade Organization (WTO) and the World Customs Organization(WCO). Each of these international institutions has encouraged new measures towards Trade Facilitation, where the SAFE Framework is a specific application of the principles set by the Bali Package.

The AEO Program is aimed at cooperation based on 3 pillars:

(1) Customs-to-Customs;
(2) Customs-to-Business and Authorised Economic Operator; and
(3) Cooperation between Customs and other Government and Inter-Government agencies.

This research portrays an up-to-date status of the AEO Programs in the PA, while shining a light on the different obstacles these programs have encountered and what probable outcomes will be in the coming years.

Our primary goal of this investigation is to answer two questions:
1. What is the current situation of the AEO programs within the Pacific Alliance?
2. What impact will the PA’s AEO programs have in the medium term? Can these programs become as successful as C-TPAT?

Author: Jorge Vega Cancino
Full document: 2017, Vega, The Authorized Economic Operator in the Pacific Alliance

Abstract:
The twentieth-first century has been deemed as the “Pacific century”. The Pacific Alliance is not unrelated to this phenomenon and, among other reasons, it is meant to serve for a better insertion of its member-states into the international arena, and more specifically, into the Asian side of the Pacific.

This insertion tends to be explained in terms of trade, which has increased over the last years and plays a central role in the relations among member-states. However, trade alone does not cover the wide range of ties that Chile, Colombia, Mexico and Peru have with the Asia-Pacific region. In addition, their foreign policy is not limited to the search for new markets and economic partners.

This article presents a systematisation of the treaties signed among the current Pacific Alliance members and China, South Korea and Japan between 1990 and 2016. Based on a comparative analysis of the treaties, it is observed that trade has, in fact, little participation as part of the overall relations between the Pacific Alliance and the Asia-Pacific region.

Resumen:
El siglo XXI ha sido considerado como el siglo del Pacífico. La Alianza del Pacífico no es ajena a dicho fenómeno la cual, entre otros motivos, surgió para lograr una mejor inserción de sus países miembro en esta área y, más específicamente, en la parte asiática del Pacífico. Dicha inserción ha tendido a explicarse en términos de intercambios comerciales, los cuales se han incrementado en los últimos años y tienen una importancia central en las interrelaciones, pero no evidencian el amplio alcance que tienen las relaciones entre Chile, Colombia, México y Perú con Asia-Pacífico; además, la política exterior no se limita a la búsqueda de nuevos mercados y socios económicos.

Este trabajo presenta una sistematización de tratados establecidos entre los países que son actualmente miembros de la Alianza del Pacífico con China, Corea y Japón entre los años 1990 y 2016. A partir del análisis comparado del conjunto de tratados se observa que el tema de comercio tiene una participación muy baja en la totalidad de las relaciones que se consolidan a través de los tratados.

Author: Daniel Rojas and Jose Miguel Terán
Spanish Title: Inserción de los Países de la Alianza del Pacífico en Asia-Pacífico: Más allá de las Relaciones Comerciales
Full document: 2017, Rojas & Terán, Inserción de los países de la Alianza del Pacífico en Asia-Pacífico- Más Allá de las Relaciones Comerciales

Abstract:
The primary aim of this study is to present a general overview concerning the current economic conditions of the Colombian economy and the group of countries that form the Pacific Alliance, namely: Chile, Colombia, Mexico and Peru. This is a non-experimental descriptive-interpretative study with particular emphasis on data review.

Among the most important findings, it is possible to highlight levels of more stable economic growth that are evident in Chile and Peru. There is an external trade dependence regarding the relationship between Mexico and the United States and acceptable economic growth levels in the Colombian economy, even though this increase in production is not showing a high impact on employment conditions for the Colombian domestic market.

Resumen:
La principal finalidad de este estudio es presentar una visión actualizada y genérica respecto a las condicionantes económicas de Colombia en particular y las relacionadas con el conjunto de países que conforman la Alianza del Pacífico en general –Chile, Colombia, México y Perú.

Se trata de un estudio no experimental, descriptivo-interpretativo con énfasis en la revisión de datos. Entre las conclusiones más importantes se destacan los niveles de crecimiento económico con mayor estabilidad que presentan Chile y Perú, una dependencia comercial exterior de México hacia Estados Unidos y en Colombia se tiene el caso de que el aumento de producción que se hace evidente no impacta tanto como era de esperarse, en la variable empleo.

Authors: Giovanni Reyes and Mayerly Medina García
Spanish Title: Condicionantes Económicas de Colombia y la Alianza del Pacífico
Full document: 2017, Reyes & Medina, Condicionantes Económicas de Colombia y la Alianza del Pacífico

Abstract:
This article presents an analysis of the different approaches proposed by authors who have conducted research on Latin American integration and regionalism. This study suggests that there are three competing initiatives of integration and regionalism in the third wave of Latin American integration: Post-Liberal Regionalism contained within UNASUR and ALBA, Open Regionalism Reloaded in the region through the Pacific Alliance, and Multilateralism or Diplomatic Regionalism with a Latin American flavour envisaged in the recently created CELAC.

The study concludes that these new developments of a regionalism à la carte are a product of dislocation of the economic agenda of regionalism towards a set of diverse issues. Hence it demands a rethinking of the theorisation of Latin American Regionalism.

