Development of Trade and Economic Relations of the BSEC Countries

Abstract

The importance of international economic integration is underlined by the simultaneous conclusion by countries of regional trade agreements with various integration groups and individual countries, which is typical for Ukraine, which signed the Association Agreement with the EU, a number of free trade agreements and is part of the BSEC, which is especially important given the development of trade in Asia. The purpose of the study is to analyse the foreign trade relations of the BSEC countries and substantiate proposals for their deepening. The method of analysis was used in the work, including historical, abstract-logical, economic-mathematical, etc. The main perspective directions of BSEC cooperation are substantiated as a result of the analysis of scientific works on international economic integration on separation of the Asian region, economic indicators of countries and basic documents of the organization, separate normative-legal acts of Ukraine. The main exporters and importers were identified, the specific features of the BSEC commodity structure were clarified, the main exporting goods were identified, with the separation of agri-food products, foreign trade trends were analysed and some indicators of international trade were identified. The products that occupy the largest share in the country’s exports to the group have been identified, which is a prerequisite for the establishment of joint ventures and can help increase their competitiveness. It was found that the group’s exports increased more than the world, and the main exporters continue to remain so. The growth of intra-regional and total imports of the group was revealed, its structure was analysed. It is determined that the trade balance of most countries was mostly negative. The practical value is to identify the most promising areas of cooperation of the BSEC countries, which should promote their economic development, including – product positions for the development of domestic and extraregional trade, to increase demand inside and outside the region, producers’ incomes and partially solve problems and food security in the world.