3DQRUDPDGHOD
LQVHUFLyQLQWHUQDFLRQDO
&RS\ULJKW 1DFLRQHV8QLGDV 7RGRVORVGHUHFKRVHVWiQUHVHUYDGRV
,PSUHVRHQ&KLOH
/D DXWRUL]DFLyQ SDUD UHSURGXFLU WRWDO R SDUFLDOPHQWH HVWD REUD GHEH VROLFLWDUVH DO 6HFUHWDULR GH OD -XQWD GH 3XEOLFDFLRQHV 6HGH GH ODV 1DFLRQHV 8QLGDV 1< ((88 /RV (VWDGRV PLHPEURV \ VXV LQVWLWXFLRQHV JXEHUQDPHQWDOHV SXHGHQ UHSURGXFLU HVWD REUD VLQ DXWRUL]DFLyQ SUHYLD 6yOR VH OHV VROLFLWD TXH PHQFLRQHQ OD IXHQWH H LQIRUPHQDODV1DFLRQHV8QLGDVGHWDOUHSURGXFFFLyQ
38%/,&$&,Ï1'(/$61$&,21(681,'$6
1~PHURGHYHQWD6,,*
,661YHUVLyQLPSUHVD± ,661YHUVLyQHOHFWUyQLFD±
GtVWLFD\3UR\HFFLRQHV(FRQyPLFDVGHODVVHGHVVXEUHJLRQDOHVGHOD&RPLVLyQHQ0p[LFR\3XHUWR(VSDxD\GHODV RILFLQDVQDFLRQDOHVHQ%RJRWi%UDVLOLD0RQWHYLGHR\:DVKLQJWRQ'&/DSULQFLSDOUHVSRQVDEOHGHOGRFXPHQWRHV 9LYLDQQH9HQWXUD±'LDV'LUHFWRUDGHOD'LYLVLyQGH&RPHUFLR,QWHUQDFLRQDOH,QWHJUDFLyQ\ODFRRUGLQDFLyQWpFQLFD HVWiDFDUJRGH0LNLR.XZD\DPDRILFLDODFDUJRGHOD8QLGDGGH&RPHUFLR,QWHUQDFLRQDO
(QODSUHSDUDFLyQ\UHGDFFLyQGHORVFDStWXORVSDUWLFLSDURQDGHPiVGH9LYLDQQH9HQWXUD±'LDV\0LNLR.XZD\DPD -RVp (OtDV 'XUiQ \ 5D~O 0DOGRQDGR FRQVXOWRUHV $GHPiV FRODERUDURQ 0DUtD -RVp $FRVWD 5HQDWR %DXPDQQ ,QpV%XVWLOOR-DLPH&RQWDGRU&DUORV'H0LJXHO5H[*DUFtD5REHUWR*XWLpUUH]-RKDQQHV+HLUPDQ0LJXHO,]DP 9DOHQWLQH.RX]PLQH0DUtD$QJpOLFD/DUDFK1DGLD/RXQLV-RVp&DUORV0DWWRV-DYLHU0HQHVHV*HRUJLQD1~xH] (VWHEDQ3pUH]9HUyQLFD6LOYD*RUGRQ:LOPVPHLHU\5LFDUGR=DSDWD
/DWDUHDGHSUHSDUDFLyQGHO$QH[R(VWDGtVWLFRHQ&'±520HVWXYRDFDUJRGH-DLPH&RQWDGRU
1RWDV([SOLFDWLYDV
(QORVFXDGURVGHOSUHVHQWHHVWXGLRVHKDQHPSOHDGRORVVLJXLHQWHVVLJQRV
7UHVSXQWRVLQGLFDQTXHORVGDWRVIDOWDQQRFRQVWDQSRUVHSDUDGRRQRHVWiQGLVSRQLEOHV 8QVLJQRPHQRVLQGLFDGpILFLWRGLVPLQXFLyQVDOYRTXHVHHVSHFLILTXHRWUDFRVD
8QSXQWRVHXVDSDUDVHSDUDUORVGHFLPDOHV
(OJXLyQ±SXHVWRHQWUHFLIUDVTXHH[SUHVHQDxRVSRUHMHPSOR±LQGLFDTXHVHWUDWDGHWRGRHOSHUtRGR FRQVLGHUDGRDPERVDxRVLQFOXVLYH
/DSDODEUD³GyODUHV´VHUHILHUHDGyODUHVGHORV(VWDGRV8QLGRVVDOYRLQGLFDFLyQFRQWUDULD
Ë1',&(
5HVHxD
6tQWHVLV /DLPSRUWDQFLDGHXQDGHPDQGDGLQiPLFDSDUDHOFRPHUFLRGHODUHJLyQ /DLQVHUFLyQLQWHUQDFLRQDOGH$PpULFD/DWLQD\HO&DULEH /DLQWHJUDFLyQUHJLRQDOHQ$PpULFD/DWLQD\HO&DULEH 7HPDVUHODFLRQDGRVFRQHOFRPHUFLR\QHJRFLDFLRQHVFRPHUFLDOHV
&DStWXOR, /DHFRQRPtDLQWHUQDFLRQDO\VXVLPSDFWRVVREUHHOFRPHUFLRGH
$PpULFD/DWLQD\HO&DULEH± $ ,QWURGXFFLyQ % (OFRPHUFLRLQWHUQDFLRQDOHQHYROXFLyQVHFWRULDO & (OFRPHUFLRGHELHQHVHQ ' /DVLQFURQL]DFLyQHQODHFRQRPtDPXQGLDO ( &DQDOHVGHWUDQVPLVLyQGHOGHFDLPLHQWRHFRQyPLFRKDFLD$PpULFD/DWLQD
&DStWXOR,, (OFRPHUFLRGH$PpULFD/DWLQD\HO&DULEHGXUDQWH±
$ ,QWURGXFFLyQ % (OFRPHUFLRGHELHQHVHQ$PpULFD/DWLQD\HO&DULEHGXUDQWH± & /DUHWUDFFLyQGHODVLPSRUWDFLRQHVHODMXVWHGHODEDODQ]DGHSDJRV
GXUDQWH± ' /RVIDFWRUHVGHWHUPLQDQWHVGHOFRPHUFLRGHELHQHVGH$PpULFD/DWLQD
GXUDQWH\ /DGHVDFHOHUDFLyQHFRQyPLFDGHORVSULQFLSDOHVPHUFDGRVLPSRUWDGRUHV
\ORVQXHYRVPHUFDGRVGHGHVWLQR /DFDtGDGHORVSUHFLRVGHORVSURGXFWRVEiVLFRV /DFDtGDGHORVSUHFLRVGHODVPDQXIDFWXUDV /DGHVDFHOHUDFLyQHFRQyPLFDGHPXFKDVHFRQRPtDVGH$PpULFD/DWLQD\HO
&DULEH\VXLPSDFWRHQODVLPSRUWDFLRQHVUHJLRQDOHV ( /DHYROXFLyQGHOFRPHUFLRLQWUDUUHJLRQDO /RVSDtVHVGHO0HUFDGR&RP~QGHO6XU0HUFRVXU /RVSDtVHVGHOD&RPXQLGDG$QGLQDGH1DFLRQHV 0HUFDGR&RP~Q&HQWURDPHULFDQR0&&$ &RPXQLGDGGHO&DULEH&$5,&20 ) (OFRPHUFLRGHVHUYLFLRVHQ$PpULFD/DWLQD\HO&DULEHGXUDQWH\
&DStWXOR,,, /DFDOLGDGGHODLQVHUFLyQLQWHUQDFLRQDOGH$PpULFD/DWLQD\HO&DULEH HQHOFRPHUFLRPXQGLDO
$ ,QWURGXFFLyQ % &RQFHQWUDFLyQ\GLYHUVLILFDFLyQGHODVH[SRUWDFLRQHVGHORVSDtVHVGH
$PpULFD/DWLQD\HO&DULEH (OGLQDPLVPRFRPHUFLDOGHORVSDtVHVGHODUHJLyQ /DGLYHUVLILFDFLyQGHODVH[SRUWDFLRQHVSRUSURGXFWRV /DGLYHUVLILFDFLyQGHODVH[SRUWDFLRQHVSRUSURGXFWRV\PHUFDGRVGHGHVWLQR 'HVHPSHxRH[SRUWDGRU\YDORUDJUHJDGRHQODVDFWLYLGDGHVPDTXLODGRUDVHQ
& /DSDUWLFLSDFLyQGH$PpULFD/DWLQD\HO&DULEHHQHOiUHDGHODVWHFQRORJtDV
GHODLQIRUPDFLyQ\ODVFRPXQLFDFLRQHV7,& /DSDUWLFLSDFLyQGHORVSDtVHVGHODUHJLyQHQODVH[SRUWDFLRQHVGHSURGXFWRV
GHDOWDWHFQRORJtD (OFRPHUFLRGHODVWHFQRORJtDVGHODLQIRUPDFLyQ\ODVFRPXQLFDFLRQHV7,& /DFUHDFLyQGHUHGHVQHWZRUNV\DJORPHUDFLRQHVFOXVWHUVHQHOiUHDGHODV
WHFQRORJtDVGHODLQIRUPDFLyQ\ODVWHOHFRPXQLFDFLRQHV7,&HQ
$PpULFD/DWLQD\HO&DULEH /DVWHFQRORJtDVGHODLQIRUPDFLyQ\ODVFRPXQLFDFLRQHVFRPRKHUUDPLHQWD
GHSURPRFLyQGHODVH[SRUWDFLRQHVGH$PpULFD/DWLQD\HO&DULEH ' /RVUHFXUVRVQDWXUDOHVFRPRXQDQXHYDGRWDFLyQSDUDHODYDQFHWHFQROyJLFR
\ODDFXPXODFLyQGHFRQRFLPLHQWR *UDGRGHSURFHVDPLHQWRGHORVSURGXFWRVSULPDULRV /DFUHDFLyQGHQXHYDVGRWDFLRQHVHQORVVHFWRUHVEDVDGRVHQUHFXUVRVQDWXUDOHV ( &RQFOXVLRQHVSROtWLFDVGHFUHDFLyQGHHQFDGHQDPLHQWRV\DJORPHUDFLRQHVSURGXFWLYDV
&DStWXOR,9 (ODFFHVRDORVPHUFDGRVGHORVSDtVHVLQGXVWULDOL]DGRVSROtWLFDV SUiFWLFDVFRPHUFLDOHV\DFXHUGRVGHOLEHUDOL]DFLyQSUHIHUHQFLDO
$ ,QWURGXFFLyQ % 3ROtWLFDV\SUiFWLFDVFRPHUFLDOHVTXHLQFLGHQHQHOFRPHUFLRGH(VWDGRV8QLGRV
FRQ$PpULFD/DWLQD\HO&DULEH 0HGLGDVTXHDIHFWDQGLUHFWDPHQWHDODVLPSRUWDFLRQHV 3ROtWLFDVGHJHVWLyQ\IRPHQWRGHODVH[SRUWDFLRQHV 1RUPDV\UHJODPHQWDFLRQHV $FXHUGRVGHOLEHUDOL]DFLyQSUHIHUHQFLDO & 3ROtWLFDV\SUiFWLFDVFRPHUFLDOHVTXHLQIOX\HQHQHOFRPHUFLRGHORVSDtVHVGHOD
8QLyQ(XURSHDFRQ$PpULFD/DWLQD\HO&DULEH 0HGLGDVDSOLFDEOHVGLUHFWDPHQWHDODVLPSRUWDFLRQHV 3ROtWLFDVGHJHVWLyQ\IRPHQWRGHODVH[SRUWDFLRQHV 1RUPDV\UHJODPHQWDFLRQHV $FXHUGRVGHOLEHUDOL]DFLyQSUHIHUHQFLDO
&DStWXOR9 /DLQWHJUDFLyQUHJLRQDOHQ$PpULFD/DWLQD\HO&DULEHHYROXFLyQUHFLHQWH $ (YDOXDFLyQGHODLQWHJUDFLyQUHJLRQDOHQ$PpULFD/DWLQD\HO&DULEH
GXUDQWHHOELHQLR± % (YROXFLyQGHORVHVTXHPDVVXEUHJLRQDOHVGHLQWHJUDFLyQ 0HUFDGR&RP~QGHO6XU &RPXQLGDG$QGLQDGH1DFLRQHV 0HUFDGR&RP~Q&HQWURDPHULFDQR0&&$ &RPXQLGDGGHO&DULEH&$5,&20
&DStWXOR9, /DLQWHJUDFLyQHQHOiUHDGHWUDQVSRUWHFRPRPRWRUGHODLQWHJUDFLyQUHJLRQDO HQ$PpULFDGHO6XU
$ ,QWURGXFFLyQ % (OFRPHUFLR\HOWUDQVSRUWHHQWUHORVSDtVHVGH$PpULFDGHO6XU (OFRPHUFLRHQWUHORVSDtVHVGH$PpULFDGHO6XU /RVFRVWRVGHOWUDQVSRUWHHQHOFRPHUFLRHQWUHSDtVHVVXGDPHULFDQRV & 0iVDOOiGHODOLEHUDOL]DFLyQFRPHUFLDOODLQWHJUDFLyQItVLFDFRPRHVWUDWHJLD
&DStWXOR9,, (OSURJUDPDGH'RKDSDUDHOGHVDUUROORHQODURQGDGHQHJRFLDFLRQHVFRPHUFLDOHV GHOD2UJDQL]DFLyQ0XQGLDOGHO&RPHUFLR20&
$ ,QWURGXFFLyQ % /DHVWUXFWXUDGHODVQHJRFLDFLRQHV & /RVWHPDVGHODDJHQGDLQFRUSRUDGD $JULFXOWXUD (OFRPHUFLRGHVHUYLFLRV $VSHFWRVGHORVGHUHFKRVGHSURSLHGDGLQWHOHFWXDOUHODFLRQDGRVFRQ
HOFRPHUFLR$'3,& ' 3URJUDPDGH'RKDSDUDHOGHVDUUROOR &XHVWLRQHV\SUHRFXSDFLRQHVUHODWLYDVDODDSOLFDFLyQ (O$FXHUGRVREUHORV$'3,&\ODVDOXGS~EOLFD
&DStWXOR9,,, (OÏUJDQRGH6ROXFLyQGH'LIHUHQFLDV26'GHOD2UJDQL]DFLyQ0XQGLDO GHO&RPHUFLR20&
$ ,QWURGXFFLyQ % /RVSDtVHVGH$PpULFD/DWLQD\HO&DULEHHQHOÏUJDQRGH6ROXFLyQGH
'LIHUHQFLDVGHOD20& & (OGHEDWHHQOD20&DFHUFDGHOSHUIHFFLRQDPLHQWRGHOÏUJDQRGH6ROXFLyQ
GH'LIHUHQFLDV26'
&XDGURVJUiILFRV\UHFXDGURV
&XDGUR, (YROXFLyQGHOYROXPHQGHOFRPHUFLRPXQGLDO\HOSURGXFWRLQWHUQREUXWR± &XDGUR, /DVH[SRUWDFLRQHVPXQGLDOHVSRUUHJLRQHV\SULQFLSDOHVHFRQRPtDV± &XDGUR, 3UHFLRVGHSULQFLSDOHVSURGXFWRVEiVLFRVH[SRUWDGRVSRUSDtVHVGH$PpULFD/DWLQD
\HO&DULEH± &XDGUR, &UHFLPLHQWRGHOYDORUGHODVH[SRUWDFLRQHVPXQGLDOHVVHJ~QUHJLRQHV\SULQFLSDOHV
VHFWRUHV &XDGUR, &RQWULEXFLyQGHODVH[SRUWDFLRQHVPXQGLDOHV\UHJLRQDOHVDOFUHFLPLHQWRVHJ~Q
SULQFLSDOHVVHFWRUHV &XDGUR, $PpULFD/DWLQDH[SRUWDFLRQHVSRUVXEUHJLRQHV\SDtVHVSURPHGLRVDQXDOHV
±\± &XDGUR,,D $PpULFD/DWLQD\HO&DULEHHYROXFLyQGHODVH[SRUWDFLRQHVtQGLFHVGHYDORUYROXPHQ
\YDORUXQLWDULR± &XDGUR,,E $PpULFD/DWLQD\HO&DULEHHYROXFLyQGHODVLPSRUWDFLRQHVtQGLFHVGHYDORUYROXPHQ
\YDORUXQLWDULR± &XDGUR,, $PpULFD/DWLQD\HO&DULEHHYROXFLyQGHOFRPHUFLRGHELHQHV\VHUYLFLRV± &XDGUR,,D $PpULFD/DWLQD\HO&DULEHHYROXFLyQGHOEDODQFHFRPHUFLDOGHELHQHV± &XDGUR,,E 3DtVHVGHO&DULEHHYROXFLyQGHOEDODQFHFRPHUFLDOGHELHQHV± &XDGUR,,D $PpULFD/DWLQD\HO&DULEHEDODQ]DFRPHUFLDOGHVHUYLFLRV± &XDGUR,,E (O&DULEHDOJXQRVSDtVHVEDODQ]DFRPHUFLDOGHVHUYLFLRV± &XDGUR,, $PpULFD/DWLQD\HO&DULEHHYROXFLyQGHOFRPHUFLRGHELHQHV
±HQHUR±VHSWLHPEUH &XDGUR,, $PpULFD/DWLQDHYROXFLyQGHODVLPSRUWDFLRQHVGHELHQHVVHJ~QGHVWLQRHFRQyPLFR
HQHUR±VHSWLHPEUH &XDGUR,, $PpULFD/DWLQD\HO&DULEHFRPSRVLFLyQGHODFXHQWDFRUULHQWH± &XDGUR,, $PpULFD/DWLQD\HO&DULEHEDODQ]DFRPHUFLDOGHELHQHV\VHUYLFLRV\GHODFXHQWD
&XDGUR,, (VWDGRV8QLGRVHYROXFLyQGHODVLPSRUWDFLRQHVGHVGH$PpULFD/DWLQD\HO&DULEH
VHSWLHPEUH±VHSWLHPEUH &XDGUR,, 8QLyQ(XURSHDHYROXFLyQGHODVLPSRUWDFLRQHVGHVGH$PpULFD/DWLQD\HO&DULEH
VHSWLHPEUH±VHSWLHPEUH &XDGUR,, $PpULFD/DWLQDHYROXFLyQGHODVH[SRUWDFLRQHVGHELHQHVGXUDQWH
\HQHUR±VHSWLHPEUHGH &XDGUR,, $PpULFD/DWLQD\HO&DULEHH[SRUWDFLRQHVWRWDOHV\SRUHVTXHPDVVXEUHJLRQDOHV
GHLQWHJUDFLyQ &XDGUR,, 0HUFDGR&RP~QGHO6XU0HUFRVXUFRPHUFLRLQWUDUUHJLRQDOWULPHVWUDO± &XDGUR,, &RPXQLGDG$QGLQDFRPHUFLRLQWUDUUHJLRQDOWULPHVWUDO± &XDGUR,, 0HUFDGR&RP~Q&HQWURDPHULFDQR0&&$FRPHUFLRLQWUDUUHJLRQDOWULPHVWUDO
± &XDGUR,, &RPXQLGDGGH(VWDGRVGHO&DULEH&$5,&20FRPHUFLRLQWUDUUHJLRQDO
WULPHVWUDO± &XDGUR,, $PpULFD/DWLQD\HO&DULEHSDtVHVHYROXFLyQGHOFRPHUFLRGHELHQHV\VHUYLFLRV
±HQHUR±MXQLR &XDGUR,, $PpULFD/DWLQD\HO&DULEHSDUWLFLSDFLyQGHORVVHUYLFLRVHQHOFRPHUFLRWRWDO
± &XDGUR,, $PpULFD/DWLQDFRPSRVLFLyQGHODVH[SRUWDFLRQHVGHVHUYLFLRVFRPHUFLDOHV
&XDGUR,, $PpULFD/DWLQDGHVJORVHGHRWURVVHUYLFLRV
&XDGUR,,, (VWUXFWXUDH[SRUWDGRUDSRUFDWHJRUtDVGHLQWHQVLGDGWHFQROyJLFD &XDGUR,,, 0p[LFRLQGLFDGRUHVUHODWLYRVGHODLQGXVWULDPDTXLODGRUD± &XDGUR,,, 0p[LFRYDORUDJUHJDGR9$GHODPDQXIDFWXUD\GHODPDTXLODSDUDODH[SRUWDFLyQ
VHJ~QFRPSRQHQWHVGHOYDORUEUXWRGHODSURGXFFLyQ9%3± &XDGUR,,, 0p[LFR\SDtVHVGHO0HUFDGR&RP~Q&HQWURDPHULFDQRFRHILFLHQWHVGHYDORUDJUHJDGR
GHODPDQXIDFWXUD\GHODPDTXLODHQHO3,% &XDGUR,,, 0p[LFR\SDtVHVGHO0HUFDGR&RP~Q&HQWURDPHULFDQRFRHILFLHQWHVGHH[SRUWDFLRQHV
HLPSRUWDFLRQHVGHPDTXLODHQODVH[SRUWDFLRQHVWRWDOHV
\FRQWULEXFLyQGHOYDORUDJUHJDGR &XDGUR,,, ([SRUWDFLRQHVPXQGLDOHVGHWHFQRORJtDVGHODLQIRUPDFLyQ\ODVFRPXQLFDFLRQHV
± &XDGUR,,, (VWDGRV8QLGRVLPSRUWDFLRQHVGHSURGXFWRVPLFURHOHFWUyQLFRVVHJ~QRULJHQ
± &XDGUR,,, $PpULFD/DWLQDSDtVHVH[SRUWDFLRQHVGHPDWHULDVSULPDVKDFLDHOPXQGRVHJ~Q
