Received 22.09.2023, Revised 18.01.2023, Accepted 28.02.2023

Methodological principles of foreign economic relations of Ukraine and the EU: Aspects of foreign trade

Victoria Bilyk, Larisa Osipova

The article defines the priority for the economy of Ukraine to expand the spheres of foreign economic relations with the EU countries, which will be based on the mechanisms of foreign trade. A number of economic prerequisites and advantages of expanding foreign economic ties between Ukraine and the EU, which determine trends in foreign trade, are emphasized. The foreign economic relations of Ukraine and the EU are of crucial importance in building a highly developed Ukrainian economy and allow European countries to form a constant supply of many critical goods of high quality and lower prices compared to other countries. Ukraine is characterized by a high foreign trade potential, and for its better use, it is necessary to change approaches to state policy, which will stimulate business, state institutions, and society to develop competitive potential and strengthen partnership ties with European countries. It is through the mechanism of foreign trade that it is possible to strengthen the European integration of our country and obtain new opportunities and resources in building a progressive economy according to the norms of highly developed countries. It is worth noting the already significant results in the development of foreign economic relations between Ukraine and the EU, but in order to ensure higher rates of socio-economic growth, such relations must be deepened and expanded. The important role of the continuation of institutional and structural reforms in our country, which should be intensified and aimed at strengthening the competitive potential of the national economy, has been established. The main stages of the integration of foreign economic relations of Ukraine and the EU are highlighted. The high potential of European integration for the economy of Ukraine has been proved, and in the current conditions, this direction of the development of the national economy is considered the main one, which will ensure post-war recovery and a constant rate of socio-economic growth

foreign trade; foreign economic relations; European integration; national economy
222-229
Bilyk, V., & Osipova, L. (2023). Methodological principles of foreign economic relations of Ukraine and the EU: Aspects of foreign trade. Innovation and Sustainability, 3(1), 222-229. https://doi.org/10.31649/ins.2023.1.222.229

References

[1] Balezhentis, A., & Yatsenko, O. (2018). Asymmetries of trade integration of Ukraine and the EU. International economic policy, 1(28), 32-62.

[2] Vasyltsiv, T., & Lupak, R. (2018). Strategic priorities of social security convergence of Ukraine and the EU. Socio-economic problems of the modern period of Ukraine, 5(133), 14-19.

[3] Duliaba, I., & Dalyk, V. (2020). Development of Ukraine’s foreign trade in conditions of global instability. Efficient economy, 11. doi: 10.32702/2307-2105-2020.11.82.

[4] Kunytska-Ilyash, M. (2022). State policy of ensuring the development and security of priority industries of the national economy of Ukraine: Аnalysis of strategies and programs. Innovation and Sustainability, 2(3), 72-78. doi: 10.31649/ins.2022.3.72.78.

[5] Perehuda, Yu.A. (2021). Improving the European vector of Ukraine’s foreign economic policy: Directions and prospects. Scientific notes of the Lviv University of Business and Law, 30, 111-117.

[6] Reminskyi, M., & Petrenko, K. (2020). Dynamics and development of foreign trade relations Ukraine-EU in the process of European integration of Ukraine. Actual problems of economics and management, 14.

[7] Yarosh-Dmytrenko, L. (2017). Foreign trade relations of Ukraine with the countries of the European Union in the context of integration into the European economic space. Scientific Bulletin of the International Humanitarian University. Series: Economics and Management, 25(1), 48-52.

[8] