Development of Belarusian free economic zones: integration into the national economy and EAEU

Abstract

In the conditions of global economic and political turbulences, one of the most important aspects of economic development is the struggle for attracting investments. Changes in economic development models and humanitarian shocks affect the mechanisms of attracting capital. Free economic zones (FEZs) have a sufficiently large experience of functioning in the global economic system. FEZs acquire relatively new features in the ongoing economic processes, while regional economic integration has significant importance in terms of their functioning. The influence of integration processes on the FEZs’ development in the post-Soviet space has not been studied sufficiently, which the present research aims to solve. This article analyzes the features of the Belarusian FEZs forming and functioning in regional interaction within the Eurasian Economic Union (EAEU). Based on the Russian ad global world research, reports by international financial organizations, and legal acts regulating this sphere, the international economic integration is studied as the foundation for the FEZs’ development. The experience of the European Union (EU) as an integrative formation in regulating the functioning of national FEZs is studied. Special attention is paid to the main approaches to implementing state economic policy in relation to Belarusian FEZs. Additionally, the author analyzes their main economic indicators and identifies the problems of the current state. The results show the need to modernize FEZs considering integration aspects, presenting prospects for developing national FEZs and their functioning within the integrative interaction of the EAEU.