Regional Integration in Latin America - The Pacific Alliance a Way Ahead
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Regional Integration in Latin America - The Pacific Alliance a Way Ahead
English, Working Papers

The Pacific Alliance in Search of Financial Integration: So Close and Yet So Far

Abstract:
This paper develops an analysis of how macroeconomic convergence among Mexico, Colombia, Peru, and Chile has translated into a non-intentional institutional and similar constitutional order, in areas as important as fiscal and monetary stability. The current reality opens many possibilities for deep financial integration and regulatory cooperation. These aspects are not sufficiently reflected in the Treaty and the Additional Protocol.

In fact, these instruments have followed the standard practice of previous Free Trade Agreements (FTAs) under the NAFTA model on financial services treatment that does not fit adequately with the objective of creating a free trade zone based on the free movement of capital and financial services.

An example of this reality is the timid development of mutual recognition of financial service authorisations in FTAs in contrast to the technical agenda of future developments in the Pacific Alliance. In this context, this paper offers some specific proposals for the peculiar institutional construction of the Pacific Alliance and regulatory cooperation. The proposals are based on the soft law experience of partners and the levels of convergence already obtained. The paper also reviews eventual consistency problems between financial integration and other international commitments of partners.

Resumen:
No disponible

Author: Manuel Monteagudo
Full document: 2017, Monteagudo, The Pacific Alliance in Search for a Financial Integration- So Close and Yet so Far

August 13, 2016by Ana Maria Palacio
Reports, Spanish

Convergence between the Pacific Alliance and Mercosur: facing together a challenging international context

Abstract:
Not available

Resumen:
En una coyuntura tan turbulenta como la actual, profundizar la integración regional no es una opción sino un imperativo. Junto con África, América Latina y el Caribe presenta los menores índices de comercio intrarregional del mundo. Apenas el 16% del valor de sus exportaciones se dirige a la propia región, muy por debajo del 50% que registran Asia oriental y América del Norte, y del 64% de la Unión Europea. Asimismo, los encadenamientos productivos entre países de la región son, en general, escasos y débiles.

Un gran obstáculo al comercio y la integración productiva intrarregionales es la fragmentación del espacio económico regional. Hoy coexisten varios mecanismos de integración económica, cada uno de los cuales ha generado sus propias reglas en temas que van desde las normas sanitarias y de protección al consumidor hasta las compras públicas y el tratamiento de la inversión extranjera. Estas discrepancias regulatorias imponen altos costos a las empresas (especialmente a las pequeñas y medianas empresas (pymes)) que desean exportar al mercado regional o invertir en él, y dificultan el desarrollo de cadenas regionales de valor. De este modo, el gran potencial que ofrece el mercado regional, con sus más de 640 millones de habitantes, sigue sin aprovecharse plenamente.
[…]

En este contexto, resulta crucial tender puentes entre los principales mecanismos de integración económica de la región. Por ello, la Comisión Económica para América Latina y el Caribe (CEPAL) ha apoyado con entusiasmo la propuesta de “convergencia en la diversidad” entre la Alianza del Pacífico y el MERCOSUR, formulada por el Gobierno de Chile en 2014.

Institutional Author: Economic Commission for Latin America and the Caribbean
Spanish Title: La convergencia entre la Alianza del Pacífico y el MERCOSUR: enfrentando juntos un escenario mundial desafiante
Full document: 2018, ECLAC, La convergencia entre la Alianza del Pacífico y el MERCOSUR

March 20, 2016by Ana Maria Palacio

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Hello my name is Ana Maria Palacio. I have a PhD from the University of Melbourne. This blog is about my thesis project, the Pacific Alliance.

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