JUDGRGHHODERUDFLyQ\ &XDGUR,,, 6HUYLFLRVUHODFLRQDGRVFRQODDFXLFXOWXUDHOFDVRGHORVVDOPRQHV &XDGUR,9 'HUHFKRVDGYDORUHPDSOLFDGRVDODVLPSRUWDFLRQHVSRUORV(VWDGRV8QLGRV &XDGUR,9 (VWUXFWXUDDUDQFHODULDGHORV(VWDGRV8QLGRV &XDGUR,9 ,PSRUWDFLRQHVGHWH[WLOHV\SUHQGDVGHYHVWLUGH(VWDGRV8QLGRVSURYHQLHQWHVGH
$PpULFD/DWLQD\HO&DULEH± &XDGUR,9 'HUHFKRVDQWLGXPSLQJDSOLFDGRVSRU(VWDGRV8QLGRVDDOJXQRVSDtVHVGH$PpULFD/DWLQD &XDGUR,9 'HUHFKRVFRPSHQVDWRULRVDSOLFDGRVSRU(VWDGRV8QLGRVDDOJXQRVSDtVHV
GH$PpULFD/DWLQD &XDGUR,9 'HWHUPLQDFLRQHVSRVLWLYDVGHGHUHFKRVDQWLGXPSLQJ\FRPSHQVDWRULRVHQ
(VWDGRV8QLGRV± &XDGUR,9 6DOYDJXDUGLDVDSOLFDGDVDODFHURHQORVDUDQFHOHVLPSOtFLWRV &XDGUR,9 &KLOH$UDQFHOHVDSOLFDGRVDODVQDFLRQHVPiVIDYRUHFLGDVHQYLUWXGGHO
6LVWHPD$UPRQL]DGR6$ &XDGUR,9 (MHPSORVGHFRQWLQJHQWHVDUDQFHODULRVGHOD8QLyQ(XURSHDFRQVROLGDGRV
&XDGUR9E &RQWURYHUVLDVFRPHUFLDOHVHQHO0HUFRVXU5HFODPDFLRQHVUHFLELGDVSRUORVSDtVHV
&XDGUR9 /DXGRVGHOWULEXQDODUELWUDODGKRFGHVGH
&XDGUR9 &RPXQLGDG$QGLQDSHVRGHOFRPHUFLRLQWUDVXEUHJLRQDO &XDGUR9 0HUFDGR&RP~Q&HQWURDPHULFDQRHOFRPHUFLRLQWUDVXEUHJLRQDO &XDGUR9 0HGLGDVFRQWUDULDVDOOLEUHFRPHUFLRHQHO0HUFDGR&RP~Q&HQWURDPHULFDQR0&&$ &XDGUR9 $PpULFD&HQWUDOWDULIDVSURPHGLRGHODUDQFHOH[WHUQRFRP~Q$(& &XDGUR9, &RPHUFLRLQWUDUUHJLRQDOHQHODxRYDORU
&XDGUR9, 'LIHUHQFLDVGHFRVWRVGHWUDQVSRUWH
&XDGUR9, &RVWRVGHIOHWH\VHJXURVFRPRSRUFHQWDMHGHODVLPSRUWDFLRQHV&,)WRGRVORVPRGRV
GHWUDQVSRUWH &XDGUR9, 'LIHUHQFLDVGHFRVWRVGHWUDQVSRUWHGHOHJXPEUHVIUXWDV\QXHFHVHQ
$PpULFDGHO1RUWH\(XURSD &XDGUR9, &RVWRVSURPHGLRGHOWUDQVSRUWHHQ$PpULFDGHO6XUGHVJORVDGRVSRUPRGR &XDGUR9,, $PpULFD/DWLQD\HO&DULEHUHVXPHQGHSURSXHVWDVSDUDHOVHFWRUVHUYLFLRV
± &XDGUR9,, $PpULFD/DWLQD\HO&DULEHUHVXPHQGHSURSXHVWDVVHFWRULDOHVSDUDHO
VHFWRUVHUYLFLRV± &XDGUR9,, 'HFLVLyQVREUHFXHVWLRQHV\SUHRFXSDFLRQHVUHODWLYDVDODDSOLFDFLyQ &XDGUR9,,, 5HVXPHQGHODVVROLFLWXGHVGHFRQVXOWDSUHVHQWDGDVDOÏUJDQRGH6ROXFLyQGH
'LIHUHQFLDVSRUSDtVHVRJUXSRVGHSDtVHV &XDGUR9,,, 'LVWULEXFLyQGHVROLFLWXGHVGHFRQVXOWDSUHVHQWDGDVDOÏUJDQRGH6ROXFLyQGH
'LIHUHQFLDVGHOD2UJDQL]DFLyQ0XQGLDOGHO&RPHUFLR26'20&VHJ~Q
DFXHUGRVGHOD5RQGD8UXJXD\\SDtVHVRJUXSRVGHSDtVHV &XDGUR9,,, 'LVWULEXFLyQGHVROLFLWXGHVGHFRQVXOWDSUHVHQWDGDVSRU$PpULFD/DWLQD\HO
&DULEHDOÏUJDQRGH6ROXFLyQGH'LIHUHQFLDVGHOD2UJDQL]DFLyQ0XQGLDOGHO &RPHUFLR26'20&VHJ~QDFXHUGRVGHOD5RQGD8UXJXD\\SDtVHV
RJUXSRVGHSDtVHV &XDGUR9,,, 'LVWULEXFLyQGHVROLFLWXGHVGHFRQVXOWDGH$PpULFD/DWLQD\HO&DULEHSUHVHQWDGDVDO
ÏUJDQRGH6ROXFLyQGH'LIHUHQFLDV26'VHJ~QDFXHUGRVPXOWLODWHUDOHV &XDGUR9,,, 'LIHUHQFLDVSUHVHQWDGDVSRUORV(VWDGRV8QLGRVDOÏUJDQRGH6ROXFLyQGH
'LIHUHQFLDVGHOD2UJDQL]DFLyQ0XQGLDOGHO&RPHUFLR26'20& &XDGUR9,,, 3DtVHVGH$PpULFD/DWLQD\HO&DULEHTXHVROLFLWDURQFRQVXOWDVHQOD2UJDQL]DFLyQ
0XQGLDOGHO&RPHUFLR20& *UiILFR (YROXFLyQGHOFRPHUFLRPXQGLDOVHJ~QVHFWRUHVSULQFLSDOHV±
*UiILFR 7HFQRORJtDGHODLQIRUPDFLyQ
*UiILFR $PpULFD/DWLQD\HO&DULEHGHVWLQRGHODVH[SRUWDFLRQHV\ *UiILFR $PpULFD/DWLQD\HO&DULEHWDVDVGHFUHFLPLHQWRGHODVH[SRUWDFLRQHV± *UiILFR $PpULFD/DWLQD\HO&DULEHWDVDVGHFUHFLPLHQWRGHODVLPSRUWDFLRQHV± *UiILFR $PpULFD/DWLQD\HO&DULEHFRPHUFLRLQWUDUUHJLRQDO±\ *UiILFR $PpULFD/DWLQDGLVWULEXFLyQSRUFHQWXDOGHFRQVXOWDVSUHVHQWDGDVDO26'GHOD20& *UiILFR, (YROXFLyQGHOYROXPHQGHO3,%PXQGLDO\GHOFRPHUFLRPXQGLDOGHELHQHV
± *UiILFR, $PpULFD/DWLQD\HO&DULEHtQGLFHVGHSUHFLRVGHODVPDQXIDFWXUDVSURGXFWRV
EiVLFRV\WpUPLQRVGHOLQWHUFDPELR±
*UiILFR, &RPHUFLR\SURGXFWRLQWHUQREUXWR±
*UiILFR, (VWDGRV8QLGRV8QLyQ(XURSHD\-DSyQtQGLFHVDFFLRQDULRV
GLFLHPEUHGH±GLFLHPEUHGH *UiILFR, (VWDGRV8QLGRVWDVDVWULPHVWUDOHVGHYDULDFLyQUHDOGHO3,%FRQVXPR
HLQYHUVLyQ± *UiILFR, $PpULFD/DWLQDLPSRUWDFLRQHVGHELHQHVVHJ~QJUDQGHVFDWHJRUtDVHFRQyPLFDV
*UiILFR, $PpULFD/DWLQD\HO&DULEHFRPSRVLFLyQGHOFRPHUFLRGHELHQHVVHJ~Q
LQWHQVLGDGWHFQROyJLFD *UiILFR, $PpULFD/DWLQDSDtVHVVHOHFFLRQDGRVWLSRGHFDPELRHIHFWLYRUHDO± *UiILFR,, $PpULFD/DWLQDWDVDVWULPHVWUDOHVGHFUHFLPLHQWRGHOFRPHUFLRH[WHULRU±
*UiILFR,, $PpULFD/DWLQDFRPHUFLRGHELHQHV\VHUYLFLRV±
*UiILFR,, $PpULFD/DWLQD\HO&DULEHSURSRUFLyQGHVXVH[SRUWDFLRQHVKDFLD(VWDGRV8QLGRV
\8QLyQ(XURSHDHQHO3,% *UiILFR,, 3UHFLRVGHORVSULQFLSDOHVSURGXFWRVEiVLFRVH[SRUWDGRVSRU$PpULFD/DWLQD *UiILFR,, 0HUFRVXUFRPHUFLRLQWUDUUHJLRQDOSRUWULPHVWUHV± *UiILFR,, &RPXQLGDG$QGLQDFRPHUFLRLQWUDUUHJLRQDOWULPHVWUDO± *UiILFR,, 0HUFDGR&RP~Q&HQWURDPHULFDQR0&&$FRPHUFLRLQWUDUUHJLRQDO
SRUWULPHVWUHV± *UiILFR,, &RPXQLGDGGH(VWDGRVGHO&DULEH&$5,&20FRPHUFLRLQWUDUUHJLRQDO
SRUWULPHVWUHV± *UiILFR,,, $PpULFD/DWLQDSDtVHVFRQFHQWUDFLyQGHH[SRUWDFLRQHVVHJ~QSURGXFWRV *UiILFR,,, $PpULFD/DWLQDSDtVHVFRQFHQWUDFLyQGHH[SRUWDFLRQHVVHJ~QGHVWLQRV *UiILFR,,, $PpULFD/DWLQDSDtVHVFRQFHQWUDFLyQGHH[SRUWDFLRQHVVHJ~Q
SURGXFWRV\GHVWLQRV±\± *UiILFR,,, $PpULFD/DWLQDSDtVHVtQGLFHGH+HUILQGDKOGHODVH[SRUWDFLRQHV
WRWDOHVVHJ~QSDtVHV\GHVWLQRV *UiILFR,,, 0p[LFRGLYHUVDVPHGLGDVGHOYDORUDJUHJDGRGHODLQGXVWULDPDTXLODGRUD
± *UiILFR,,, 0DTXLODHQ0p[LFRH[SRUWDFLRQHVWRWDOHVHLQVXPRVLPSRUWDGRV± *UiILFR,,, 0p[LFRFRPSRQHQWHVGHOYDORUEUXWRGHODSURGXFFLyQ9%3
\ *UiILFR,,, 3ULQFLSDOHVH[SRUWDGRUHVGHWHFQRORJtDVGHODLQIRUPDFLyQ\ODVFRPXQLFDFLRQHV
± *UiILFR,9 (VWUXFWXUDDUDQFHODULDGHORV(VWDGRV8QLGRV&UHVWDVDUDQFHODULDV *UiILFR9,,, )OXMRJUDPDGHOSURFHGLPLHQWRVHJXLGRHQJUXSRVHVSHFLDOHVGHOÏUJDQRGH
6ROXFLyQGH'LIHUHQFLDVGHOD20&
5HFXDGUR,, /DHYROXFLyQGHORVSUHFLRVGHOFDIp
5HFXDGUR,, &RPSRVLFLyQGHODSDUWLGDGHVHUYLFLRVHQODEDODQ]DGHSDJRV 5HFXDGUR,,, $OJXQDVH[SHULHQFLDVGHSDtVHVGH$VLDGHOHVWHGHVHJXQGDILODHQPDWHULD
GHUHGHVJOREDOHVGHSURGXFFLyQHQHOVXEVHFWRUHOHFWUyQLFR 5HFXDGUR,9 /D/H\GH&RPHUFLRGH 5HFXDGUR,9 /D/H\GH6HJXULGDG$JUtFROD\GH,QYHUVLyQ5XUDO)DUP%LOO 5HFXDGUR,9 3DUWHVHQDFXHUGRVFRPHUFLDOHVUHJLRQDOHV\DFXHUGRVFRPHUFLDOHV
SUHIHUHQFLDOHVFRQOD8QLyQ(XURSHD\EHQHILFLDULRVGHDFXHUGRV
SUHIHUHQFLDOHVFRQOD8QLyQ(XURSHD 5HFXDGUR9 (O3URWRFRORGH2OLYRVSDUDODVROXFLyQGHFRQWURYHUVLDVHQHO0HUFRVXU
5HFXDGUR9 (O3ODQ3XHEOD±3DQDPi333
0DSD9, $PpULFDGHO6XUSDUWLFLSDFLyQGHOFRPHUFLRLQWUDUUHJLRQDOHQODV
/D HGLFLyQ ± GHO3DQRUDPD GH OD LQVHUFLyQ LQWHUQDFLRQDOGH$PpULFD/DWLQD\HO&DULEHVHGLYLGH HQWUHVSDUWHV
(QODSULPHUDGHGLFDGDDODVLWXDFLyQLQWHUQDFLR QDO\DOFRPHUFLRLQWHUQDFLRQDOGH$PpULFD/DWLQD\HO &DULEHFDStWXORV,,,\,,,VHDQDOL]DQORVSULQFLSDOHV FRPSRQHQWHV GH OD FR\XQWXUD LQWHUQDFLRQDO \ VX LQFL GHQFLDHQODVHFRQRPtDVGHODUHJLyQ\HOFRPHUFLRLQ WHUQDFLRQDOGHORVGLIHUHQWHVSDtVHVHQDVtFRPR HQORVSULPHURVWULPHVWUHVGH(QHOFDStWXOR,,,VH H[DPLQDQDOJXQDVUHODFLRQHVHVWUXFWXUDOHVGHODLQVHU FLyQLQWHUQDFLRQDOGHYDULRVSDtVHVGH$PpULFD/DWLQD \HO&DULEHGHOODGRGHODRIHUWD(QHOFDStWXOR,9 VH UHYLVDQORVSUREOHPDVGHOODGRGHODGHPDQGDTXHHQ IUHQWDQORVSDtVHVGHODUHJLyQSDUDPRGLILFDUVXLQVHU FLyQLQWHUQDFLRQDO6HUHYLVDQODSROtWLFDFRPHUFLDOODV SUiFWLFDVFRPHUFLDOHV\ODHYROXFLyQGHORVDFXHUGRVGH
OLEHUDOL]DFLyQSUHIHUHQFLDOGHORV(VWDGRV8QLGRV\OD 8QLyQ(XURSHD
(QODVHJXQGDSDUWHFDStWXORV9 \9,VHDQDOL]D OD HYROXFLyQ GHO SURFHVR GH LQWHJUDFLyQ UHJLRQDO HQ $PpULFD/DWLQD\HO&DULEHHQ±\VHKDFHQ DOJXQDVSURSXHVWDVYLQFXODGDVDODLQWHJUDFLyQItVLFDHQ HOiPELWRGHODVUHODFLRQHVHQWUHORVHVTXHPDVVXEUH JLRQDOHVGH$PpULFDGHO6XU
3RU~OWLPRHQODWHUFHUDSDUWHFDStWXORV9,,\9,,, VHUHYLVDHOGHEDWHDFWXDOHQODQXHYDURQGDGHQHJRFLDFLR QHVFRPHUFLDOHVPXOWLODWHUDOHVGHOD2UJDQL]DFLyQ0XQ GLDOGHO&RPHUFLR20&GHVGHHOSXQWRGHYLVWDGHORV SDtVHVGHODUHJLyQ(QHOFDStWXOR9,,,VHGHVFULEHHOIXQ FLRQDPLHQWRGHOÏUJDQRGH6ROXFLyQGH'LIHUHQFLDVGHOD 20&GHVWDFDQGRODSDUWLFLSDFLyQFUHFLHQWHGHORVUHSUH VHQWDQWHVGHORVSDtVHVGH$PpULFD/DWLQD\HO&DULEH
(Q XQ ODSVR GH PHQRV GH FXDWUR DxRV OD UHJLyQ WXYR TXHHQIUHQWDUQXHYDPHQWHXQDFRQWUDFFLyQHQHOYDORU GHVXVH[SRUWDFLRQHVTXHIXHFDVLWUHVYHFHVPiVHOH YDGDTXHODGH$GHPiVGHVGHQRVHREVHU YDEDXQDFDtGDFRQMXQWDGHODVH[SRUWDFLRQHVHLPSRU WDFLRQHV ODWLQRDPHULFDQDV FRQ JUDYHV FRQVHFXHQFLDV SDUDHOFRPHUFLRLQWUDUUHJLRQDO/RVGDWRVSUHOLPLQDUHV SDUDLQGLFDQTXHODVH[SRUWDFLRQHVGHELHQHVGH $PpULFD/DWLQDHQVXFRQMXQWRHVWDUtDQUHFXSHUiQGR VH OHYHPHQWH 1R REVWDQWH HVD WHQXH PHMRUtD TXH HV PX\LQIHULRUDODVWDVDVGHFUHFLPLHQWRSURPHGLRGHOD GpFDGDGHKDSURIXQGL]DGRHOIXHUWHDMXVWHSRUHO ODGR GH ODV LPSRUWDFLRQHV JHQHUDGR HQ $O ILQDO GHHOYDORUHQGyODUHVFRQVWDQWHVGHODVLPSRUWD FLRQHV ODWLQRDPHULFDQDV IXH LQIHULRU DO GH (VDUHGXFFLyQWLHQHHIHFWRVQHJDWLYRVHQODPRGHUQL]D FLyQWHFQROyJLFDGHODUHJLyQSRUTXHVXSRQHXQDFDtGD GHODVFRPSUDVGHELHQHVGHFDSLWDODGHPiVGHFRPR IXHVHxDODGRLQFLGLUHQHOFRPHUFLRLQWUDUUHJLRQDO
(VWH FRPSRUWDPLHQWR HQGHEOH GHO FRPHUFLR H[WH ULRUODWLQRDPHULFDQRVHSURGXFHHQXQFRQWH[WRLQWHU QDFLRQDOTXHKDVLGRHQJHQHUDODGYHUVR(QHIHFWRHQ ODVH[SRUWDFLRQHVPXQGLDOHVGHPHUFDQFtDVUHJLV WUDURQXQFUHFLPLHQWRQHJDWLYRWDQWRHQYROXPHQFR PRHQYDORUGH\UHVSHFWLYDPHQWHFRQUH ODFLyQDODxRDQWHULRU(VWRQRRFXUUtDGHVGHVH
J~QOD2UJDQL]DFLyQ0XQGLDOGHO&RPHUFLR20&6H LQWHUUXPSHDVtXQDWHQGHQFLDFDUDFWHUtVWLFDGHODGpFD GDGHOQRYHQWDSHUtRGRHQHOFXDOODH[SDQVLyQGHORV IOXMRV GH ELHQHV VHUYLFLRV \ FDSLWDOHV KDEtD VXSHUDGR DPSOLDPHQWHODGHOSURGXFWRHQODUHWUDFFLyQGH ODVH[SRUWDFLRQHVPXQGLDOHVFRQWUDVWyFRQXQGpELOLQ FUHPHQWRGHOSURGXFWRPXQGLDOGH/DFRQWUDF FLyQGHODLQYHUVLyQILMD\VREUHWRGRGHODLQYHUVLyQHQ WHFQRORJtDV GH OD LQIRUPDFLyQ \ ODV FRPXQLFDFLRQHV 7,&FRPRFRQVHFXHQFLDGHODGHVDFHOHUDFLyQHFRQy PLFDGHORV(VWDGRV8QLGRVLQFLGLyHQODSURGXFFLyQ\ HOFRPHUFLRGHHVWRVELHQHV\VHUYLFLRV\GHWHUPLQyHO GHVFHQVRHQYROXPHQ\HQYDORUGHOFRPHUFLRGHPD QXIDFWXUDV\GHQWURGHHVDVGHORVHTXLSRV\HOVXEVHF WRUGHODV7,&YpDVHHOJUiILFR(QODVH[SRU WDFLRQHV PXQGLDOHV GH PDQXIDFWXUDV GLVPLQX\HURQ FRQUHODFLyQDVREUHVDOLHQGRODUHGXFFLyQ GHODVH[SRUWDFLRQHVRULJLQDGDVHQ$PpULFDGHO1RUWH\ ORVSDtVHVDVLiWLFRVHQGHVDUUROORGH\UHV SHFWLYDPHQWH$OPLVPRWLHPSRODGUDPiWLFDFDtGDGH ORV IOXMRV GH SURGXFWRV LQGXVWULDOHV SHUPLWLy TXH SRU SULPHUDYH]GHVGHODVH[SRUWDFLRQHVDJUtFRODVUH JLVWUDVHQXQDXPHQWRGHVXSDUWLFLSDFLyQHQHOFRPHU FLRPXQGLDOSURPRYLGDVSRUODH[SDQVLyQGHORVHP EDUTXHVSURYHQLHQWHVGH$PpULFD/DWLQD\GH$VLD
Síntesis
1.
