1 Moisés Naím. “The Most Important Alliance You’ve Never Heard Of,” Atlantic, February 17, 2014. http://www.theatlantic.com/international/archive/2014/02/the-most-important-alliance-youve-never-heard-of/283877/.
2 Sam George, The Pacific Pumas: An Emerging Model for Emerging Markets, The Bertelsmann Foundation, 2014, http://www.bfna.org/sites/default/files/publications/The%20Pacific_Pumas-Single%20%2813Mar14%29.pdf.
3 Dubbed the Pacific Pumas, the quartet’s achievements extend beyond strong growth to include impressive strides in macroeconomic stability, democratic maturity, and trade integration. See: Sam George, The Pacific Pumas: An Emerging Model for Emerging Markets, op. cit.
4 As of 2012, neither Mexico, Chile nor Peru counted an Alliance-member as a top-five partner. (Source: European Union Statistics. Mexico is Colombia’s fourth largest trade partner.) This may not change anytime soon either: similar export portfolios combined with staggering distances and poor coastal infrastructure do not portend smooth, cost effective supply chains. These factors have led some analysts to question the true impact of the Pacific Alliance.
5 In Colombia, financials and energy account for 78 percent of capitalization. In Peru, mining accounts for 53 percent of capitalization. In Chile, retail and services account for 32 percent of capitalization. (See: Diego Agudelo, Santiago Barraza, Maria Isabel Castro and Samuel Mongrut, Liquidez en Los Mercador Accionarios Latinoamericanos: Estimando El Efecto del Mercado Integrado Latinoamericano (MILA), (Centro de Investigaciones Económicas y Financieras, Universidad EAFIT, No. 12-21, 2012), http://repository.eafit.edu.co/handle/10784/657#.Ue_nxY21H5E.
6 “MILA: Desafíos para la Consolidación de un Mercado Bursátil más amplio e inclusivo,” Inter-American Development Bank, April 14 2014, http://idbdocs.iadb.org/wsdocs/getdocument.aspx?docnum=39071466.
7 “Mexico joins the Latin American Integrated Market (MILA),” Inter-American Development Bank, http://www.iadb.org/en/topics/trade/mexico-joins-the-latin-american-integratedmarket-mila,9540.html.
8 The World Economic Forum’s 2012 Financial Development Index of 62 major markets found Colombia, Peru and Chile to be in the bottom quintile in terms of stock market turnover rate. Meanwhile, Mexico, Peru and Colombia ranked in the bottom quarter of stock market value to GDPA larger, less stagnate market. Source: World Economic Forum, The Financial Development Report 2012, http://www3.weforum.org/docs;WEF_FinancialDevelopmentReport_2012.pdf. See also: Sam George, The Pacific Pumas: An Emerging Model for Emerging Markets, op. cit.
9 Amy Stillman and Lucien Chauvin, “Pacific Alliance crossborder M&A shows scope for integration,” Financial Times, September 27, 2015, http://www.ft.com/intl/cms/s/0/80aa29b6-6143-11e5-9846-de406ccb37f2.html?siteedition=intl#axzz3of6wIowS.
11 See Colin Post, “Pacific Alliance further integrates capital markets, infrastructure,” Peru Reports, July 3, 2015, http://perureports.com/2015/07/03/pacific-alliance-further-integrates-capital-markets-infrastructure/.
12 “The Pacific Alliance: Showing the Way Forward,” Institute of International Finance, February 9, 2014, https://www.iif.com/publication/regional-overview/pacific-alliance-showing-way-forward.
13 Amy Stillman, “Pension funds prove slow in crossing frontiers of the Pacific Alliance,” Financial Times, September 27, 2015, http://www.ft.com/intl/cms/s/0/af541372-4b3f-11e5-b558-8a9722977189.html#axzz3o0F8xZdz.
15 “The Pacific Alliance: Showing the Way Forward,” Institute of International Finance, op. cit.
16 Bob Dudley, “Energy 2014 - a year of change in the energy landscape,” BP Global, http://www.bp.com/en/global/corporate/energy-economics/statistical-review-of-world-energy/2014-in-review/group-chief-executives-introduction.html.
17 “Fact Sheet SIEPAC and MER,” Inter-American Development Bank, http://idbdocs.iadb.org/wsdocs/getdocument.aspx?docnum=37855057.
18 “Lights on?,” Inter-American Development Bank, January,2016, https://publications.iadb.org/handle/11319/7361?locale-attribute=en.
19 David L. Goldwyn and Cory R. Gill, “The Waning of Petrocaribe? Central America and Caribbean Energy in Transition,” Atlantic Council, May 3, 2016, http://www.atlanticcouncil.org/publications/reports/the-waning-of-petrocaribe-central-america-and-caribbeanenergy-in-transition.
20 “Energy Subsidies in Latin America and the Caribbean: Stocktaking and Policy Challenges,” International Monetary Fund, February, 2015, https://www.imf.org/external/pubs/ft/wp/2015/wp1530.pdf.
