The Pacific Alliance and New Zealand: Latin American origin, global reach

17 Jun 2014

This paper explores New Zealand’s potential as a well-positioned partner and point-of-entry to the rest of the Asia-Pacific region.

Executive summary

The Pacific Alliance’s innovative and results-oriented approach to economic integration is the most exciting and promising opportunity in Latin America today, which makes the group the region’s best prospect for growth and prosperity moving forward.

  • Based on its mission to increase its members’ connectivity with the Asia-Pacific region, the Pacific Alliance would derive inestimable value from greater engagement with New Zealand, given its vast experience in the region.
  • On average, the four members of the Pacific Alliance are growing faster than the rest of the region — and their exemplary political and economic stability bolsters their promise.
  • Many major trade agreements and blocs around the world appear to be slowing their forward push, though we have seen recent (if modest) progress on initiatives like the EU-Mercosur free trade agreement; in contrast, the Pacific Alliance has built up extraordinary momentum — and that momentum may well be its best asset.
  • The ground the group has already covered in coming to agreement on key issues bodes well for the members’ capacity to continue along the ambitious course they have set out.
  • The diversity — geographical, ideological, developmental — of the group’s 32 observers from around the world speaks to the bloc’s promise, potential, and reach.
  • In contrast to most other trade agreements around the world that are dominated by major global economies (e.g., the United States, Brazil, China, India, the European Union), the Pacific Alliance is fundamentally an agreement among peers, which will draw in other developed economies moving forward, like New Zealand.
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