La importancia de una demanda dinámica para el comercio
/DUHGXFFLyQHQORVJDVWRVHQSURGXFWRVFODVLILFD GRVFRPR7,&H[SOLFDFHUFDGHSXQWRVSRUFHQWXD OHV GHO WRWDO GH OD UHWUDFFLyQ GH GHO FRPHUFLR PXQGLDOHQ(OLPSDFWRGHHVWDFRQWUDFFLyQGHODV FRPSUDVGH7,&HQODVHFRQRPtDVDVLiWLFDVHMHPSORV H[LWRVRVGHODHVSHFLDOL]DFLyQHQHVWRVSURGXFWRVIXH PX\IXHUWHPiVGHOGHODFDtGDGHVXVH[SRUWDFLR QHVKDFLDHOPXQGRVHGHEHDODGLVPLQXFLyQGHORVHP EDUTXHVGHWHFQRORJtDYpDVHHOJUiILFR3RURWUDSDU WHODVFRQVHFXHQFLDVGHHVDFRQWUDFFLyQHQODVH[SRUWD FLRQHVODWLQRDPHULFDQDV\FDULEHxDVH[SOLFDQVRODPHQ WHFHUFDGHSXQWRVSRUFHQWXDOHVGHODUHGXFFLyQUH JLRQDOGHHVWHYDORUGLVPLQX\HDVLVHH[FOX\H 0p[LFR (Q UHDOLGDG ORV SUREOHPDV TXH DIHFWDURQ DO VHFWRU GH ODV 7,& IXHURQ UHVSRQVDEOHV GHO GH OD GLVPLQXFLyQGHOYDORUH[SRUWDGRPH[LFDQRHQ
$OJXQRVGHORVIDFWRUHVTXHHQJHQGUDURQODGHVD FHOHUDFLyQGHOFRPHUFLRHQVLJXLHURQSUHVHQWHVHQ HLPSLGLHURQTXHODUHFXSHUDFLyQGHODHFRQRPtD LQWHUQDFLRQDO VH FRQVROLGDUD \ TXH HO LQWHUFDPELR GH ELHQHV\VHUYLFLRVUHFXSHUDVHODVWDVDVKLVWyULFDVGHOD GpFDGDGH3RUXQDSDUWHHOUHGXFLGRFUHFLPLHQ WRGHODDFWLYLGDGLQGXVWULDOHQORVSDtVHVGHOD2&'( VHUHIOHMyHQHODXPHQWRGHODFDSDFLGDGRFLRVDPLHQ
WUDVTXHODLQYHUVLyQILMDVLJXLyVLHQGREDMD\ORVSUH FLRVGHODVPDQXIDFWXUDV\PDWHULDVSULPDVHVSHFLDO PHQWHGHOSHWUyOHRQRUHSXQWDURQ(QORV(VWDGRV8QL GRVODH[SORVLyQGHODEXUEXMDGHODVHPSUHVDVWHFQR OyJLFDVODDSDULFLyQGHORVIUDXGHVFRQWDEOHVHQJUDQ GHVHPSUHVDVTXHGHELOLWDURQODFRQILDQ]DGHORVLQYHU VLRQLVWDV\ODLQFHUWLGXPEUHFRQUHVSHFWRDODVJDQDQ FLDVGHFRUWRSOD]RKLFLHURQTXHHOVHFWRUSULYDGRDF WXDUDFRQFDXWHODDODKRUDGHDPSOLDUVXVRSHUDFLRQHV FRQWUDWDU QXHYRV HPSOHDGRV R FRPSUDU HTXLSRV QXH YRV(QHIHFWRHQORVSDtVHVLQGXVWULDOL]DGRV\HQHV SHFLDOHQORV(VWDGRV8QLGRVHOFUHFLPLHQWRHQHO~OWL PRDxRKDHVWDGRDQFODGREiVLFDPHQWHHQODH[SDQVLyQ GHORVJDVWRVS~EOLFRV\HQHOFRPSRUWDPLHQWRGHORV FRQVXPLGRUHV TXH KDQ UHVSRQGLGR IDYRUDEOHPHQWH D ODV SROtWLFDV DQWLFtFOLFDV PRQHWDULDV \ ILVFDOHV OR TXH KDHYLWDGRXQDFRQWUDFFLyQPiVIXHUWHGHODGHPDQGD LQWHUQD6HPDQWLHQHQDVtODVSUR\HFFLRQHVUHDOL]DGDVD ILQHVGHTXHVXJHUtDQXQUHSXQWHGHOFUHFLPLHQWR HQDSHVDUGHQRKDEHUD~QPXFKDVHJXULGDGHQ FXDQWRDVXYLJRU\HVWDELOLGDG
3RUHOODGRGHODGHPDQGDHOFRPSOHMRHVFHQDULR LQWHUQDFLRQDOFRQWULEX\yDOGHWHULRURGHOFRPHUFLRH[ WHUQRGH$PpULFD/DWLQD\HO&DULEH/DFRQWUDFFLyQGH
*UiILFR
EVOLUCIÓN DEL COMERCIO MUNDIAL SEGÚN SECTORES PRINCIPALES, 1990–2001 (QPLOHVGHPLOORQHVGHGyODUHVFRUULHQWHV
Fuente:&(3$/'LYLVLyQGH&RPHUFLR,QWHUQDFLRQDOH,QWHJUDFLyQVREUHODEDVHGHGDWRVGHFRPHUFLR&2075$'(GH1DFLRQHV
8QLGDV\OD2UJDQL]DFLyQ0XQGLDOGH&RPHUFLR(VWDGtVWLFDVGHO&RPHUFLR,QWHUQDFLRQDOYDULRVDxRV
3URGXFWRVDJUtFRODV ,QGXVWULDVH[WUDFWLYDV
(TXLSRVGHRILFLQD\WHOHFRPXQLFDFLRQHV 2WUDVPDTXLQDULDV\HTXLSRVGHWUDQVSRUWH
,QGXVWULDDXWRPRWUL] 3URGXFWRVTXtPLFRV
0LOHVGHPLOORQHVGHGyODUHV
ODGHPDQGDH[WUDUUHJLRQDOVHVXPyDODGHELOLGDGGHORV LQWHUFDPELRVLQWUDUUHJLRQDOHV\ODUHWUDFFLyQGHODLQ YHUVLyQHQODVJUDQGHVHFRQRPtDVLQFLGLyHQORVSUHFLRV GHODVPDWHULDVSULPDV$GHPiVODYXOQHUDELOLGDGGHO VHFWRUH[WHUQRGHODUHJLyQVHYLRPXOWLSOLFDGDSRUOD GLVPLQXFLyQ GH ORV IOXMRV GH ILQDQFLDPLHQWR H[WHUQR (Q HVWD GLItFLO FR\XQWXUD VXUJLHURQ QXHYRV SRORV GH DWUDFFLyQSDUDODVH[SRUWDFLRQHVGHODUHJLyQGHULYDGRV GHODUHDFWLYDFLyQGHORVPHUFDGRVLQWHUQRVGHORVSDt VHVDVLiWLFRVHQGHVDUUROOR
/DVSURIXQGDVFULVLVHFRQyPLFDVTXHKDQHQIUHQWD GRORVSDtVHVGHODUHJLyQ\VXVHVTXHPDVGHLQWHJUD FLyQHQORV~OWLPRVDxRVKDQGHMDGRDOJXQDVH[SHULHQ FLDVTXHVHJXUDPHQWHSUHVLGLUiQORVIXWXURVHVIXHU]RV GHGHVDUUROORHLQWHJUDFLyQ(QSULPHUOXJDUORVSDtVHV GHEHQ DYDQ]DU HQ OD DSOLFDFLyQ GH SROtWLFDV H LQVWUX PHQWRVSDUDORJUDUPHMRUHVGHVHPSHxRVPDFURHFRQy
PLFRVDEULHQGRHVSDFLRSDUDSROtWLFDVDQWLFtFOLFDV\DO PLVPR WLHPSR GRWDU ORV HVTXHPDV GH LQWHJUDFLyQ UH JLRQDO\VXEUHJLRQDOGHQXHYRVLQVWUXPHQWRVSDUDDSR \DUORVHVIXHU]RVQDFLRQDOHV3DUDWDOSURSyVLWRHVLP SUHVFLQGLEOHLQFUHPHQWDU\SHUIHFFLRQDUODFRRSHUDFLyQ HFRQyPLFDHQHVSHFLDOODILQDQFLHUDSDUDTXHORVOR JURV\DDOFDQ]DGRVHQHVWHWHUUHQRWHQJDQPD\RUPDJ QLWXG \ GLYHUVLGDG HQ ORV FDPSRV GHO ILQDQFLDPLHQWR GHOFRPHUFLRODVLQYHUVLRQHV\ODVEDODQ]DVGHSDJRV $GHPiVORVHVTXHPDVGHLQWHJUDFLyQGHEHQFRDG\XYDU DODDPSOLDFLyQ\GLYHUVLILFDFLyQGHORVPHUFDGRVH[ WHUQRVGHORVSDtVHVPLHPEURVPHGLDQWHHOSHUIHFFLRQD PLHQWRGHVXVHVWUXFWXUDV\HOIRUWDOHFLPLHQWRGHVXFD SDFLGDGGHQHJRFLDFLyQFRQMXQWDFRQHOILQGHDPLQR UDU ORV HIHFWRV QHJDWLYRV TXH SURYLHQHQ GH OD LQFHUWL GXPEUH \ YRODWLOLGDG GH ODV FRUULHQWHV GH FRPHUFLR H LQYHUVLyQGHORVPHUFDGRVLQWHUQDFLRQDOHV
*UiILFR
TECNOLOGÍA DE LA INFORMACIÓN 2001
3URSRUFLyQHQHOFRPHUFLRGHOSDtV\SDUWLFLSDFLyQHQHOGHOPXQGR
Fuente:&(3$/'LYLVLyQGH&RPHUFLR,QWHUQDFLRQDOH,QWHJUDFLyQVREUHODEDVHGHGDWRVGHFRPHUFLR&2075$'(GH1DFLRQHV
8QLGDV
)LOLSLQDV 6LQJDSXU 0DODVLD 7DLZiQ &RUHD 7DLODQGLD 3DtVHVHQGHVDUUROOR 0p[LFR -DSyQ &RVWD5LFD (VWDGRV8QLGRV 0XQGR $PpULFD/DWLQDFRQ0p[LFR 8QLyQ(XURSHD %UDVLO $PpULFD/DWLQDVLQ0p[LFR
3RUFHQWDMHHQODVH[SRUWDFLRQHVGHOSDtV
&KLQD
)LOLSLQDV 6LQJDSXU 0DODVLD 7DLZiQ &RUHD 7DLODQGLD 3DtVHVHQGHVDUUROOR 0p[LFR -DSyQ &RVWD5LFD (VWDGRV8QLGRV 0XQGR $PpULFD/DWLQDFRQ0p[LFR 8QLyQ(XURSHD %UDVLO $PpULFD/DWLQDVLQ0p[LFR
3RUFHQWDMHHQODVH[SRUWDFLRQHVPXQGLDOHV
(YROXFLyQGHOFRPHUFLRUHJLRQDOGHELHQHV
\VHUYLFLRVHQ±
/D UHWUDFFLyQ GHO FRPHUFLR ODWLQRDPHULFDQR GH PHUFDQFtDV HQ HO ELHQLR ± IXH GHWHUPLQDGD SRUXQDVXPDGHIDFWRUHVTXHWXYLHURQFRQVHFXHQFLDV GLIHUHQWHVVHJ~QODHVWUXFWXUDGHFRPHUFLRHOJUDGR\ ODFDOLGDGGHODLQVHUFLyQGHFDGDXQDGHODVHFRQRPtDV
GHODUHJLyQHQORVPHUFDGRVPXQGLDOHVYpDVHHOJUi ILFR,QWHUYLQLHURQEiVLFDPHQWHLODGHVDFHOHUDFLyQ HFRQyPLFDGHORVSULQFLSDOHVPHUFDGRVLPSRUWDGRUHV LLODFDtGDGHORVSUHFLRVGHORVSURGXFWRVEiVLFRV\GH ORVSUHFLRVGHODVPDQXIDFWXUDV\LLLORVSUREOHPDVGH PXFKDV HFRQRPtDV UHJLRQDOHV TXH LQFLGLHURQ HQ OD GLQiPLFD GHO LQWHUFDPELR FRPHUFLDO \ ODV LQYHUVLRQHV LQWUDUUHJLRQDOHV
2.
