Abstract:
The Pacific Alliance is an initiative characterised by deeper integration that seeks to address complex issues (not those related exclusively to trade). The PA was established on the motivations and aspirations of its founding countries. The PA aims to achieve efficient trade liberalisation, entry into new markets and integration into Global Value Chains (GVC).

The existing trade agreements between Colombia and each of the member countries date from several decades ago. Nonetheless, a current review of trade dynamics between Colombia and all the other member countries highlights, on the one hand, the deterioration in the volume of exports, and on the other hand, an increase in imports, mainly from Mexico.

This situation has generated a negative trade balance. Colombia lags considerably behind on openness to foreign trade, measured in per capita terms. However, an in-depth analysis through the application of indicators such as Balassa’s shows Colombia possesses a measure of stability and efficiency to export to these countries. The study also highlights the existence of a group of products with significant comparative advantage, but barely exported by Colombia.

Resumen:
La Alianza del Pacífico se define como una iniciativa de integración profunda que procura abordar temas complejos (no de índole exclusivamente comercial) y que se fundamenta en las motivaciones y aspiraciones de los países miembros y fundadores, que tienen como objetivo lograr: una eficiente apertura comercial, la incursión a nuevos mercados y la inserción en las Cadenas Globales de Valor (GCV).

A pesar de que entre Colombia y cada uno de los países que hoy conforman la Alianza del Pacífico existen acuerdos y tratados comerciales de décadas atrás, una revisión de la dinámica comercial entre el país cafetero y este grupo evidencia: por una parte, el deterioro en el volumen de las exportaciones, y por otra, un aumento de las importaciones, principalmente con México, lo que ha generado una balanza comercial en déficit, y un rezago considerable de apertura comercial, medida en términos per cápita. No obstante, al profundizar en el análisis por medio de la aplicación de indicadores como el de Balassa, se determina una cierta estabilidad y eficiencia de Colombia al exportar hacia estos países, como también la existencia de un grupo de productos con una considerable ventaja comparativa, pero poco
exportados por el país cafetero.

Authors: Diego Alejandro Montoya-Uribe, Carlos Hernán Gonzalez-Parias, Lisbeth Katherine Duarte-Herrera
Spanish Title: Situación y Retos de Colombia en Materia de Comercio Exterior, en el Marco de la Alianza del Pacífico
Full document: 2016, Montoya et al, Situación y retos de Colombia en Materia de Comercio Exterior, en el Marco de la Alianza del Pacífico

Abstract:
This paper investigates whether there is an S-Curve in Colombia using bilateral and
dis-aggregated quarterly data for the period 1991-2014. More precisely, the short-run effects of a depreciation on the TB are analysed in 27 industries covered by the Pacific Alliance Free Trade Agreement. The S-Curve found in sectors representing 30% of total industrial production suggests that in these cases competitive devaluations have a positive effect on the TB in the short run. However, the regression analysis using both OLS and FE methods shows that sizable ones are needed to produce the desired effects on trade flows. Our findings have important policy implications: since only large competitive devaluations can restore TB equilibrium, industrial restructuring would appear to be a more sensible strategy, though this cannot be achieved in the short run and is instead a medium/long-term goal.

Resumen:
No disponible

Authors: Guglielmo Maria Caporale, Rodrigo Costamagna and Gustavo Rossini
Full document: 2016, Caporale, Competitive Devaluations in Commodity-Based Economies- Colombia and the Pacific Alliance Group