21 Interview with Ramon Espinasa, Lead Oil and Gas Specialist, Energy Division, Infrastructure and Environment Department, Inter-American Development Bank, March 24, 2016.
24 Non-conventional renewable energy sources.
25 “Lights on?”, Inter-American Development Bank, January, 2016, https://publications.iadb.org/handle/11319/7361?locale-attribute=en.
27 “The Most Important Alliance You’ve Never Heard of,” Atlantic, op. cit.; World Bank Doing Business report, 2015, http://www.doingbusiness.org/rankings.
28 Pacific Alliance trade bloc to liberalize trade, after Chile approval,” Daily Mail UK, http://www.dailymail.co.uk/wires/reuters/article-3386369/Pacific-Alliance-trade-blocliberalize-trade-Chile-approval.html.
29 Rashmi Banga, “Measuring Value in Global Value Chains,” UNCTAD, May 2013, http://unctad.org/en/PublicationsLibrary/ecidc2013misc1_bp8.pdf.
30 George, The Pacific Pumas, op. cit., pp. 31-32.
31 Hermino Blanco Mendoz, Jaime Zabludovsky Kuper, Adalberto García Rocha and Sergio Gómez Lorz, “Brazil’s Dutch Disease and the Auto Trade War with Mexico: Stylized Facts,” Center for Economic Policy Research, June 14, 2012, http://www.globaltradealert.org/gta-analysis/ brazil%E2%80%99s-dutch-disease-and-auto-trade-warmexico- stylised-facts. On Venezuela, see “Dinamica Comercio Exterior: Colombia–Venezuela, 2004–2008,” National Bureau of Statistics of Colombia (DANE) (April 2008), http://www.dane.gov.co/daneweb_V09/files/investigaciones/boletines/exportaciones/bolesp_exp_04_08.pdf.
32 Sam George, “Mercosur and the Pacific Alliance — Do Opposites Attract?”, Financial Times, June 13, 2014, http://blogs.ft.com/beyond-brics/2014/06/13/guest-post-mercosur-andthe-pacific-alliance-do-opposites-attract/.
33 Argentine President Maruicio Macri, who assumed office in December 10, 2015, campaigned on a market-friendly reform platform, and he has taken steps to re-align the Argentine economy in the early months of his presidency. In Venezuela’s December 2016 National Assembly Election, the opposition to the rather statist President Nicolas Maduro took a majority for the first time since former President Hugo Chavez took office in 1999. Both cases suggest a government more inclined to support market-friendly candidates, as well as an electorate more inclined to place such individuals in positions of power.
34 Uruguay and Brazil prepared a ‘two-speed’ Mercosur/EU trade negotiation,” MercoPress, February 10, 2014, http://en.mercopress.com/2014/02/10/uruguay-and-brazil-prepared-to-a-two-speed-mercosur-eutrade-negotiation.
35 Benedict Mander, “The New Trade Routes: Pacific Alliance,” Financial Times, April 1, 2014, http://www.ft.com/intl/cms/s/0/cc788080-aec1-11e3-a088-00144feab7de.html#axzz34LC8dQv4; On Paraguay, see “Paraguay moving closer to Pacific Alliance; expects invitation for summit in Mexico,” MercoPress, April 24, 2014, http://en.mercopress.com/2014/04/24/paraguay-moving-closer-to-pacific-allianceexpects-invitation-for-summit-in-mexico.
36 For example Chile–South Korea (2004), Chile–China (2006), Chile–Vietnam (2011); Colombia–South Korea (2013); Mexico (TPP, 2015); Peru–China (2010), Peru-South Korea (2011) Source: Inter-American Development Bank, Barbara Kotschwar.
37 According to the model, Mexican exports to the US could decline 4.4 percent, and exports to Canada could fall 10.2 percent. See Cornelius Fleischhaker and Sam George, A Chain Reaction: Effects of Mega-Trade Agreements on Latin America, Bertelsmann Stiftung, 2016.
38 See Sam George, Thiess Petersen, and Ulrich Schoof, “The Effects of Translatlantic Free Trade on Latin America,” Global Economics Dynamics GED-Focus, 2014, http://ged-project.de/studies/effect-transatlantic-free-trade-agreement-latin-america/.
39 Cornelius Fleischhaker, Sam George, Gabriel Felbermayr, Dr. Rahel Aichele. A Chain Reaction? Effects of Mega-Trade Agreements on Latin America, Bertelsmann Stiftung, 2016, http://www.bertelsmann-stiftung.de/fileadmin/files/BSt/Publikationen/GrauePublikationen/NW_A_Chain_Reaction_2016.pdf.
40 See “Lineamientos sobre la participación de los Estados Observadores de la Alianza del Pacífico,” Alianza del Pacífico, https://alianzapacifico.net/wp-content/uploads/2015/07/Lineamientos-Observadores.pdf.
42 See: http://www.mzv.cz/file/1638455/Tichomorska_aliance___Mexiko___Pozorovazelsky_status.pdf.