La inserción internacional de América Latina y el Caribe
*UiILFR
AMÉRICA LATINA Y EL CARIBE: DESTINO DE LAS EXPORTACIONES, 1990 Y 2001
$(QPLOORQHVGHGyODUHVFRUULHQWHV
$/& ((88 8( -DSyQ $VLD 2WURV
%UDVLO
0LOORQHVGHGyODUHV
$/& ((88 8( -DSyQ $VLD 2WURV
$PpULFD/DWLQD\HO&DULEH
0LOORQHVGHGyODUHV
$/& ((88 8( -DSyQ $VLD 2WURV
$/DWLQD\HO&DULEHVLQ%UDVLO\0p[LFR
0LOORQHVGHGyODUHV
$/& ((88 8( -DSyQ $VLD 2WURV
0p[LFR
0LOORQHVGHGyODUHV
$ ORV SUREOHPDV TXH DIHFWDURQ QHJDWLYDPHQWH DO FRPHUFLRGHPHUFDQFtDVVHVXPDURQODVVHFXHODVGHORV GUDPiWLFRVHYHQWRVGHVHSWLHPEUHGHHQORV(VWD GRV8QLGRVTXHPHUPDURQORVLQJUHVRVGHOWXULVPRHQ 0p[LFR&HQWURDPpULFD\HO&DULEH
(OFRPHUFLRGHELHQHVHQ±
'HVSXpV GH HQIUHQWDU XQ HVFHQDULR H[WHUQR PX\ DGYHUVRHQTXHVHH[WHQGLyDORVSULPHURVPHVHV GHFRQODUHWUDFFLyQGHODGHPDQGDHQORVSULQFL SDOHVPHUFDGRVLPSRUWDGRUHV\ODFDtGDGHORVSUHFLRV GHVXVSURGXFWRVODVH[SRUWDFLRQHVGHPHUFDQFtDVGH $PpULFD /DWLQD \ HO &DULEH HPSH]DURQ D UHFXSHUDUVH JUDGXDOPHQWH\WHUPLQDURQHODxRFRQXQPRGHV WRFUHFLPLHQWRHVWLPDGRGH(VWHGHVHPSHxRIXH FRQVHFXHQFLDGHXQDXPHQWRGHORVYRO~PHQHVHPEDU FDGRVTXHHQDOJXQRVSDtVHVORJUDURQFRQWUDUUHVWDUOD SHUVLVWHQWH FDtGD GH ORV SUHFLRV GH OD PD\RUtD GH ORV SURGXFWRVSULPDULRV\PDQXIDFWXUDGRV3RUORWDQWRHO SURPHGLRDJUHJDGRRFXOWDVLWXDFLRQHVFRQWUDSXHVWDVOD &(3$/ HVWLPD TXH GH ORV SDtVHV GH $PpULFD
/DWLQDH[SHULPHQWDURQPHUPDVHQHOYDORUH[SRUWDGR VHLVGHORVFXDOHVVXIULHURQUHGXFFLRQHVWDQWRGHORVYD ORUHVXQLWDULRVFRPRGHOYROXPHQH[SRUWDGR$OJXQRV SDtVHVFRPR&KLOH&RORPELD*XDWHPDOD1LFDUDJXD 5HS~EOLFD'RPLQLFDQD\8UXJXD\DFXPXODURQSpUGL GDVSRUGRVDxRVFRQVHFXWLYRV(QODUHJLyQ%UDVLO\ 3HU~IXHURQORV~QLFRVTXHORJUDURQXQUHSXQWHGHVXV H[SRUWDFLRQHVHQ\DSHVDUGHODFDtGDGH ORVSUHFLRVGHVXVSURGXFWRVYpDVHHOJUiILFR
(Q ORV SDtVHV GHO &DULEH VRSRUWDURQ UHGXF FLRQHV FRQVLGHUDEOHV GH ORV YRO~PHQHV H[SRUWDGRV DVRFLDGRVDODGLVPLQXFLyQGHORVSUHFLRVGHOD]~FDUHO DUUR]HOEDQDQR\HOSHWUyOHR\VXVGHULYDGRV(OLP SDFWRGHODFDtGDGHORVSUHFLRVGHD]~FDUGHELGRDXQD VREUHRIHUWDHQHOPHUFDGRGHORV(VWDGRV8QLGRVSHU MXGLFyPXFKRPiVD-DPDLFD%HOLFH*X\DQD\%DUED GRVHQWDQWRTXHODLQHVWDELOLGDGGHORVSUHFLRVGHOSH WUyOHR DIHFWy GLUHFWDPHQWH D 7ULQLGDG \ 7DEDJR (Q ORVGDWRVGLVSRQLEOHVGHILQHQXQSDQRUDPDKHWH URJpQHRGDGRTXHODVH[SRUWDFLRQHVGH%HOLFH*X\D QD\7ULQLGDG\7DEDJRVHUHFXSHUDURQPLHQWUDVTXH ODVGH6XULQDPH\%DUEDGRVVLJXLHURQFD\HQGR
Fuente:&(3$/'LYLVLyQGH&RPHUFLR,QWHUQDFLRQDOH,QWHJUDFLyQVREUHODEDVHGHGDWRVGHFRPHUFLR&2075$'(GH1DFLRQHV
8QLGDV
%(QSRUFHQWDMHVGHOWRWDOH[SRUWDGRHQGyODUHVFRUULHQWHV
0p[LFR
((88 2WURV
$VLD 8( $/&
-DSyQ
&KLOH
$VLD
((88
$/& -DSyQ
8(
$/& 2WURV
%UDVLO
&RPXQLGDG$QGLQD 0HUFDGR&RP~Q&HQWURDPHULFDQR 0HUFRVXUVLQ%UDVLO ((88
-DSyQ
$/& $VLD
8( 2WURV
$VLD
-DSyQ
((88
2WURV 8(
$/&
$VLD
-DSyQ -DSyQ
((88
((88 2WURV
$VLD 8(
2WURV
$/&
(Q ± ODV H[SRUWDFLRQHV GH ELHQHV GH OD PD\RUtD GH ORV SDtVHV GH OD UHJLyQ KDFLD ORV (VWDGRV 8QLGRVOD8QLyQ(XURSHD\-DSyQVHFRQWUDMHURQFRQ VLGHUDEOHPHQWH (Q HVH FRQWH[WR GLItFLO SRFRV SDtVHV SXGLHURQ FRQWUDUUHVWDU OD PHUPD GH LQJUHVRV GHULYDGD GHO PHQRU GLQDPLVPR GH HVWRV PHUFDGRV PHGLDQWH OD H[SDQVLyQUHODWLYDGHVXVH[SRUWDFLRQHVKDFLDORVSDtVHV DVLiWLFRVHQGHVDUUROORTXHVHWUDQVIRUPDURQHQPHUFD GRVHPHUJHQWHVGLQiPLFRVSDUDORVH[SRUWDGRUHVGHOD UHJLyQ(QWUHORVSDtVHVTXHORJUDURQPHMRUDUVXSRVL FLyQ HQ HVWRV PHUFDGRV VH VHxDODQ &KLOH 0p[LFR ORV SDtVHVGHO0HUFRVXU\ORVGHO0HUFDGR&RP~Q&HQWURD PHULFDQR (Q HO FDVR GH &KLOH ODV H[SRUWDFLRQHV GH FRQFHQWUDGRVGHFREUHUHSUHVHQWDQPiVGHOGHODV YHQWDVWRWDOHVKDFLDORVSDtVHVDVLiWLFRV/DVH[SRUWDFLR QHVFRQMXQWDVGHORVSDtVHVGHO0HUFRVXUKDFLD$VLDVH LQFUHPHQWDURQHQPiVGHSDVDQGRGHPLOOR QHVGHGyODUHVDPiVGHPLOORQHV(Q&HQWURDPp ULFD\0p[LFRDXQTXHODVWDVDVGHFUHFLPLHQWRVHDQHOH YDGDV OD EDMD SDUWLFLSDFLyQ DVLiWLFD HQ VXV PHUFDGRV \UHVSHFWLYDPHQWHGHODVH[SRUWDFLRQHVWRWD OHVKDFHTXHVXLPSDFWRVHDPX\UHGXFLGRDOFRQWUDULR TXHHQ&KLOH\ORVSDtVHVGHO0HUFRVXUSDUDORVTXHGL FKDUHJLyQVXSRQHPiVGHGHVXVH[SRUWDFLRQHV
(QFDVLWRGRVORVSDtVHVHOGHUUXPEHGHODVLPSRU
WDFLRQHVFRPRFRQVHFXHQFLDGHODVPHGLGDVGHDMXVWH DGRSWDGDVSDUDKDFHUIUHQWHDODGLVPLQXFLyQGHLQJUH VRVH[WHUQRVJHQHUyXQDHVSLUDOFRQWUDFFLRQLVWDXQRGH FX\RV UHIOHMRV PiV LPSRUWDQWHV IXH OD PHUPD GHO FR PHUFLR LQWUDUUHJLRQDO VREUH WRGR HQ HO 0HUFRVXU (O YROXPHQ\HOYDORULPSRUWDGRSRUORVSDtVHVGHODUH JLyQ VH DFRUWDURQ \ UHVSHFWLYDPHQWH HQ OXHJRTXHHOYDORUWRWDOGHODVLPSRUWDFLRQHVVH UHGXMHUDHQFRQXQWtPLGRFUHFLPLHQWRHQ HOYROXPHQ6RODPHQWHHQ%ROLYLD&RVWD5LFD(FXD GRU(O6DOYDGRU*XDWHPDOD3HU~\5HS~EOLFD'RPL QLFDQDDXPHQWyHOYROXPHQLPSRUWDGRVLELHQHQJH QHUDOHVWHDXPHQWRGHOYROXPHQIXHFRPSHQVDGRSRUOD EDMDGHORVSUHFLRVYpDVHHOJUiILFR/DUHGXFFLyQ GHODVLPSRUWDFLRQHVDUJHQWLQDVGHFDVLHQ\ GH PiV GH HQ SURGXFWR GH OD IXHUWH FULVLV TXHDIHFWyDOSDtVMXQWRFRQODGLVPLQXFLyQGHPiVGH GHODVLPSRUWDFLRQHVEUDVLOHxDVRFDVLRQDURQXQD FDtGDGHPiVGHHQORVIOXMRVLQWHUQRVGHO0HUFR VXU(OELHQLR±WHUPLQyVLHQGRRWURSHUtRGR GLItFLOSDUDHOSURFHVRGHLQWHJUDFLyQUHJLRQDOHQ$Pp ULFD /DWLQD \ HO &DULEH (Q FRQWUDSDUWLGD OD FDtGD VL PXOWiQHDGHORVSUHFLRVGHH[SRUWDFLyQHLPSRUWDFLyQ FRQWULEX\yDXQDOHYHPHMRUDGHORVWpUPLQRVGHLQWHU FDPELRGHODUHJLyQHQHOPLVPRSHUtRGR
*UiILFR
AMÉRICA LATINA Y EL CARIBE: TASAS DE CRECIMIENTO DE LAS EXPORTACIONES, 1998–2002
(QSRUFHQWDMHV
Fuente:&(3$/'LYLVLyQGH&RPHUFLR,QWHUQDFLRQDOH,QWHJUDFLyQVREUHODEDVHGHLQIRUPDFLyQRILFLDO\HVWLPDFLRQHVGHOD'LYLVLyQ
GH(VWDGtVWLFD\3UR\HFFLRQHV(FRQyPLFDV
D /RVSDtVHVSHWUROHURVDJUXSDGRVVRQ&RORPELD(FXDGRU\9HQH]XHOD(QODDJUXSDFLyQ$PpULFDGHO6XUQRSHWUROHURVVHLQ FOX\HQ$UJHQWLQD%ROLYLD%UDVLO&KLOH3DUDJXD\3HU~\8UXJXD\
E $JUHJDORVSDtVHVGHODUHJLyQFRQVLGHUDGRVHQORVFXDGURV,,D\,,EGHOFDStWXOR F (VWLPDFLRQHVSUHOLPLQDUHV
F
0p[LFR
$PpULFDGHO6XUSHWUROHURV $PpULFDGHO6XUQRSHWUROHURV $PpULFD/DWLQD\HO&DULEH
0HUFDGR&RP~Q&HQWURDPHULFDQR\&DULEH D
(OFRPHUFLRUHJLRQDOGHVHUYLFLRVHQ
/RVVHUYLFLRVFRPHUFLDOHVVRQLPSRUWDQWHVSDUDORV LQJUHVRVGHYDULRVSDtVHVGH$PpULFD/DWLQD\HO&DUL EHDXQTXHHOSURPHGLRGHODSDUWLFLSDFLyQUHJLRQDOGH ODVH[SRUWDFLRQHVGHVHUYLFLRVHQODVH[SRUWDFLRQHVWR WDOHVGHELHQHV\VHUYLFLRVVHDLQIHULRUDHVGHFLU PHQRUTXHHOSURPHGLRPXQGLDOGH(QORVSDtVHV GHO&DULEH\OD&$5,&20TXHVRQYHUGDGHUDVHFRQR PtDVGHVHUYLFLRVHVWHUXEURVXSHUDHOGHOWRWDOGHO FRPHUFLRGHELHQHV\VHUYLFLRV\HQDOJXQRVFDVRVDO FDQ]DKDVWDHOFRPRRFXUUHHQORVSDtVHVPLHP EURVGHOD2UJDQL]DFLyQGH(VWDGRVGHO&DULEH2ULHQWDO 2(&2
(QHOYDORUHQGyODUHVFRUULHQWHVGHODVH[ SRUWDFLRQHVGHVHUYLFLRVVHUHGXMR(QVXFRQMXQ WRODGHVDFHOHUDFLyQGHODVH[SRUWDFLRQHVGHVHUYLFLRV VHH[SOLFDSRUODPD\RUFRQWUDFFLyQTXHVXIULHURQORV JUDQGHV SDtVHV H[SRUWDGRUHV GH VHUYLFLRV 0p[LFR 0HUFRVXU ODV HFRQRPtDV GH OD &$5,&20\5HS~EOLFD'RPLQLFDQD /RVYLDMHVHOHQWUHWHQLPLHQWR\HOWXULVPRIXHURQORV PiVDIHFWDGRVSRUHOQXHYRFRQWH[WRLQWHUQDFLRQDOTXH VH HVWDEOHFLy GHVSXpV GH ORV WUiJLFRV DFRQWHFLPLHQWRV GHOGHVHSWLHPEUHGHHQORV(VWDGRV8QLGRV
6HHVWLPDTXHHQKXERXQDUHGXFFLyQDGLFLR QDOGHHQODVH[SRUWDFLRQHVUHJLRQDOHVGHVHUYL FLRVFRPHUFLDOHVORVSDtVHVGHOD&$5,&20VHUtDQORV PiVDIHFWDGRVSRUHVWDGHVDFHOHUDFLyQTXHIXHSDUWLFX ODUPHQWHDJXGDHQHOVHFWRUWXULVPR$ ORVHIHFWRVGHOD GLVPLQXFLyQJHQHUDOGHOQ~PHURGHWXULVWDVSURFHGHQ WHVGH(VWDGRV8QLGRV&DQDGi\(XURSDVHVXPDURQ ODVFRQVHFXHQFLDVGHODVWRUPHQWDVWURSLFDOHVTXHSHU MXGLFDURQ HO WUiILFR GH FUXFHURV PDUtWLPRV 3RU RWUD SDUWH HQ *UDQDGD 0RQWVHUUDW 6DLQW .LWWV \ 1HYLV \ 6DQ9LFHQWH\ODV*UDQDGLQDVKDKDELGRXQDOHYHUHFX SHUDFLyQGHOIOXMRGHWXULVWDV(QHOFDVRGH%DKDPDV DXQTXH OD DFWLYLGDG UHJLVWUy XQ FUHFLPLHQWR GH XQ HVWDWDVDHVLQIHULRUDOUHJLVWUDGRHQ (QFXDQWRDPRGRVGHWUDQVSRUWHKXERXQFUHFLPLHQWR GH OD OOHJDGD GH SDVDMHURV SRU YtD PDUtWLPD DXQTXH PHQRUTXHHQHO\UHVSHFWLYDPHQWH ORFXDOQRFRPSHQVDODFRQWUDFFLyQGHXQGHORV OOHJDGRVSRUYtDDpUHDPD\RUTXHHOUHJLVWUDGRHQ /DVH[SRUWDFLRQHVGH0p[LFRVHFRQWUDMHURQFHU FDGHODVGHO0HUFRVXU\ODVGH5HS~EOLFD 'RPLQLFDQD
(V QRWDEOH OD GLIHUHQWH HYROXFLyQ GHO FRPHUFLR GH ELHQHV \ GH VHUYLFLRV HQ HO FRQMXQWR GH $PpULFD /DWLQD\HQFDGDSDtVGHODUHJLyQ(VHYLGHQWHTXHHO
*UiILFR
AMÉRICA LATINA Y EL CARIBE: TASAS DE CRECIMIENTO DE LAS IMPORTACIONES, 1998–2002
(QSRUFHQWDMHV
Fuente:&(3$/'LYLVLyQGH&RPHUFLR,QWHUQDFLRQDOH,QWHJUDFLyQVREUHODEDVHGHLQIRUPDFLyQRILFLDO\HVWLPDFLRQHVGHOD'LYLVLyQ
GH(VWDGtVWLFD\3UR\HFFLRQHV(FRQyPLFDV
D /RVSDtVHVSHWUROHURVDJUXSDGRVVRQ&RORPELD(FXDGRU\9HQH]XHOD(QODDJUXSDFLyQ$PpULFDGHO6XUQRSHWUROHURVVH LQFOX\HQ$UJHQWLQD%ROLYLD%UDVLO&KLOH3DUDJXD\3HU~\8UXJXD\
E $JUHJDORVSDtVHVGHODUHJLyQFRQVLGHUDGRVHQORVFXDGURV,,D\,,EGHOFDStWXOR F (VWLPDFLRQHVSUHOLPLQDUHV
F
0p[LFR
$PpULFDGHO6XUSHWUROHURV $PpULFDGHO6XUQRSHWUROHURV $PpULFD/DWLQD\HO&DULEH
0HUFDGR&RP~Q&HQWURDPHULFDQR\&DULEH D
FRPHUFLR GH VHUYLFLRV JXDUGD XQD UHODFLyQ FRQ HO FR PHUFLRGHELHQHVDXQTXHGDGDVXFRPSRVLFLyQKHWHUR JpQHDHVDUHODFLyQQRHVQHFHVDULDPHQWHOLQHDO\WDP SRFRORVGRVVHJPHQWRVGHFRPHUFLRYDUtDQHQHOPLV PRVHQWLGR6RODPHQWHFXDQGRORVVHUYLFLRVH[SRUWDGRV LPSRUWDGRVVHFRPSRQHQHQXQDSURSRUFLyQVLJQLIL FDWLYDGHVHUYLFLRVGLUHFWDPHQWHDVRFLDGRVDODH[SRU WDFLyQLPSRUWDFLyQGHELHQHVFRPRWUDQVSRUWHVIOH WHVVHJXURVVHREVHUYDQPRYLPLHQWRVVLPLODUHVHQWUH HOFRPHUFLRGHVHUYLFLRV\HOGHPHUFDQFtDVDO]DHQHO FRPHUFLRGHVHUYLFLRVFXDQGRHOGHELHQHVVHH[SDQGH \FDtGDVRPHQRUFUHFLPLHQWRFXDQGRDVXYH]pVWHVH GHVDFHOHUD(QODVH[SRUWDFLRQHVGHPHUFDQFtDV GH ORV SDtVHV GHO 0HUFRVXU VH H[SDQGLHURQ PLHQWUDV TXHODVGHVHUYLFLRVVHUHGXMHURQ/DVH[SRUWDFLRQHVGH PHUFDQFtDVGHORVSDtVHVGHOD&RPXQLGDG$QGLQDVH FRQWUDMHURQFDVLXQPLHQWUDVTXHODVH[SRUWDFLR QHVGHVHUYLFLRVDXPHQWDURQXQ$VLPLVPRODVH[ SRUWDFLRQHV GH ELHQHV GH ORV SDtVHV GHO 0HUFDGR &R P~Q &HQWURDPHULFDQR GLVPLQX\HURQ PLHQWUDV TXHODVGHVHUYLFLRVDXPHQWDURQ/DPLVPDWHQ GHQFLDVHREVHUYDHQ&KLOH
(OEDODQFHGHODFXHQWDFRUULHQWH
HQ±