Resumen:
Este artículo analiza las diferentes perspectivas propuestas por investigadores sobre integración en América Latina y sugiere que hay tres iniciativas concurrentes de integración y regionalismo durante la tercera ola de integración latinoamericana: regionalismo post-liberal, sostenido en la UNASUR y ALBA; regionalismo abierto reforzado, que ha sido reinsertado en la región por medio de la Alianza del Pacífico, y el multilateralismo o regionalismo diplomático que contiene un tinte latinoamericano y que se perfila en la recién creada CELAC.

El documento concluye que estos nuevos acontecimientos representan un regionalismo à la carte producto de un dislocamiento de la agenda económica del regionalismo latinoamericano hacia un conjunto de temas diversos que obligan a repensar la teorización sobre este fenómeno.

Authors: Cintia Quiliconi and Raúl Salgado Espinoza
Full document: 2017, Quiliconi & Salgado, Integración Latinoamericana- ¿Regionalismo à la Carte en un Mundo Multipolar?

Abstract:
Not available

Resumen:
El punto de partida de esta publicación son las memorias de la XII Cumbre de la Alianza del Pacífico (AP), llevada a cabo en Cali, Colombia, el 29 y 30 de junio del 2017, sobre un tema de total trascendencia para el proceso de integración, sus relaciones con Asia-Pacífico. En ese marco, se centra en el principal resultado obtenido en la Cumbre: la creación de la figura de Estado Asociado (EA), la cual se inauguró con cuatro países candidatos que son Australia, Canadá, Nueva Zelanda y Singapur.

La revista cuenta con tres contenidos que presentan un análisis acerca de la figura de Estado Asociado:

1. Un artículo que se fundamenta en la participación en las actividades de acceso público en la XII Cumbre, el levantamiento de información in situ y las relatorías de las plenarias, paneles y ruedas de prensa en el IV Encuentro Empresarial de la AP[…]. Adicionalmente, se realizó una revisión de fuentes primarias y literatura para complementar esos insumos;

2. Perfiles económicos de los cuatro asociados; y

3. Tips de negociación con cada uno de esos cuatro países y la presentación de algunas oportunidades específicas para el caso colombiano.

La finalidad de la publicación es construir memorias de las Cumbres de la AP y presentar estudios de los logros obtenidos en las mismas. Al ser éstas la principal reunión de la Alianza es un espacio donde se genera conocimiento muy valioso de primera mano. Frente a ese espacio se constata un déficit de información sistematizada y pública, lo que ha ocasionado que una parte importante del conocimiento se pierda. Esta publicación está direccionada a cubrir dicha falencia, para de esa forma promover procesos de rendición de cuentas con este tipo de insumos pioneros que aportan a la gestión de conocimiento.

Institutional Author: Universidad ICESI
Editors: Vladimir Rouvinski, Julio Cesar Alonso, José Roberto Concha, José Miguel Terán, Oscar Gómez and  Cristian Camilo Hoyos
Spanish title: Memorias de la XII Cumbre de la Alianza del Pacífico: Los Estados Asociados.
Full document: 2017, PEAP, Memorias de la XII Cumbre de la Alianza del Pacífico- Los Estados Asociados

Abstract:
Derived from the economic restructuring of the late twentieth century, the logic of the market and trade liberalisation have become the guiding principles of the capitalist system. The reduction of barriers to international trade and trade agreements are mechanisms for promoting free trade. The Pacific Alliance is a regional integration initiative recently created, and with five years of existence, a preliminary evaluation is in order.

The objective of this article is to analyse the evolution of trade in manufactured goods between the member countries of the Pacific Alliance. To achieve this aim, the study is based on the theory of Linder stating that trade in manufactured goods will be intensive among countries with similar per-capita income.

A descriptive study is conducted with data from UNCTAD, and a modified gravity model is used subsequently. Based on the empirical evidence, the study establishes that trade in manufactured goods between the member countries of the Pacific Alliance is in fact low. However, the member countries of the Alliance have increased trade with other countries, mainly with the United States and China, even if the geographical distance with these countries is wider.

Resumen:
Derivadas de la restructuración económica de finales del siglo XX, la lógica del mercado y la apertura comercial se han convertido en los ejes rectores del sistema capitalista.

La disminución de las barreras al comercio internacional y los acuerdos comerciale son mecanismos que permiten la promoción del libre comercio. La Alianza del Pacífico representa una iniciativa de integración regional de reciente creación y a cinco años de su firma es necesaria una evaluación.

El objetivo de esta investigación es analizar la evolución del comercio de bienes manufacturados entre las naciones de la Alianza del Pacífico. Para alcanzar dicho objetivo, esta investigación se basa en la Teoría de Linder que establece que el comercio de bienes manufacturados será más intensivo entre países de similar ingreso per cápita. Se realizó un estudio descriptivo con datos de la United Nations Conference on Trade and Development (UNCTAD) y posteriormente se empleó un modelo gravitacional modificado. Con base en la evidencia empírica se establece que el comercio de bienes manufacturados entre las naciones de la Alianza del Pacífico es marginal.

Los países signatarios presentan mayor comercio con otras naciones, principalmente Estados Unidos y China, aun cuando las distancias geográficas con estos países son mayores.

Authors: Wendy Ovando Aldana, Rosa AzaleaCanales García and Gabriela Munguía Vásquez
Spanish Title: Comercio Interregional de Bienes Manufacturados en los Países de la Alianza del Pacífico desde la Teoría de Linder
Full document: 2017, Ovando et al, Comercio Interregional de Bienes Manufacturados en los Países de la Alianza del Pacífico desde la Teoría de Linder