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:
This paper is the beginning of a series of studies on the effects of the combination of a Latin American association scheme (The Pacific Alliance) and other trade liberalisation agreements previously in force.

The author proposes a review of the theory of alliances and approaches, from a basic statistical course, the reality of the Pacific Alliance (PA) for Colombia since it was established in 2012. In its final section, after developing a direct, albeit succinct assessment of the issue for Colombia, the study concludes that the country is not receiving the benefits suggested by the theory. On the contrary, this work highlights the decline in the trade balance between Colombia and the other members of the alliance. The relationship with Mexico remains uneven and a source of concern for Colombia. The business relationship with Chile and Peru is also deteriorated, although to a less degree than the Central American country.

Resumen:
Este trabajo se presenta como apertura de una secuencia mayor de estudios sobre los efectos de la combinación entre un esquema asociativo latinoamericano (Alianza del Pacífico) y diversos acuerdos de liberalización comercial vigentes desde épocas previas al citado esquema integrador.

Su autor propone un repaso a la teoría de las alianzas y se aproxima, con la elaboración de un recorrido estadístico simple, a lo que ha sido la realidad de la Alianza del Pacífico (AP) para Colombia, una vez se formalizó en 2012.
En su parte final, luego de establecer una directa, aunque sucinta evaluación del tema para Colombia, el texto concluye que el país no recibe los beneficios sugeridos por la teoría y, antes que eso, advierte la existencia de un deterioro en la balanza comercial entre Colombia y los restantes miembros de la alianza, siendo la relación con México una correspondencia desigual y muy preocupante para el país. El vínculo comercial con Chile y Perú, aunque también deteriorado, es menos profundo en su afectación si se compara con el país centroamericano.

Author: Luis Fernando Vargas Alzate
Spanish Title: Efectos Iniciales de la Alianza del Pacífico para Colombia
Full document: 2016, Vargas, Efectos Iniciales de la Alianza del Pacífico para Colombia

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:
This working paper provides an overview of the Patent Prosecution Highway (PPH), as the only patent cooperation mechanism established within the framework of the Pacific Alliance (PA). It further explores the current state of trade flows of patent-intensive goods among PA member countries (Chile, Colombia, Mexico and Peru). Based on this background, it assesses the impact of the PPH as a vehicle to achieve increased levels of intra-regional trade, innovation and, entrepreneurship.

Resumen:
No disponible

Authors: María del Carmen Vásquez Callo and Camilo Pérez Restrepo
Full document: 2016, Vásquez & Pérez, Patent Cooperation Mechanisms in the Pacific Alliance

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:
This article aims at studying the gender gap in Latin America. It focuses on identifying, with an analysis of variance (ANOVA), what variables influence the gap between men and women in the countries of the Pacific Alliance to contrast them with the rest of Latin America. The information was extracted from the World Economic Forum database. The study finds that only one variable (the economic participation of women) has a significant difference between this group of countries when compared to the rest of Latin America. It also identifies that the variable ‘political empowerment’, presents a significant difference which is also analysed. This work concludes that the Pacific Alliance has lower indicators in this variable. Therefore it is vital to promote and increase the participation of women in economic and political activities in this group of countries.

Resumen:
El presente artículo se enfoca en el tema de igualdad de género y tiene el objetivo de estudiar, mediante un análisis de varianza (ANOVA), las variables que influyen en la brecha entre hombres y mujeres en los países de la Alianza del Pacífico, para contrastarlo con el resto de América Latina. La fuente de la cual se extrajo la información es el Foro Económico Mundial. A partir de lo anterior, se encontró que solo la variable participación económica de la mujer marca una diferencia estadísticamente significativa en este gremio de países en comparación con el resto de Latinoamérica, aunque también se encontró que el factor de la participación política arroja resultados importantes para analizar. Se concluye que la Alianza del Pacífico debe implementar estrategias para reducir la marcada brecha de género en la dimensión económica y política como una vía para generar ventaja competitiva en el escenario internacional.

Authors: José Carlos Vázquez Parra, Florina Arredondo Trapero and Jorge de la Garza
Spanish Title: Brecha de Género en los Países Miembros de la Alianza del Pacífico
Full document: 2016, Vasquéz, Brecha de Género en los Países Miembros de la Alianza del Pacífico

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:
This article seeks to determine the effect of oil prices on the gross domestic product (GDP) in the countries of the Pacific Alliance (PA).

A structural VAR model and quarterly data are used that allow concluding a long-term relationship between the international price of oil and GDP in each of the PA countries. The study finds that an unexpected increase in oil prices does not affect the level of economic activity in Peru. For Chile, which is a net importer of oil, a similar shock effect increases GDP, contrary to what is suggested in theory.

For Mexico and Colombia, net exporters of oil, an unexpected positive oil price shock positively affects GDP; in Colombia, the positive effect is observed in the first six quarters, while for Mexico it is only present in the second and third quarters. These mixed responses of the PA countries to oil price shocks are evidence of the many challenges that economic policy coordination among PA member has to face.

Resumen:
Este artículo busca determinar el efecto del precio del petróleo sobre el producto interno bruto (PIB) en cada uno de los países que integran la Alianza del Pacífico (AP).

Se emplea un modelo VAR estructural y datos trimestrales que permiten concluir que existe una relación de largo plazo entre el precio internacional del petróleo y el PIB en cada uno de los países miembro de la AP.

Se encuentra que un aumento inesperado en los precios del petróleo no afecta el nivel de actividad económica en Perú. Para Chile, un importador neto de petróleo, el efecto de choque similar genera un aumento en el PIB, contrario a lo que se esperaría teóricamente. Para México y Colombia, exportadores netos de petróleo, el efecto de un choque positivo inesperado en el precio de petróleo es positivo sobre el PIB: en Colombia, el efecto positivo se observa para los primeros seis trimestres, mientras que para México solo está presente en el segundo y tercer trimestre. La heterogeneidad en la respuesta de estos países a choques en el precio del petróleo muestra los grandes retos que implicará la coordinación de la política económica entre los países miembro de la AP.

Authors: Julio César Alonso and Diego Alexánder Martínez Quintero
Spanish Title: Impacto del Precio del Petróleo sobre el PIB de los Países de la Alianza del Pacífico
Full document: 2017, Alonso & Martinez, Impacto del Precio del Petróleo sobre el PIB de los Países de la Alianza del Pacífico