(QODFRQWUDFFLyQGHOFRPHUFLRGHELHQHVGH WHUPLQyODDFXPXODFLyQGHXQGpILFLWFRPHUFLDOSDUDOD UHJLyQGHORUGHQGHPLOORQHVGHGyODUHVHVWRHV XQSRFRPiVGHOGREOHGHOUHJLVWUDGRHQ0p[LFR \ ORV SDtVHV FHQWURDPHULFDQRV DXPHQWDURQ VXV GpILFLW FRPHUFLDOHVHQDSUR[LPDGDPHQWH\PLOOR QHVGHGyODUHVUHVSHFWLYDPHQWHHQWDQWRTXHORVSDt VHVGHOD&RPXQLGDG$QGLQDYLHURQUHGXFLGRHOVXSH UiYLWFRPHUFLDODFXPXODGRHQDOSURGXFLUVHXQD GLVPLQXFLyQ GH ODV H[SRUWDFLRQHV HVSHFLDOPHQWH HQ &RORPELD (FXDGRU \ 9HQH]XHOD SRU XQD SDUWH \ XQ DXPHQWRGHODVLPSRUWDFLRQHVSRURWUD/RVGHVHTXLOL EULRVHFRQyPLFRVTXHVXIULHURQORVSDtVHVGHO0HUFR VXUSURYRFDURQODDFXPXODFLyQGHXQVXSHUiYLWGHXQRV PLOORQHVGHGyODUHVHQWDQWRTXH&KLOHPDQWXYR XQVXSHUiYLWVLPLODUDOUHJLVWUDGRHQ
(QORVSDtVHVODWLQRDPHULFDQRVDFXPXODURQ XQVXSHUiYLWHQHOFRPHUFLRGHELHQHVGHPiVGH PLOORQHVGHGyODUHVVREUHWRGRGHELGRDORVH[FHGHQ WHV FRPHUFLDOHV GH$UJHQWLQD %UDVLO \9HQH]XHOD (Q $UJHQWLQDKDEtDDFXPXODGRXQGpILFLWGHFXHQWD FRUULHQWHSDUWLFXODUPHQWHHOHYDGRHTXLYDOHQWHDFHUFD GHGHOSURGXFWR3RUVXSDUWHHOVXSHUiYLWFRPHU FLDOEUDVLOHxRGHPiVGHPLOORQHVGHGyODUHV FRQWUDVWDFRQODFLIUDGHSRFRPiVGHPLOORQHVHQ
HOPLVPRSHUtRGRGH(Q$PpULFDGHO6XUODVL WXDFLyQVXSHUDYLWDULDGHHVWRVGRVSDtVHVMXQWRFRQOD GH &KLOH &RORPELD 3DUDJXD\ 3HU~ \9HQH]XHOD GL YHUJHGHORVGpILFLWUHJLVWUDGRVSRU(FXDGRU%ROLYLD\ 8UXJXD\HQFLUFXQVWDQFLDVGLVWLQWDV%ROLYLDKDLQFUH PHQWDGRVXGpILFLWFRPHUFLDO\8UXJXD\ORUHGXMRFDVL DODPLWDG(QDOJXQRVSDtVHVGH&HQWURDPpULFD&RVWD 5LFD*XDWHPDOD\3DQDPi\HO&DULEHKXERXQDX PHQWR GHO VDOGR QHJDWLYR HQ HO FRPHUFLR GH ELHQHV PLHQWUDVTXHHQ0p[LFRVHUHJLVWUyXQDSHTXHxDFDtGD (QODPD\RUtDGHODVHFRQRPtDVGHO&DULEHHODO]D GH ODV LPSRUWDFLRQHV GH ELHQHV VXSHULRU DO SURPHGLR UHJLRQDO PDQWXYR ORV GpILFLW HQ ORV QLYHOHV HOHYDGRV TXHVHREVHUYDQGHVGHGHVWDFiQGRVHDOJXQRVFD VRVPiVJUDYHVFRPR-DPDLFD%HOLFH$QWLJXD\%DU EXGD 6DQ9LFHQWH \ ODV *UDQDGLQDV *UDQDGD \ 6DLQW .LWWV\1HYLV/RV~QLFRVSDtVHVFRQXQDSRVLFLyQVX SHUDYLWDULDIXHURQ6XULQDPH\7ULQLGDG\7DEDJRSHUR pVWRV WDPELpQ H[SHULPHQWDURQ UHGXFFLRQHV FRQVLGHUD EOHVGHOVDOGRFRPHUFLDOHQFRPSDUDFLyQFRQHOGHODxR 'HELGR D OD FRQWUDFFLyQ GH ORV LQJUHVRV SURYH QLHQWHVGHOWXULVPRHOSHFXOLDUVXSHUiYLWHQODFXHQWD GHVHUYLFLRVQRIXHVXILFLHQWHSDUDFRPSHQVDUHOGpILFLW HQHOFRPHUFLRGHPHUFDQFtDV3DQDPiHVXQFDVRDSDU WH \D TXH REWXYR LQJUHVRV H[WUDRUGLQDULRV GHULYDGRV GHO DXPHQWR GHO JDVWR UHDOL]DGR SRU ORV SDVDMHURV HQ WUiQVLWRFX\RQ~PHURDXPHQWyHQDVtFRPRGHO FUHFLPLHQWR GH ODV RSHUDFLRQHV SRUWXDULDV TXH DOHQWD URQHODO]DGHODVWDULIDV'LFKRVLQJUHVRVKLFLHURQTXH HO SDtV SXGLHUD FRPSHQVDU DPSOLDPHQWH VX GHVHTXLOL EULRFRPHUFLDO
3RUWRGRORVHxDODGRORVVDOGRVQDFLRQDOHV\UHJLR QDO GHO EDODQFH GH FXHQWD FRUULHQWH HQ ORV SDtVHV GHO 0HUFRVXU UHIOHMDURQ HO SURIXQGR DMXVWH GH ODV HFRQR PtDVFRQODJHQHUDFLyQGHXQPRGHUDGRVXSHUiYLWFRQ MXQWRHQHOTXHLQIOX\yODDFXPXODFLyQGHXQIXHUWHVX SHUiYLW HQ$UJHQWLQD \ GH XQR PiV PRGHVWR HQ 8UX JXD\MXQWRFRQODUHGXFFLyQHQXQGHOGpILFLWGH FXHQWDFRUULHQWHEUDVLOHxR\GHXQGHOSDUDJXD\R $VLPLVPRHQWUH\VHUHJLVWUyXQFUHFLPLHQ WRGHPiVGHGHOVXSHUiYLWGHELHQHV\VHUYLFLRVGH &KLOHTXHGHLJXDOPDQHUDOHSHUPLWLyUHGXFLUHOGpIL FLWGHFXHQWDFRUULHQWHDODPLWDG
UHVQRUHVLGHQWHVSRUFRQFHSWRGHFRQWULEXFLRQHVDOD VHJXULGDGVRFLDO\VHJXURVSULYDGRV(QFRQMXQWRSDUD HVWHJUXSRGHSDtVHVLQFOXLGR3HU~ODVWUDQVIHUHQFLDV DOFDQ]DURQDFXEULUFDVLGHOVDOGRQHJDWLYRGHOD FXHQWDGHUHQWDGHIDFWRUHV(OUHVWDQWHIXHFXELHUWRtQ WHJUDPHQWHSRUHOVXSHUiYLWFRPHUFLDOGHELHQHV\VHU YLFLRVGH9HQH]XHODPLOORQHVGHGyODUHV
3DUD0p[LFR5HS~EOLFD'RPLQLFDQD\ORVSDtVHV GHO 0HUFDGR &RP~Q &HQWURDPHULFDQR OD WHQGHQFLD GHFOLQDQWHGHORVGpILFLWGHFXHQWDFRUULHQWHVHPDQWLH QHVLELHQHQHOFDVRPH[LFDQRVXQLYHOHVD~QPX\HOH YDGR(QJHQHUDOXQDIXHUWHSDUWLFLSDFLyQGHLQVXPRV LQWHUPHGLRVLPSRUWDGRVHQODLQGXVWULDGHH[SRUWDFLyQ SULQFLSDOPHQWHHQODVPDQXIDFWXUDVTXHQRVRQPDTXL ODGRUDVUHGXQGDHQODDFXPXODFLyQGHGpILFLWHQHOFR PHUFLRGHELHQHV\VHUYLFLRV(QWUH\HODX PHQWRGHODVUHPHVDVGHORVWUDEDMDGRUHVPH[LFDQRVHQ HOH[WUDQMHURFRQWULEX\yDODGLVPLQXFLyQGHOGpILFLWGH FXHQWDFRUULHQWHGHOSDtV\DUHGXFLUGHIRUPDFRQWLQXD OD UHODFLyQ HQWUH HO EDODQFH GH FXHQWD FRUULHQWH \ HO 3,%
(QWUH\HOVDOGRGHODFXHQWDGHFRPHU FLRGHELHQHV\VHUYLFLRVGH$PpULFD/DWLQDSDVyGHXQ GpILFLWGHGHO3,%UHJLRQDODXQVXSHUiYLWGH PLHQWUDVTXHHOVDOGRGHFXHQWDFRUULHQWHVHUHGXMRGH DDSUR[LPDGDPHQWH6LQHPEDUJRHOVDOGR GH FXHQWD FRUULHQWH VLJXH VLHQGR PX\ HOHYDGR HQ ORV FDVRVGH1LFDUDJXD\(FXDGRU\UHVSHF WLYDPHQWH\VHPDQWLHQHSRUDUULEDGHHQ%ROLYLD &RVWD5LFD\+RQGXUDV
$VSHFWRVHVWUXFWXUDOHVGHODLQVHUFLyQ
LQWHUQDFLRQDOGH$PpULFD/DWLQD\HO&DULEH
(QYDULRVGRFXPHQWRVGHOD&(3$/ VHKDVXEUD\D GRTXHODH[LVWHQFLDGHXQYtQFXORSRVLWLYRHQWUHHOFR PHUFLR\HOFUHFLPLHQWRGHODHFRQRPtDQRUHVXOWDGHOD PHUDLQWHJUDFLyQGHODVHFRQRPtDVQDFLRQDOHVDODHFR QRPtDLQWHUQDFLRQDOVLQRTXHGHSHQGHGHODFDOLGDGGH HVDLQWHJUDFLyQ3RURWUDSDUWHXQDHVWUDWHJLDGHFUHFL PLHQWR EDVDGD HQ H[SRUWDFLRQHV UHTXLHUH PHUFDGRV DELHUWRV\HQH[SDQVLyQDGHPiVGHSROtWLFDVRULHQWDGDV KDFLD OD GLYHUVLILFDFLyQ H[SRUWDGRUD \ OD FUHDFLyQ GH HPSUHVDVFRPSHWLWLYDV
/DFDOLGDGGHODLQVHUFLyQLQWHUQDFLRQDO
HOODGRGHODRIHUWD
8QRGHORVSULQFLSDOHVREMHWLYRVGHSROtWLFDS~EOL FDGHODV~OWLPDVGpFDGDVHQ$PpULFD/DWLQD\HO&DUL
EH KD VLGR OD WUDQVIRUPDFLyQ HVWUXFWXUDO GH OD HFRQR PtDEDVDGDHQODLQFRUSRUDFLyQGHOLEHUDGD\VLVWpPLFD GHOSURJUHVRWpFQLFRDILQGHORJUDUXQDYHUGDGHUDLQ VHUFLyQHQODHFRQRPtDPXQGLDOSRUPHGLRGHODXPHQ WRGHODSURGXFWLYLGDGODERUDO'XUDQWHOD~OWLPDGpFD GDODUHJLyQHQVXFRQMXQWRH[KLELyXQDGHODVPD\R UHVWDVDVGHFUHFLPLHQWRGHOFRPHUFLRPXQGLDOGHPHU FDQFtDV DVt FRPR XQD SURIXQGD PRGLILFDFLyQ HQ OD FRPSRVLFLyQ GH ODV H[SRUWDFLRQHV 6LQ HPEDUJR ORV IOXMRVFRPHUFLDOHVQRKDQFRQVROLGDGRXQFtUFXORYLU WXRVR GH LQYHUVLyQ \ FUHFLPLHQWR$O SDUHFHU ORV GRV SDWURQHVGHLQVHUFLyQSHFXOLDUHVGHODUHJLyQHVGHFLU HOXVRLQWHQVLYRGHPDQRGHREUDPDTXLOD\ODH[SOR WDFLyQGHUHFXUVRVQDWXUDOHVWRGDYtDQRKDQVLGRFDSD FHVGHSURGXFLUHOUHVXOWDGRHVSHUDGR\QRVHKDJHQH UDGRXQSURFHVRHQGyJHQRGHDVLPLODFLyQ\GLIXVLyQGH FRQRFLPLHQWRVTXHVHWUDGX]FDHQXQDRIHUWDUiSLGD\ GLYHUVLILFDGDGHELHQHV\VHUYLFLRVH[SRUWDEOHV
/DGHVDFHOHUDFLyQGHODHFRQRPtDLQWHUQDFLRQDOKD GHPRVWUDGRTXHXQDHFRQRPtDDOWDPHQWHGHSHQGLHQWH GHORVLQJUHVRVGHH[SRUWDFLyQGHXQRVSRFRVSURGXF WRVRGHDOJXQRVPHUFDGRVHVPiVYXOQHUDEOHTXHRWUD FRQ H[SRUWDFLRQHV PiV GLYHUVLILFDGDV 'H OD PLVPD PDQHUDODJHQHUDFLyQGHLQJUHVRVGHH[SRUWDFLyQFRQ EDVH HQ SURGXFWRV FX\R FRQVXPR VHD SRFR GLQiPLFR LPSOLFDTXHORVSDtVHVVyORSXHGHQDPSOLDUVXVYHQWDV GHVSOD]DQGR D RWURV FRPSHWLGRUHV HQ XQ FRQWH[WR GH DOWD FRPSHWHQFLD TXH VXHOH HVWDU FDUDFWHUL]DGR SRU OD WHQGHQFLD D OD EDMD GH ORV SUHFLRV FRUUHVSRQGLHQWHV 2WURVFULWHULRVSDUDPHGLUODFDOLGDGGHODLQVHUFLyQLQ WHUQDFLRQDOGHXQDHFRQRPtDVRQHOFRQWHQLGRWHFQROy JLFR\HOYDORUDJUHJDGRQHWRGHODVH[SRUWDFLRQHVDVt FRPRORVYtQFXORVSURGXFWLYRVTXHODVDFWLYLGDGHVH[ SRUWDGRUDVRULJLQDQHQODHFRQRPtD\DVHDHQHOVHFWRU PDQXIDFWXUHUR\DHQHOSULPDULRRHOGHVHUYLFLRV
(Q ORV ~OWLPRV TXLQFH DxRV VH UHJLVWUy XQ LQFUH PHQWRHVSHFWDFXODUGHORVFDPELRVHQODFRPSRVLFLyQ GHOFRPHUFLRPXQGLDOFDPELRVTXHVHKDEtDQLGRSUR GXFLHQGRGHIRUPDPiVJUDGXDOGXUDQWHYDULDVGpFDGDV 3RU XQD SDUWH VH UHJLVWUy XQD VLJQLILFDWLYD UHGXFFLyQ HQODSDUWLFLSDFLyQGHORVSURGXFWRVDJURSHFXDULRVPD WHULDVSULPDVQRDOLPHQWLFLDV\VREUHWRGRGHORVFRP EXVWLEOHV GDGR HO HVFDVR GLQDPLVPR GHO FRQVXPR GH DOJXQRVGHHVWRVSURGXFWRVMXQWRDODIXHUWHRVFLODFLyQ D OD EDMD GH VXV SUHFLRV 3RU RWUD HO FRPHUFLR GH ORV SURGXFWRVHQODFDWHJRUtDGHPDTXLQDULD\HTXLSRHV SHFLDOPHQWHORVSURGXFWRVHOHFWUyQLFRV\ORVUHODFLRQD GRV FRQ OD WHFQRORJtD GH OD LQIRUPDFLyQ \ GH ODV FRPXQLFDFLRQHV 7,& VH H[SDQGLy GH PDQHUD PX\ PDUFDGD
VH KD WUDQVIRUPDGR DXQTXH HQ JHQHUDO PHUFHG D VXV YHQWDMDV FRPSDUDWLYDV HVWiWLFDV EDVDGDV HQ PDQR GH REUDQRFDOLILFDGD\UHFXUVRVQDWXUDOHVDEXQGDQWHV(Q HIHFWRVHSXHGHQGLVWLQJXLUHQWpUPLQRVPX\JHQHUD OHV WUHV SDWURQHV GH HVSHFLDOL]DFLyQ H[SRUWDGRUD HQ $PpULFD/DWLQD\HO&DULEH(OSULPHURFRQVLVWHHQOD LQWHJUDFLyQHQIOXMRVYHUWLFDOHVGHOFRPHUFLRGHPD QXIDFWXUDV±HQVDPEODGRGHSDUWHVSLH]DV\FRPSRQHQ WHV± GLULJLGDV SULQFLSDOPHQWH DO PHUFDGR GH ORV (VWD GRV8QLGRVFRPRVHREVHUYDHQ0p[LFRDOJXQRVSDt VHVGH$PpULFD&HQWUDO\HO&DULEH(OVHJXQGRVHUHOD FLRQDPD\RULWDULDPHQWHFRQODLQWHJUDFLyQGHORVSDt VHVGH$PpULFDGHO6XUDIOXMRVKRUL]RQWDOHVGHFR PHUFLRHVGHFLUGHIOXMRVGHSURGXFWRVKRPRJpQHRVHQ FDGHQDVLQWHUQDFLRQDOHVGHFRPHUFLDOL]DFLyQ(VWHJUX SRWDPELpQVHFDUDFWHUL]DSRUXQFRPHUFLRPiVGLYHU VLILFDGR HQ WpUPLQRV GH PHUFDGRV GH GHVWLQR TXH LQ FOX\HQODVSURSLDVHFRQRPtDVGHODUHJLyQ(OWHUFHUSD WUyQSUHGRPLQDQWHHQDOJXQRVSDtVHVGHO&DULEH\HQ 3DQDPiFRUUHVSRQGHDODH[SRUWDFLyQGHVHUYLFLRVVR EUHWRGRDTXHOORVUHIHUHQWHVDOWXULVPRDVtFRPRDVHU YLFLRVILQDQFLHURV\GHWUDQVSRUWH
(YLGHQWHPHQWH HVWDV FODVLILFDFLRQHV VLPSOLILFDQ GHVHPSHxRV H[SRUWDGRUHV PiV KHWHURJpQHRV 'HQWUR GHOSDWUyQGHHVSHFLDOL]DFLyQYHUWLFDOSRUPHGLRGHOD PDTXLODRH[SRUWDFLRQHVLQWHQVLYDVHQLPSRUWDFLRQHV H[LVWHQJUDQGHVGLIHUHQFLDVHQWUH0p[LFRPiVGLYHUVL ILFDGR\FRQXQDHVWUXFWXUDLQGXVWULDOPiVVRILVWLFDGD \ODVSHTXHxDVHFRQRPtDVFHQWURDPHULFDQDV\FDULEH xDVHVSHFLDOL]DGDVHQODLQGXVWULDGHWH[WLOHV\HOYHV WLGR $GHPiV OD HVSHFLDOL]DFLyQ LQWHUQDFLRQDO HQ H[SRUWDFLRQHVLQWHQVLYDVHQLPSRUWDFLRQHVQRLPSOLFD OD HOLPLQDFLyQ GH ODV H[SRUWDFLRQHV GH SURGXFWRV SULPDULRV
3RURWUDSDUWHHQ$PpULFDGHO6XUH[LVWHQGLIHUHQ FLDV SURQXQFLDGDV HQWUH ODV HFRQRPtDV DQGLQDV FRQ XQDFDQDVWDH[SRUWDGRUDFRQFHQWUDGDHQSRFRVSURGXF WRV \ ODV HFRQRPtDV FKLOHQD \ DUJHQWLQD PXFKR PiV GLYHUVLILFDGDVHQSURGXFWRV\PHUFDGRVDSHVDUGHOD IXHUWHSURSRUFLyQGHOFREUHHQODVH[SRUWDFLRQHVFKLOH QDV/DGLPHQVLyQFRQWLQHQWDOGH%UDVLOFRQILHUHDHVWH SDtVXQLPSRUWDQWHPHUFDGRLQWHUQRTXHWLHQHXQUROHV WUDWpJLFRHQODVGHFLVLRQHVGHLQYHUVLyQGHODVHPSUH VDV QDFLRQDOHV \ WUDQVQDFLRQDOHV (Q HO WULHQLR ± XQ WHUFLR GH ODV H[SRUWDFLRQHV WRWDOHV GH %UDVLOHVWXYRFRQVWLWXLGRSRUPDQXIDFWXUDVGHWHFQROR JtDPHGLD\DOWDFRPRFRQVHFXHQFLDGHODSROtWLFDWHF QROyJLFDHPSUHQGLGDSRUHOJRELHUQRTXHKDJHQHUDGR WHFQRORJtD SURSLD HQ XQ VHFWRU WDQ FRPSOHMR FRPR HO DHURHVSDFLDO
&DEHVHxDODUTXHODVH[SRUWDFLRQHVGH0p[LFRUH SUHVHQWDQDOUHGHGRUGHGHODVH[SRUWDFLRQHVWRWD
OHVGH$PpULFD/DWLQD\HO&DULEH\TXHFDVLODPLWDG GHHOODVFRUUHVSRQGHQDODVH[SRUWDFLRQHVGHPDTXLOD (VGHFLUODVH[SRUWDFLRQHVGHPDTXLODPH[LFDQDHTXL YDOHQ D FHUFD GH GH ODV H[SRUWDFLRQHV WRWDOHV HQ PHUFDQFtDVGHODUHJLyQ3RURWUDSDUWHORVDQiOLVLVVR EUH HO FDVR PH[LFDQR FRQILUPDQ OD EDMD FRQWULEXFLyQ GHOYDORUDJUHJDGRPDQXIDFWXUHURDODHFRQRPtDHQVX FRQMXQWRDSHVDUGHOFUHFLPLHQWRGHOVHFWRUGHPDTXL ODVLWXDFLyQGLVWLQWDDODGHORVSDtVHVTXHOLGHUDQHVWH SURFHVRHQ$VLD$GHPiVHOVHFWRUPDQXIDFWXUHUR\HQ HVSHFLDOHOVXEVHFWRUHOHFWUyQLFRH[FOXLGDODPDTXLOD KD UHJLVWUDGR XQ VLVWHPiWLFR GpILFLW FRPHUFLDO GHVGH (VWRVGDWRVUHIOHMDQODIDOWDGHHVODERQDPLHQWRV GHOVHFWRUPDQXIDFWXUHURWDQWRLQWHUQRVDOSURSLRVHF WRUFRPRFRQHOUHVWRGHODHFRQRPtD
$VLPLVPR HO DXPHQWR GH OD SDUWLFLSDFLyQ GH ORV SURGXFWRV GH PD\RU FRQWHQLGR WHFQROyJLFR HQ HO FR PHUFLR GH ORV SDtVHV GH OD UHJLyQ GHEH HYDOXDUVH FRQ FDXWHOD(QHIHFWRVLELHQORVSURGXFWRVVRQFODVLILFD GRV FRPR LQWHQVLYRV HQ FRQWHQLGR WHFQROyJLFR ORV SDtVHVGHODUHJLyQSDUWLFLSDQHQODVHWDSDVGHOSURFHVR SURGXFWLYRTXHUHTXLHUHQPDQRGHREUDQRFDOLILFDGD $XQTXH OD LQGXVWULD PDTXLODGRUD JHQHUH HPSOHRV \ GLYLVDV\HQHOODUJRSOD]RSXHGDSURPRYHUHODSUHQGL ]DMH \ HO SURJUHVR WpFQLFR VH QHFHVLWDQ LQYHUVLRQHV HQ UHFXUVRV ItVLFRV \ KXPDQRV SDUD FRQFUHWDU HVWRV UHVXOWDGRV
(ODFFHVRDORVPHUFDGRVGHORVSDtVHV
LQGXVWULDOL]DGRVHOODGRGHODGHPDQGD
$ SHVDU GH OD WHQGHQFLD JHQHUDO KDFLD XQD PD\RU DSHUWXUDGHODVHFRQRPtDVHODFFHVRGHSURGXFWRVVHU YLFLRV\SHUVRQDVDORVPHUFDGRVVLJXHVLHQGRDGPLQLV WUDGRSRUORVJRELHUQRVQDFLRQDOHV0HGLDQWHEDUUHUDV DUDQFHODULDV\QRDUDQFHODULDVDVtFRPRSRUHODFFHVR SUHIHUHQFLDOQHJRFLDGRORVJRELHUQRVGHORVSDtVHVPiV ULFRVLQFLGHQGLUHFWDPHQWHHQORVIOXMRVGHFRPHUFLR\ SRUHQGHHQODHVSHFLDOL]DFLyQFRPHUFLDOLQWHUQDFLRQDO GHORVSDtVHVHQGHVDUUROOR
'HVSXpVGHYDULDVURQGDVGHOLEHUDOL]DFLyQFRPHU FLDOHODUDQFHOSURPHGLRFRQVROLGDGRGHOD8QLyQ(X URSHD\GHORV(VWDGRV8QLGRVSDUDSURGXFWRVQRDJUt FRODVHVPX\EDMR\QRFRQVWLWXLUtDXQDEDUUHUDLPSRU WDQWHDODFFHVRGHHVRVSURGXFWRV(PSHURSRUXQDSDU WH HVH SURPHGLR EDMR QR SHUPLWH DSUHFLDU ORV YDORUHV H[WUHPRVGHDOJXQRVDUDQFHOHVQLODSURJUHVLYLGDGDUDQ FHODULDTXHUHVWDHILFDFLDDORVHVIXHU]RVGHGLYHUVLILFD FLyQ H[SRUWDGRUD GH ORV SDtVHV GH OD UHJLyQ 3RU RWUD SDUWHHODUDQFHOSURPHGLRDJUtFRODHVD~QUHODWLYDPHQ WHHOHYDGRFRQDOWDGHVYLDFLyQWtSLFD$GHPiVDOFRQWUD ULRGHORVSDtVHVODWLQRDPHULFDQRVTXHDSOLFDQGHUHFKRV DUDQFHODULRVDGYDORUHPDODVLPSRUWDFLRQHVHQIXQFLyQ GHVXYDORUIREHQHOSXQWRGHH[SRUWDFLyQODVHVWUXFWX UDVDUDQFHODULDVGHORV(VWDGRV8QLGRV\OD8QLyQ(XUR SHD VRQ PX\ KHWHURJpQHDV GHELGR D OD DSOLFDFLyQ GH DUDQFHOHVHVSHFtILFRVSRUXQLGDGGHSHVRYROXPHQRGH Q~PHUR GH SLH]DV PL[WRV \ HVWDFLRQDOHV DGHPiV GHO HPSOHRGHFRQWLQJHQWHVDUDQFHODULRV\UHJtPHQHVHVSH FLDOHVSDUDYDULRVSURGXFWRV(OXVRGHDUDQFHOHVHVSH FtILFRVVHWUDGXFHHQXQDSURWHFFLyQPiVHOHYDGDTXHOD TXHRIUHFHQORVGHUHFKRVDGYDORUHPGDGRTXHHOJUDGR GH SURWHFFLyQ FUHFH FRQIRUPH VH UHGXFH HO SUHFLR GHO SURGXFWR 'H HVWD PDQHUD HO SURPHGLR DUDQFHODULR GH HVWRVSDtVHVRFRQMXQWRGHSDtVHVLQFOX\HXQDHTXLYD OHQFLDGHORVGHUHFKRVHVSHFtILFRVDXQGHUHFKRDGYD ORUHPPLHQWUDVTXHODVHVWUXFWXUDVDUDQFHODULDVODWLQRD PHULFDQDVVRQPiVSDUHMDV\WUDQVSDUHQWHV$ HVWDFRP SRVLFLyQKHWHURJpQHDVHDxDGHQPHGLGDVGHGHIHQVDFR PHUFLDOTXHHQDOJXQDVLQGXVWULDVVHKDQFRQYHUWLGRHQ LQVWUXPHQWRVHIHFWLYRVSDUDHOLPLQDUODFRPSHWHQFLDGH SURGXFWRVLPSRUWDGRVHQORV(VWDGRV8QLGRV\HQPH QRUPHGLGDHQOD8QLyQ(XURSHD
(QFHUFDGHGHODVLPSRUWDFLRQHVHVWD GRXQLGHQVHVSURYHQLHQWHVGHODUHJLyQQRSDJDURQGH UHFKRVORTXHUHSUHVHQWDXQOHYHDXPHQWRFRQUHVSHF WRDOUHJLVWUDGRHODxRDQWHULRU6LQHPEDUJRXQD PLUDGDPiVGHWDOODGDDORVDUDQFHOHVHVWDGRXQLGHQVHV SRUSURGXFWRVUHYHODTXHDXQTXHHODUDQFHOSURPHGLR VHDPX\EDMRH[LVWHQYDORUHVH[WUHPRVTXHDIHFWDQD
YDULRVSURGXFWRVGHLQWHUpVSDUDODUHJLyQWDOHVFRPR SURGXFWRVDOLPHQWLFLRVWH[WLOHVFDO]DGRSURGXFWRVGH FXHUR DUWtFXORV GH MR\HUtD FHUiPLFD YLGULRV HQWUH RWURV'HODPLVPDPDQHUDORVDUDQFHOHVDGYDORUHP OOHJDQ D WLSRV GHO HQ HO FDVR GHO WDEDFR SDUDORVFDFDKXHWHV\SDUDODPDQWHTXLOODGHFD FDKXHWHWLSRVGHDUDQFHOHVIXHUDGHFRQWLQJHQWH
$GHPiV ORV DUDQFHOHV GH ORV (VWDGRV 8QLGRV PXHVWUDQXQDIXHUWHSURJUHVLYLGDGHVGHFLUDXPHQWDQ DPHGLGDTXHFUHFHHOJUDGRGHHODERUDFLyQGHORVSUR GXFWRV/DSURJUHVLYLGDGSXHGHVHUQRWRULDHQHOFDVR GHODVUDPDVGHSURGXFFLyQGHDOLPHQWRVEHELGDV\WD EDFR DVt FRPR HQ ODV GH WH[WLOHV SUHQGDV GH YHVWLU \ FXHUR3RUHMHPSORHOJRELHUQRGH&KLOHLQGLFyTXHHQ ORV (VWDGRV 8QLGRV ODV PDQ]DQDV IUHVFDV QR SDJDEDQ GHUHFKRV PLHQWUDV TXH ODV PDQ]DQDV VHFDV WHQtDQ XQ DUDQFHOHVSHFtILFRGHFHQWDYRVSRUNLOR\ODVPHU PHODGDV SDJDEDQ FDVL \ QR HVWiQ LQFOXLGDV HQ HO 6LVWHPD*HQHUDOL]DGRGH3UHIHUHQFLDV'HPRGRVLPL ODU ORV GXUD]QRV IUHVFRV QR SDJDQ GHUHFKRV H[FHSWR ORVHVWDFLRQDOHVHQWUHHO GHMXQLR\HOGHQRYLHP EUH\ORVGXUD]QRVHQFRQVHUYDSDJDQ
$OLJXDOTXHHQORV(VWDGRV8QLGRVODSURWHFFLyQ FRPXQLWDULDHQOD8QLyQ(XURSHDQRUHVSRQGHWDQWRDO DUDQFHO SURPHGLR FRPR D OD KHWHURJHQHLGDG GH OD HV WUXFWXUD DUDQFHODULD HQ OD TXH SUHGRPLQDQ QLYHOHV DUDQFHODULRVH[WUHPRVDUDQFHOHVHVSHFtILFRVPL[WRV\ HVWDFLRQDOHV \ OD SURJUHVLYLGDG DUDQFHODULD 3RU RWUD SDUWHOD8QLyQ(XURSHDDGPLQLVWUDODVQHFHVLGDGHVGHO FRQVXPRLQWHUQR\ODVUHODFLRQHVHFRQyPLFDVLQWHUQD FLRQDOHVVREUHODEDVHGHXQDIUDQTXLFLDDUDQFHODULDR GHDUDQFHOHVUHGXFLGRVTXHVHRWRUJDQHQVXPD\RUSDU WHPHGLDQWHDFXHUGRV\DUUHJORVSUHIHUHQFLDOHVFRQORV SDtVHV3RUHMHPSORVHJ~QGDWRVGHOD&RPLVLyQ(XUR SHDHQHOGHODVLPSRUWDFLRQHVFRPXQLWD ULDVSURFHGHQWHVGHORVSDtVHVDQGLQRV\HOGHODV GHO 0HUFRVXU LQJUHVDURQ VLQ SDJDU GHUHFKRV GH ORVELHQHVLQGXVWULDOHV\SDUDORVDJUtFRODV
UHTXLVLWRV TXH QR HVWiQ DUPRQL]DGRV HQWUH ORV SDtVHV PLHPEURV2WURVUHTXLVLWRVJHQHUDOHVDSOLFDEOHVDWR GRVORVSURGXFWRVVRQODSURWHFFLyQFRQWUDODSXEOLFL GDGHQJDxRVD\ODSURWHFFLyQGHORVGHUHFKRVGHOFRQ VXPLGRULQFOXLGRVORVSURGXFWRVDJURSHFXDULRVSULPD ULRV(VRVUHJODPHQWRVVHHODERUDQHQHOiPELWRGHOD 8QLyQ(XURSHDFRQYLVWDVDVXDSOLFDFLyQHQWRGRVORV SDtVHVVHFWRUHVDUPRQL]DGRVRELHQHQHOiPELWRQD FLRQDOVHFWRUHVQRDUPRQL]DGRV
/RVUHFLHQWHV\WUiJLFRVDFRQWHFLPLHQWRVGHOGH VHSWLHPEUHGHOOHYDURQDODVDXWRULGDGHVHVWDGRX QLGHQVHVDGHILQLUQXHYDVLQLFLDWLYDVSDUDSURWHJHUVXV IURQWHUDVGHODDPHQD]DGHOWHUURULVPR(QWUHHVWDVLQL FLDWLYDVTXHYDQDLQFLGLUHQODVLPSRUWDFLRQHVGHORV (VWDGRV8QLGRVVHLQFOX\HQOD/H\GHVHJXULGDGLQWHU QD +RPHODQG 6HFXULW\ 3/ ± GH GH QR YLHPEUHGHTXHFUHyHO'HSDUWDPHQWRGH6HJXUL GDG,QWHUQDOD/H\GHVHJXULGDGGHWUDQVSRUWHPDUtWL PR3/ ±GHGHQRYLHPEUHGHOD/H\ GHVHJXULGDGGHODVDOXGS~EOLFD\GHFDSDFLGDGGHSUH SDUDFLyQ \ UHVSXHVWD DO WHUURULVPR ELROyJLFR 3/ ±GHGHMXQLRGH\OD,QLFLDWLYDGH6H JXULGDGGH&RQWHQHGRUHV&6,GHO6HUYLFLRGH$GXD QDV GH ORV (VWDGRV 8QLGRV GH HQHUR GH 7RGDV HVDVQRUPDVMXQWRFRQRWUDVTXHVHHVWiQJHVWDQGRGH ILQHQFULWHULRVPiVUtJLGRVGHVHJXULGDGTXHORVH[SRU WDGRUHV\WUDQVSRUWDGRUHVGHEHUiQFXPSOLUSDUDDFFHGHU DHVWHPHUFDGR
/RV(VWDGRV8QLGRVFRQWURODQHODFFHVRDVXPHU FDGR PHGLDQWH EDUUHUDV DUDQFHODULDV UHVWULFFLRQHV FXDQWLWDWLYDVPHGLGDVGHGHIHQVDFRPHUFLDO\PHGLGDV DGPLQLVWUDWLYDV $VLPLVPR IRPHQWDQ VXV H[SRUWDFLR QHVDJUtFRODVRWRUJDQGRDSR\RILQDQFLHURDORVH[SRU WDGRUHVSDUDDFWLYLGDGHVWDOHVFRPRLQYHVWLJDFLyQ\GH VDUUROORDSHUWXUDGHPHUFDGRVGHVDUUROORGHPDUFDV\ JDUDQWtDVGHFUpGLWRVDORVLPSRUWDGRUHV3DUDOHODPHQ WHHQODV~OWLPDVGpFDGDVYDULDVDGPLQLVWUDFLRQHVGH (VWDGRV 8QLGRV KDQ SURPRYLGR FRQ FLHUWD FRQWLQXL
GDGHODFFHVRSUHIHUHQFLDODHVWHPHUFDGRFRQEDVHHQ DFXHUGRVELODWHUDOHV\SOXULODWHUDOHVGHOLEUHFRPHUFLR /DVPiVLPSRUWDQWHVGHHVDVLQLFLDWLYDVGHOLEHUDOL]D FLyQSUHIHUHQFLDOVRQHO7UDWDGRGH/LEUH&RPHUFLRGH $PpULFDGHO1RUWH7/&FRQ&DQDGi\0p[LFRTXH FXPSOHQXHYHDxRVGHYLJHQFLDHQHQHURGH\ODV QHJRFLDFLRQHVHQFXUVRSDUDODFUHDFLyQGHXQÈUHDGH /LEUH&RPHUFLRGHODV$PpULFDV$/&$'XUDQWHOD FRQVWUXFFLyQGHHVWHDPELFLRVRSUR\HFWRKHPLVIpULFR YDULRVSDtVHV\JUXSRVGHSDtVHVGHODUHJLyQHVWiQGH VDUUROODQGRQHJRFLDFLRQHVFRQYLVWDVDILUPDUWUDWDGRV GHOLEUHFRPHUFLRFRQORV(VWDGRV8QLGRV&KLOHKDILU PDGRUHFLHQWHPHQWHXQWUDWDGRGHHVWHWLSR\ORVSDt VHVFHQWURDPHULFDQRV\DWLHQHQIRUPDOL]DGRXQFDOHQ GDULRGHQHJRFLDFLRQHV
/DV GLILFXOWDGHV HFRQyPLFDV TXH VXIULHURQ OD PD\RU SDUWHGHORVSDtVHVPLHPEURVGHORVHVTXHPDVGHLQWH JUDFLyQVXEUHJLRQDOHVOHVREOLJyHQRFDVLRQHVDVXVSHQ GHUSRVWHUJDUHLQFOXVRQRUHVSHWDUDOJXQRVGHORVFRP SURPLVRV DGTXLULGRV SDUD IRUWDOHFHU HO OLEUH FRPHUFLR HQWUHORVVRFLRV\IRUPDUODVUHVSHFWLYDVXQLRQHVDGXD QHUDVYpDVHHOJUiILFR1RREVWDQWH\SUHFLVDPHQWH SRUODJUDYHGDGGHORVHIHFWRVGHODFULVLVLQWHUQDFLRQDO ORVSDtVHVGHELHURQGHIHQGHU\±HQODPHGLGDGHORSR VLEOH± DPSOLDU HQ IRUPD VLJQLILFDWLYD VX FRODERUDFLyQ $VtHQHO0HUFRVXUVHHVWiDYDQ]DQGRHQHOSHUIHFFLR QDPLHQWRGHODQRUPDWLYDSDUDODVROXFLyQGHFRQWURYHU VLDVFRPHUFLDOHV\VHHVWiQLQWHQVLILFDQGRORVDFXHUGRV FRQMXQWRVFRQWHUFHURVHQOD&RPXQLGDG$QGLQDVHIRU
WDOHFHODUHLQVHUFLyQPiVFRPSOHWDGH3HU~DOHVTXHPD DQGLQR\VHDSUXHEDSRUILQHODUDQFHOH[WHUQRFRP~Q $(&HO0HUFDGR&RP~Q&HQWURDPHULFDQRPDQWLHQH UHVSHFWRDODVIOXFWXDFLRQHVGHVXVH[SRUWDFLRQHVDWHU FHURVHOFDUiFWHUGHFRQWUDSHVRTXH\DKDDGTXLULGRVX FRPHUFLRLQWHUQR\ORJUDFRQFHUWDUHO3ODQ3XHEOD±3D QDPiGHFRRSHUDFLyQPXOWLIDFpWLFDFRQ0p[LFR\RWURV SDtVHVGHOLVWPRSRU~OWLPROD&RPXQLGDGGHO&DULEH FRQYHQFLGDGHODYLJHQFLDGHORVSULQFLSLRVGHVXLQWH JUDFLyQ DYDQ]D HQ OD FUHDFLyQ GH OD &RUWH GH -XVWLFLD GHO&DULEHHOSURJUDPDTXHFRQVWLWX\HHOSUR\HFWR(FR QRPtD\0HUFDGRÒQLFRGHOD&$5,&20\HOSURFHVR GHUHIOH[LyQTXHVHKDLQLFLDGRDORVPiVDOWRVQLYHOHV GHGLUHFFLyQGHHVDDJUXSDFLyQ
3.
La integración regional en América Latina y el Caribe
*UiILFR
AMÉRICA LATINA Y EL CARIBE: COMERCIO INTRARREGIONAL, 1990–2000; 2001 Y 2002D
7DVDVGHFUHFLPLHQWR
Fuente:&(3$/'LYLVLyQGH&RPHUFLR,QWHUQDFLRQDOH,QWHJUDFLyQVREUHODEDVHGHLQIRUPDFLyQRILFLDOSUHVHQWDGDHQHOFXDGUR
,,
D /DVWDVDVGHYDULDFLyQDQXDOSDUDORVDxRV\FRUUHVSRQGHQDWDVDVGHFUHFLPLHQWRFDOFXODGDVVREUHHOFRPHUFLRLQ WUDUUHJLRQDOSDUDHOSHUtRGRHQHUR±VHSWLHPEUHFRQUHVSHFWRDODxRSUHFHGHQWH
E (QHOFDVRGHORVSDtVHVGHOD&$5,&20ODLQIRUPDFLyQGHORVDxRV\FRUUHVSRQGHDWDVDVGHFUHFLPLHQWRFDOFXOD GDVVREUHHOFRPHUFLRLQWUDUUHJLRQDOSDUDHOSHUtRGRHQHUR±MXOLRGHFDGDDxRFRQUHVSHFWRDODxRSUHFHGHQWH
F &$5,&20&RPXQLGDGGHO&DULEH
G (OFUHFLPLHQWRGHOFRPHUFLRLQWUDUUHJLRQDOSDUDHOSHUtRGRHQHUR±VHSWLHPEUHGHHQHOFDVRGHOFRQMXQWRGH$PpULFD/DWL QD\HO&DULEHIXHQXORPRWLYRSRUHOFXDOHQHOJUiILFRQRVHDSUHFLDGLFKRSRUFHQWDMH
H 0HUFRVXU0HUFDGR&RP~QGHO6XU
0HUFDGR&RP~Q &HQWURDPHULFDQR
0p[LFR &RPXQLGDG $QGLQD
&$5,&20 $PpULFD/DWLQD \HO&DULEH
&KLOH 0HUFRVXU
±
E
F
G
&DEHVHxDODUODLPSRUWDQFLDGHODVQHJRFLDFLRQHV FRQWHUFHURVSDtVHVRJUXSRVGHSDtVHV\ODSDUWLFLSD FLyQ HQ IRURV PXOWLODWHUDOHV SDUD OD GLQiPLFD GH ORV SURFHVRVGHLQWHJUDFLyQSXHVWRTXHHQHVWDVDFWLYLGD GHVVHWUD]DQORVUDVJRVIXQGDPHQWDOHVGHODVQRUPDV TXHUHJLUiQHOFRPHUFLRHQHOIXWXUR/DLQWHJUDFLyQUH JLRQDOKDFRQWULEXLGRDPHMRUDUODFDSDFLGDGQHJRFLD GRUDGHORVSDtVHVWDOFRPRVHFRPSUXHEDHQODVQHJR FLDFLRQHVGHO$/&$HQODVFXDOHVFDGDHVTXHPDSDUWL FLSDHQIRUPDFRRUGLQDGDFRQXQ~QLFRYRFHUR/RVJR ELHUQRVUHFRQRFHQTXHHQODPHGLGDHQTXHODFRRSH UDFLyQVXEUHJLRQDOVHDPiVSURIXQGD\HILFLHQWHPiV VH IRUWDOHFHUi OD FDSDFLGDG LQGLYLGXDO GH QHJRFLDFLyQ DQWHVRFLRVFRPHUFLDOHVGHPiVHQYHUJDGXUD'HDKtOD FRQVLGHUDFLyQTXHVHGDDODVDFWXDOHVFRQYHUVDFLRQHV HQWUHOD&RPXQLGDG$QGLQD\HO0HUFRVXUSDUDFRQIRU PDUXQiUHDVXGDPHULFDQDGHOLEUHFRPHUFLR(VWDYLQ FXODFLyQGHDOJXQRVGHORVSURFHVRVGHLQWHJUDFLyQOD WLQRDPHULFDQRV \ FDULEHxRV WLHQH XQD LPSRUWDQFLD HV WUDWpJLFD SRU VX UHSHUFXVLyQ WDQWR HQ OD FDSDFLGDG GH QHJRFLDFLyQGHORVSDtVHVFRPRHQODFRRSHUDFLyQHFR QyPLFD/DLQWHJUDFLyQFRQHFRQRPtDVGHRWUDVUHJLR QHVDSDUWLUGHODSURIXQGL]DFLyQGHORVHVTXHPDVVX EUHJLRQDOHVVHKDLGRDPSOLDQGRKDFLDRWURVSDtVHVHQ GHVDUUROORFRPR6XGiIULFDOD$VRFLDFLyQGH1DFLRQHV GHO$VLD6XGRULHQWDO$6($1&KLQD,QGLD\RWURV
(YROXFLyQUHFLHQWHGHODLQWHJUDFLyQ
LQWUDUUHJLRQDO
0HUFDGR&RP~QGHO6XU0HUFRVXU
(O0HUFRVXUDOLJXDOTXHHOUHVWRGHDJUXSDFLRQHV GHLQWHJUDFLyQGHODUHJLyQKDHQIUHQWDGRVHULRVGHVD ItRVRULJLQDGRVHQORVGHVDMXVWHVHFRQyPLFRVTXHKDQ VXIULGRVXVSDtVHVPLHPEURVHQSDUWHSRUODLQIOXHQFLD QHJDWLYDGHXQDVLWXDFLyQHFRQyPLFDLQWHUQDFLRQDODG YHUVD+XERTXHSRVSRQHUDOJXQRVSOD]RV\ORVYtQFX ORVHFRQyPLFRVHQWUHORVSDtVHVPLHPEURVVHKDQYLVWR DIHFWDGRV$ SHVDUGHHVWRGHEHGHVWDFDUVHTXHHOJUX SRKDPDQWHQLGRVXFRKHVLyQSUHFLVDPHQWHHQORVPR PHQWRVPiVGLItFLOHV\KDORJUDGRDYDQFHVHQXQDVH ULH GH DVSHFWRV /RV 3UHVLGHQWHV GH ORV SDtVHV PLHP EURV\DVRFLDGRVVHKDQUHXQLGRSHULyGLFDPHQWHHQWUH MXQLRGH\GLFLHPEUHGHUHLWHUDQGRHQFDGD XQRGHVXVHQFXHQWURVODGHFLVLyQGHFRQWLQXDUSURIXQ GL]DQGR OD LQWHJUDFLyQ (Q HIHFWR OD SUHVHQFLD GH ODV GLILFXOWDGHVH[WHUQDV\GHODFULVLVLQWHUQDFLRQDOOHVKDQ OOHYDGRDODFRQFOXVLyQGHTXHHQHVWDHWDSDGHODJOR EDOL]DFLyQOHVHVLPSUHVFLQGLEOHXQLUVXVIXHU]DVSDUD HQIUHQWDU HVRV GHVDItRV %UDVLO SDtV TXH VH KD KHFKR
FDUJRGHOD3UHVLGHQFLD3UR7pPSRUH337SDUDHOVH JXQGRVHPHVWUHGHKDPDQLIHVWDGRVXGHVHRGH TXHHOHVTXHPDSHUVHYHUHHQORVREMHWLYRV\DILMDGRV VXSHUHORVSUREOHPDVDFWXDOHVUHWRPHHOFDPLQRKDFLD ODSURIXQGL]DFLyQGHVXVPHFDQLVPRV\VHXQDPiVHV WUHFKDPHQWHSDUDVXVWUDWRVFRQWHUFHURVSDtVHV\HQODV QHJRFLDFLRQHVHFRQyPLFDVLQWHUQDFLRQDOHV
/DIXHUWHUHGXFFLyQGHODGHPDQGDUHJLRQDODIHFWy QHJDWLYDPHQWHDOFRPHUFLRLQWHUQRGHO0HUFRVXUORTXH SURGXMRSRUSULPHUDYH]UHGXFFLRQHVLPSRUWDQWHVGHOD SDUWLFLSDFLyQ UHODWLYD GH ODV H[SRUWDFLRQHV LQWUDVXEUH JLRQDOHVUHVSHFWRGHODVWRWDOHV/DGHVDFHOHUDFLyQGHHV WH JUXSR GH SDtVHV VH LQLFLy HQ HO FXDUWR WULPHVWUH GH FXDQGRODFRQYHUWLELOLGDGHQ$UJHQWLQDFRPHQ]yD VXIULUVXVSULPHUDVGLILFXOWDGHV\VHFHUUDEDQODVIXHQWHV GHILQDQFLDPLHQWRH[WHUQR3RVWHULRUPHQWHHQOD GHYDOXDFLyQUHDOGHOSHVR\ODIXHUWHFRQWUDFFLyQGHOSUR GXFWR DUUHPHWLHURQ FRQWUD OD UHFXSHUDFLyQ GHODxRSRQLHQGRHQULHVJRHOIXWXURGHODLQWHJUD FLyQ\DTXHHQODVLPSRUWDFLRQHVLQWUD]RQDOHVVH GHVSORPDURQ QXHYDPHQWH /DV H[SRUWDFLRQHV GHSURGXFWRVPDQXIDFWXUDGRVRULJLQDGDVHQ%UDVLOHTXL YDOHQDXQDFXDUWDSDUWHGHODVLPSRUWDFLRQHVDUJHQWLQDV GH SURGXFWRV PDQXIDFWXUDGRV \ VHPLPDQXIDFWXUDGRV HVSHFLDOPHQWHYHKtFXORV\SLH]DVGHYHKtFXORVSURGXF WRV VLGHU~UJLFRV \ SHWURTXtPLFRV DVt FRPR HTXLSR HOHFWUyQLFR \ ELHQHV GH FDSLWDO (PSHUR D~Q HQ DxRHQTXHVHSURGXMRHOPD\RUUHWURFHVRDFDXVDGHOD GUDPiWLFDFDtGDGHODDFWLYLGDGHQ$UJHQWLQD\ODFRQ WUDFFLyQ GH OD GHPDQGD GH LPSRUWDFLRQHV HQ %UDVLO OD SDUWLFLSDFLyQGHOFRPHUFLRUHFtSURFRHQHOFRPHUFLRGH ORVSDtVHVPLHPEURVWRGDYtDHVVXSHULRUHQFDVLXQ DODUHJLVWUDGDHQDQWHVGHTXHVHFRQVWLWX\HUDHO 0HUFRVXU(OGLItFLOHVFHQDULRLQWHUQDFLRQDOTXHVHWUD GXMR HQ OD GHYDOXDFLyQ GH ODV PRQHGDV QDFLRQDOHV KD GHWHUPLQDGRXQDXPHQWRGHDGTXLVLFLRQHVGHHPSUHVDV TXH KD JHQHUDGR IOXMRV VLJQLILFDWLYRV GH LQYHUVLRQHV LQWUDVXEUHJLRQDOHV
&RPXQLGDG$QGLQD
'XUDQWHODVH[SRUWDFLRQHVGHHVWHJUXSRFUH FLHURQFDVLXQFLIUDTXHVXPDGDDOFUHFLPLHQWRQR WDEOHGHODxRDQWHULRUORJUyHOHYDUVXQLYHODO UpFRUGKLVWyULFRDOFDQ]DGRHQPLOORQHVGH GyODUHV&RQH[FHSFLyQGH9HQH]XHODORVRWURVFXDWUR SDtVHV DQGLQRV DXPHQWDURQ VXV YHQWDV LQWUDFRPXQLWD ULDV/DFDtGDGHODH[SRUWDFLyQYHQH]RODQDDODVXEUH JLyQHQVHGHELyHQWHUDPHQWHDODVPH QRUHVDGTXLVLFLRQHVGHORVVRFLRV\DODEDMDGHOSUHFLR GHOSHWUyOHR6LQHPEDUJRDXQTXHVHHVWLPDXQFUHFL PLHQWR QHJDWLYR GH GHO FRPHUFLR LQWUDUUHJLRQDO SDUDODSURSRUFLyQGHHVWRVIOXMRVHQHOFRPHUFLR WRWDOVHUiGHFDVLXQ(VWRLQGLFDTXHHOPHUFDGR VXEUHJLRQDOVLJXLyVLHQGRXQLPSRUWDQWHGHVWLQRGHODV H[SRUWDFLRQHVGHORVSDtVHVDQGLQRVDSHVDUGHODVGLIL FXOWDGHVLQWHUQDVTXHFDVLWRGRVHOORVGHELHURQHQIUHQ WDUVREUHWRGRHQHOFDVRGHODVH[SRUWDFLRQHVGHSUR GXFWRVSULPDULRVFRPRORVSURGXFWRVDOLPHQWLFLRVHQHO FDVRGH%ROLYLD\ORVFRPEXVWLEOHV\PDQXIDFWXUDVSUR YHQLHQWHVGH(FXDGRU(OFRPHUFLRLQWUDUUHJLRQDOGH3H U~HVWiPiVGLYHUVLILFDGRFRQXQDSDUWLFLSDFLyQPiVR PHQRV HTXLYDOHQWH HQWUH PDQXIDFWXUDV SURGXFWRV DOL PHQWLFLRV \ PLQHURV 'HVWDFDQ ODV PD\RUHV YHQWDV GH SURGXFWRVPDQXIDFWXUDGRVGHVGH&RORPELDDOUHVWRGH OD VXEUHJLyQ HVSHFLDOPHQWH SURGXFWRV TXtPLFRV PD TXLQDULD\HTXLSRGHWUDQVSRUWH\SUHQGDVGHYHVWLU
(Q HO SURFHVR GH LQWHJUDFLyQ KXER LPSRUWDQWHV DYDQFHVHQODVQHJRFLDFLRQHVFRQWHUFHURVSDtVHVHQOD IRUPDFLyQGHODXQLyQDGXDQHUD\WDPELpQHQODSURIXQ GL]DFLyQGHODFRRSHUDFLyQSROtWLFDVRFLDO\GHSD]\VH JXULGDGUHJLRQDOHV/D]RQDGHOLEUHFRPHUFLRIXQFLRQD HQIRUPDUHODWLYDPHQWHVDWLVIDFWRULDSDUDFXDWURGHORV SDtVHVDQGLQRVFRQH[FHSFLyQGH3HU~(VWHSDtVGLRSD VRVVLJQLILFDWLYRVHQVXSURJUDPDGHOLEHUDOL]DFLyQDUDQ FHODULDDOSRQHUHQPDUFKDXQDQXHYDIDVHGHGHVJUDYD FLyQ&RQODVGHFLVLRQHVDGRSWDGDVHQHQHURGHOD &RPXQLGDG$QGLQDSHUIHFFLRQyXQDVHULHGHQRUPDVFR PXQLWDULDVHQWUHODVFXDOHVHVWiQODVUHIHULGDVDODDUPR QL]DFLyQGHLQVWUXPHQWRV\SROtWLFDVHFRQyPLFDV\DOD IDFLOLWDFLyQGHOFRPHUFLRDVtFRPRDOWUDQVSRUWHFDUUHWH UR(QHVDRSRUWXQLGDGWDPELpQVHDYDQ]yKDFLDODIRU PXODFLyQGHXQD3ROtWLFD$JURSHFXDULD&RP~Q$QGLQD /DVQHJRFLDFLRQHVSDUDFRQFOXLUXQWUDWDGRGHOLEUH FRPHUFLR HQWUH OD &RPXQLGDG $QGLQD \ HO 0HUFRVXU DYDQ]DQ JUDGXDOPHQWH (Q OD ~OWLPD UHXQLyQ ODV GRV DJUXSDFLRQHVSURJUHVDURQUHVSHFWRGHYDULDVPDWHULDV UHJODV GH RULJHQ SOD]RV \ ULWPRV GH GHVJUDYDFLyQ GH ORV SURGXFWRV VHQVLEOHV SURGXFWRV DJUtFRODV HQWUH RWURV$VLPLVPRDFRUGDURQFRQFOXLUODVQHJRFLDFLRQHV HQGLFLHPEUHGH
0HUFDGR&RP~Q&HQWURDPHULFDQR0&&$
(OFRPHUFLRLQWHUQRGHO0&&$ VHGLVWLQJXHSRUVX FRQWLQXDGR GLQDPLVPR TXH KD VLGR SDUWLFXODUPHQWH HOHYDGRHQDOUHJLVWUDUXQFUHFLPLHQWRGHPiVGH HOPD\RUGHODUHJLyQTXHFRQWUDVWDFRQODFRQ WUDFFLyQGHODVH[SRUWDFLRQHVDWHUFHURVSDtVHV$ FDX VDGHHVWRVFRPSRUWDPLHQWRVGLYHUJHQWHVODSDUWLFLSD FLyQGHORVLQWHUFDPELRVVXEUHJLRQDOHVHQHOFRPHUFLR WRWDOGHORVSDtVHVPLHPEURVVXSHUDHO(QODPH GLGDHQTXHVHFRQVROLGHODUHFXSHUDFLyQQRUWHDPHULFD QDSXHGHSUHYHUVHTXHVHUHFXSHUDUiODH[SRUWDFLyQD GLFKRSDtVFRQORTXHHOSHVRGHOPHUFDGRVXEUHJLRQDO YROYHUiDORVQLYHOHVKDELWXDOHVGHDOUHGHGRUGHGH ORVDxRVSUHFHGHQWHV
(VHYLGHQWHTXHHQORVJRELHUQRV\VHFWRUHVSULYD GRV FHQWURDPHULFDQRV H[LVWH OD YROXQWDG SROtWLFD GH FRQVROLGDUODLQWHJUDFLyQFRPRYHKtFXORSDUDDYDQ]DU HQIRUPDVROLGDULD\FRQMXQWDKDFLDPD\RUHV\PHMR UHVHVWDGLRVGHGHVDUUROOR2WURVHVWtPXORVKDQYHQLGR DSRWHQFLDUORVHVIXHU]RVLQWHJUDFLRQLVWDV(QORV~OWL PRVDxRVVHUHJLVWUDURQPHQRVYLRODFLRQHVDOOLEUHFR PHUFLRDOLQWHULRUGHO0&&$ \VHKDQLQWHQVLILFDGRORV WUDEDMRV WHQGLHQWHV D SHUIHFFLRQDU OD XQLyQ DGXDQHUD TXHGHEHUiHVWDUFRQVWLWXLGDDLQLFLRVGHFRQOD LQFOXVLyQ GH &RVWD 5LFD$GHPiV H[LVWH DPSOLD FRQ FLHQFLDUHVSHFWRGHORVSUREOHPDVD~QSHQGLHQWHVVXV SRVLEOHVVROXFLRQHV\ORVSOD]RVHQTXHpVWDVGHEHQDO FDQ]DUVH(QWUHORVHVFROORVSRUVXSHUDUGHVWDFDODQH FHVLGDGGHLQFUHPHQWDUODFDSDFLGDGSDUDFRQFLOLDUSR VLFLRQHVDQWHWHUFHURVSDtVHVFRPRORV(VWDGRV8QLGRV \OD8QLyQ(XURSHD\HQODVQHJRFLDFLRQHVHFRQyPL FDVPXOWLODWHUDOHVTXHVHOOHYDQDFDERHQOD2UJDQL]D FLyQ 0XQGLDO GHO &RPHUFLR 20&$ FRPLHQ]RV GH ORVSDtVHVGHO0&&$ GHEHUiQHPSH]DUODVQHJR FLDFLRQHVSDUDXQWUDWDGRGHOLEUHFRPHUFLRFRQORV(V WDGRV8QLGRV\HQGHVSXpVGHKDEHUVHFRQVWLWXL GRFRPRXQLyQDGXDQHUDFRPHQ]DUiXQSURFHVRVLPL ODUFRQOD8QLyQ(XURSHD
&RPXQLGDGGHO&DULEH&$5,&20
GHORVSDtVHV\GHOSURFHVRGHLQWHJUDFLyQQRSDUHFHIi FLOGHDOFDQ]DUHQHODFWXDOFRQWH[WRHFRQyPLFR1RREV WDQWHOD6HFUHWDUtDGHOD&$5,&20&&6VLJXHHVIRU ]iQGRVHSRUDYDQ]DUKDFLDODVPHWDVSODQWHDGDV3RURWUD SDUWHODVDXWRULGDGHV\RUJDQLVPRVGHORVSDtVHVPLHP EURVKDQFRQWLQXDGRDQDOL]DQGRODRULHQWDFLyQ\HOULWPR GHOGHVDUUROORHFRQyPLFR\VRFLDOHQHOiUHD\HOSDSHO TXHFRUUHVSRQGHDODLQWHJUDFLyQHQHVWDVHVIHUDV
8QRGHORVREVWiFXORVTXHHQIUHQWDODLQWHJUDFLyQHQ HO&DULEHHVODDVLPHWUtDHQWUHORVSDtVHVFX\RVUHVXOWD GRVHFRQyPLFRVVRQHQJHQHUDOH[FHVLYDPHQWHGLVSD UHVQRSRUODIDOWDGHFRRUGLQDFLyQHQHOJUXSRVLQRSRU SUREOHPDV HVWUXFWXUDOHV FRPR OD YXOQHUDELOLGDG GH ODV HFRQRPtDV\ODVGLILFXOWDGHVSDUDUHHPSOD]DUHODSRUWH GHORVLPSXHVWRVGHULYDGRVGHOFRPHUFLRHQODUHFDXGD FLyQILVFDO3RUORWDQWRHQHOGHYHQLUGHODLQWHJUDFLyQ LQIOXLUiQORVSURJUHVRVTXHVHORJUHQHQPDWHULDGHWUDQV IRUPDFLyQSURGXFWLYDGHORVSDtVHV\GHLQWURGXFFLyQGH ODVQHFHVDULDVUHIRUPDVILVFDOHLQVWLWXFLRQDO
(QHOiPELWRGHODVQHJRFLDFLRQHVLQWHUQDFLRQDOHV ODDFFLyQFRQMXQWDLQVWUXPHQWDGDPHGLDQWHHO0HFDQLV PR5HJLRQDOGH1HJRFLDFLyQKDSHUPLWLGRXQDSDUWLFL SDFLyQPiVHILFLHQWHGHOJUXSRHQIRURVLQWHUQDFLRQDOHV FRPROD20&\HO$/&$(VWRWDPELpQRFXUUHHQODV DFWLYLGDGHVGLULJLGDVDPHMRUDUODVFRQGLFLRQHVGHDF FHVRDORVPHUFDGRVGHORVSDtVHVGHVDUUROODGRVEiVL FDPHQWH GH (VWDGRV 8QLGRV \ OD 8QLyQ (XURSHD /DV SRVLFLRQHVFRPXQHVTXHDGRSWDOD&$5,&20SHUPLWL UiQ LQFUHPHQWDU ORV EHQHILFLRV TXH UHFLEHQ ORV SDtVHV FDULEHxRVGHORVDFXHUGRVSUHIHUHQFLDOHVVXVFULWRVFRQ HVDVHFRQRPtDV(QHVWHFRQWH[WRGHEHUHVDOWDUVHTXH ORVSDtVHVFDULEHxRVD~QWLHQHQXQDHOHYDGDGHSHQGHQ FLDHFRQyPLFDGH(VWDGRV8QLGRV\OD8QLyQ(XURSHD ORTXHMXVWLILFDODVRSLQLRQHVSODQWHDGDVHQDOJXQRVHV WXGLRV \ HYDOXDFLRQHV TXH DFRQVHMDQ LQWHQVLILFDU ORV HVIXHU]RVSDUDIRPHQWDUODGLYHUVLILFDFLyQSURGXFWLYD\ GHPHUFDGRV(QHVDWHQGHQFLDVHLQVFULEHODYROXQWDG H[SUHVDGD SRU OD &$5,&20 GH HVWDEOHFHU UHODFLRQHV HFRQyPLFDVPiVHVWUHFKDVFRQSDtVHVRJUXSRVJHRJUi ILFDPHQWHYHFLQRVORTXHVHSXHGHREVHUYDUSRUHMHP SORHQODVDFFLRQHVGHVSOHJDGDVSRUGLFKD&RPXQLGDG HQHOVHQRGHOD$VRFLDFLyQGH(VWDGRVGHO&DULEH
/DLQIUDHVWUXFWXUDQHFHVDULDSDUDOD
LQWHJUDFLyQUHJLRQDOODH[SHULHQFLDGH
$PpULFDGHO6XU
/DLQWHJUDFLyQUHJLRQDOVLJXHVLHQGRXQLQVWUXPHQ WRHIHFWLYRSDUDDPSOLDUPHUFDGRVGLYHUVLILFDUH[SRU WDFLRQHV\ORJUDUHFRQRPtDVGHHVFDODIDFWRUHVGHWHU PLQDQWHVSDUDTXHORVSDtVHVODWLQRDPHULFDQRV\FDUL
EHxRV SXHGDQ LQFUHPHQWDU VX SURGXFWLYLGDG JHQHUDU HPSOHRV DWUDHU FDSLWDOHV \ HVWLPXODU LQYHUVLRQHV 3RU RWUDSDUWHXQPD\RUGLQDPLVPRGHOFRPHUFLRLQWUDUUH JLRQDO UHTXLHUH XQD LQIUDHVWUXFWXUD TXH SURYHD VHUYL FLRV GH WUDQVSRUWH HQHUJtD \ WHOHFRPXQLFDFLRQHV HIL FLHQWHV VHJXURV \ FRQ FRVWRV FRPSHWLWLYRV DVt FRPR RWUDVSROtWLFDVVHFWRULDOHVHLQWHJUDOHVTXHDSXQWHQDFD SLWDOL]DUODVLQHUJLDTXHSXHGHJHQHUDUVHHQWUHHOORV(Q SDUWLFXODUHQORVHVWXGLRVVREUHFRPHUFLRVHKDHTXLSD UDGRHOFRVWRGHOWUDQVSRUWHLQWHUQDFLRQDODODVWDULIDV DUDQFHODULDVRDOWLSRGHFDPELRPRQHWDULR8QDUHGXF FLyQGHORVFRVWRVGHORVIOHWHVLQFLGHGLUHFWDPHQWHHQ ORVIOXMRVGHELHQHVGHODPLVPDPDQHUDTXHODVLPSOL ILFDFLyQGHORVWUiPLWHVDGXDQHURV
/RVGDWRVHPStULFRVFRPSLODGRVSRUOD8QLGDGGH 7UDQVSRUWHGHOD&(3$/ EDVHGHGDWRVGHWUDQVSRUWH LQWHUQDFLRQDO>%7,@LQGLFDQTXHH[LVWHDOWDYDULDQ]DGH ORVFRVWRVGHWUDQVSRUWHSRUWRQHODGDGHSURGXFWRHQHO FRPHUFLRHQWUHSDtVHVVXGDPHULFDQRVVHJ~QFXiOVHDHO PRGRGHWUDQVSRUWHXWLOL]DGR/DSURSRUFLyQPHGLDGHO FRVWRGHVHJXUR\IOHWHSDUDWUDQVSRUWDUOHJXPEUHVIUX WDV\QXHFHVHQWUH$OHPDQLD\)UDQFLDHVFRQVLGHUDEOH PHQWHPHQRUTXHHQWUHGRVSDtVHVGH$PpULFDGHO6XU HQGLVWDQFLDVVLPLODUHV
7UDGLFLRQDOPHQWH HO WUDQVSRUWH PDUtWLPR KD VLGR HOPiVXWLOL]DGRSDUDODFDUJDHQ$PpULFDGHO6XUDXQ TXHHQORV~OWLPRVDxRVVHREVHUYDXQDXPHQWRGHOD GHPDQGDGHWUDQVSRUWHFDUUHWHUR\DpUHR6LQHPEDUJR XQD GH ODV FRQVHFXHQFLDV GHO XVR PiV LQWHQVR GH ORV PHGLRVGHWUDQVSRUWHSRUFDUUHWHUD\SRUYtDDpUHDHVOD FDVL VDWXUDFLyQ GH OD UHG GH WUDQVSRUWHV GH ODV ]RQDV PHWURSROLWDQDVGHELGRDODFRQFHQWUDFLyQUHJLRQDOGHO WUiILFRHQWDQWRTXHRWUDVUHJLRQHVGHHVWRVSDtVHVWR GDYtD FDUHFHQ GH UHGHV DGHFXDGDV GH DFFHVR DO WUDQV SRUWH(QFRQVHFXHQFLDHQHOIXWXURFHUFDQRODVLWXD FLyQGHODLQIUDHVWUXFWXUDGHWUDQVSRUWHSXHGHREVWDFX OL]DUODVLQLFLDWLYDVGHPHMRUDUODFRPSHWLWLYLGDGLQWHU QDFLRQDOGHORVSURGXFWRVVXGDPHULFDQRV
DUWLFXOHQPHMRUODXWLOL]DFLyQGHODVYtDVWHUUHVWUHVIOX YLDOHVPDUtWLPDV\DpUHDVIDFLOLWHQHOWUiQVLWRIURQWHUL ]RGHSHUVRQDVYHKtFXORV\FDUJDV\FRQWULEX\DQDGL QDPL]DUHOFRPHUFLR\ODVLQYHUVLRQHVHQHOFRQMXQWRGH ODUHJLyQ
&DEHQRWDUTXHHOREMHWLYRILQDOGHOD,,56$ HVKD FHUGH$PpULFDGHO6XUXQDUHJLyQPiVFRPSHWLWLYD\ GHVDUUROODU\FRQTXLVWDUHOHVSDFLRJHRJUiILFRVXGDPH ULFDQR/DLQLFLDWLYDVHGHVDUUROODSRUPHGLRGHXQDFXL GDGRVDSODQLILFDFLyQ\VHHQIRFDGHVGHXQDSHUVSHFWLYD PXOWLVHFWRULDOHLQWHJUDGD/RVREMHWLYRVGHORVHMHVGH LQWHJUDFLyQ \ GHVDUUROOR VRQ D OD GHQVLILFDFLyQ GH OD DFWLYLGDGHFRQyPLFDEHOGHVDUUROORUHJLRQDO\FODLQ WHJUDFLyQItVLFD\HFRQyPLFDGHORVSDtVHVYHFLQRVVX GDPHULFDQRV/D,,56$ HVXQDLQLFLDWLYDPXOWLQDFLRQDO TXHSRUSULPHUDYH]LQYROXFUDDORVGRFHSDtVHVVREH
UDQRVGH$PpULFDGHO6XU(VXQDLQLFLDWLYDPXOWLVHFWR ULDO SRUTXH QR VyOR SDUWLFLSD HO VHFWRU WUDQVSRUWH VLQR WDPELpQ HO VHFWRU HQHUJpWLFR \ IXQGDPHQWDOPHQWH HO VHFWRUGHWHOHFRPXQLFDFLRQHV7DPELpQHVXQDLQLFLDWL YDPXOWLGLVFLSOLQDULDSRUTXHDEDUFDDVSHFWRVHFRQyPL FRVMXUtGLFRVSROtWLFRVVRFLDOHVFXOWXUDOHVDPELHQWD OHV\RWURV/D,,56$ FRQWHPSODPHFDQLVPRVGHFRRU GLQDFLyQHQWUHORVJRELHUQRVODVLQVWLWXFLRQHVILQDQFLH UDVPXOWLODWHUDOHV\HOVHFWRUSULYDGRFRQPLUDVDFRP ELQDUODYLVLyQSROtWLFD\HVWUDWpJLFDGH$PpULFDGHO6XU FRQFHUWDUORVSODQHV\SURJUDPDVGHLQYHUVLyQ\MHUDU TXL]DUORVHMHVGHLQWHJUDFLyQ\GHVDUUROORDVtFRPRORV SUR\HFWRVHVSHFtILFRVGHFDGDXQRGHpVWRV/DLQLFLDWL YDWLHQHXQKRUL]RQWHLQLFLDOGHDxRV\VHHQFXHQWUD HQVXVHJXQGDHWDSDODGHSURIXQGL]DFLyQ\FRQVROLGD FLyQKDELHQGRFRQFOXLGRVXHWDSDIXQGDFLRQDO
(O3URJUDPDGH'RKDSDUD'HVDUUROORHQOD
2UJDQL]DFLyQ0XQGLDOGHO&RPHUFLR20&
/RV SDtVHV GH $PpULFD /DWLQD \ HO &DULEH HVWiQ SDUWLFLSDQGR HQ YDULDV QHJRFLDFLRQHV FRPHUFLDOHV GH IRUPDVLPXOWiQHDFRQXQDDPSOLDFREHUWXUDGHWHPDV \GHSDtVHVHQODVFXDOHVEXVFDQREWHQHUXQUHVXOWDGR HTXLOLEUDGRGHGHUHFKRV\REOLJDFLRQHV$SDUWHGHXQ JUDQ Q~PHUR GH QHJRFLDFLRQHV ELODWHUDOHV TXH FDGD SDtV GH OD UHJLyQ GHVDUUROOD FRQ VXV YDULRV VRFLRV FR PHUFLDOHVODVPiVLPSRUWDQWHVVRQODVTXHLQYROXFUDQ DWRGRVORVSDtVHVHQHOiPELWRGHOD20&ODVGHOÈUHD GH /LEUH &RPHUFLR GH ODV$PpULFDV $/&$ HQ ODV TXHQRSDUWLFLSD&XED\ODVTXHGLYHUVRVSDtVHVRJUX SRVGHSDtVHVPDQWLHQHQFRQOD8QLyQ(XURSHD(QORV GLVWLQWRVIRURVVHWUDWDQORVPLVPRVWHPDVGDGRTXHODV QHJRFLDFLRQHV DEDUFDQ GHVGH OD HOLPLQDFLyQ GH PHGL GDVDUDQFHODULDV\QRDUDQFHODULDVDSOLFDGDVHQODIURQ WHUDKDVWDXQFRQMXQWRYDULDGRGHSROtWLFDVLQWHUQDVWD OHVFRPRODVPHGLGDVGHSURWHFFLyQDODVLQYHUVLRQHV\ DORVLQYHUVLRQLVWDVSROtWLFDVGHGHIHQVDGHODFRPSH WHQFLDSROtWLFDVGHSURWHFFLyQGHOPHGLRDPELHQWHOD VDOXGORVGHUHFKRVGHORVFRQVXPLGRUHV\ORVWUDEDMD GRUHVHWF$XQTXHHO$/&$ \ORVWUDWDGRVFRQOD8QLyQ (XURSHDVHFRQVLGHUHQWUDWDGRVGHOLEUHFRPHUFLRLQ
FOX\HQ FXHVWLRQHV UHODFLRQDGDV FRQ PRYLPLHQWRV GH IDFWRUHV LQYHUVLRQHV \ SUHVWDFLyQ GH VHUYLFLRV TXH DQWHVHUDQSUHUURJDWLYDVGHODIRUPDFLyQGHPHUFDGRV FRPXQHV
/DDFWXDOURQGDGHQHJRFLDFLRQHVHQOD20&FR PHQ]yHQOD&XDUWD&RQIHUHQFLD0LQLVWHULDOFHOHEUDGD HQ'RKD4DWDUHQQRYLHPEUHGH(VODSULPHUD URQGDGHQHJRFLDFLRQHVPXOWLODWHUDOHVHQHOiPELWRGH OD20&\ODQRYHQDGHVGHODFUHDFLyQGHO$FXHUGR*H QHUDOVREUH$UDQFHOHV$GXDQHURV\&RPHUFLR*$77 TXHODSUHFHGLy/D'HFODUDFLyQ0LQLVWHULDOFRQWLHQHHO PDQGDWRSDUDODVQHJRFLDFLRQHVVREUHXQDVHULHGHWH PDVDVtFRPRSDUDRWUDVODERUHVHQWUHORVFXDOHVVHLQ FOX\HQODVFXHVWLRQHVSODQWHDGDVSRUORVSDtVHVHQGH VDUUROORUHODWLYDVDODDSOLFDFLyQGHORVDFXHUGRVGHOD 5RQGD8UXJXD\/DDJHQGDQHJRFLDGRUDDEDUFDWHPDV GHLQWHUpVSDUDWRGRVORVSDtVHVGHODUHJLyQDJULFXOWX UD VHUYLFLRV DFFHVR D PHUFDGRV SDUD SURGXFWRV QR DJUtFRODVDVSHFWRVGHORVGHUHFKRVGHSURSLHGDGLQWH OHFWXDO UHODFLRQDGRV FRQ HO FRPHUFLR $'3,& VREUH WRGRODYLQFXODFLyQGHHVWRVGHUHFKRV\ODVDOXGS~EOL FDODUHODFLyQHQWUHFRPHUFLRHLQYHUVLRQHVODLQWHUDF FLyQHQWUHFRPHUFLR\SROtWLFDGHFRPSHWHQFLDODWUDQV SDUHQFLD GH OD FRQWUDWDFLyQ S~EOLFD OD IDFLOLWDFLyQ GH FRPHUFLRQRUPDVGHOD20&PHGLGDVDQWLGXPSLQJ\
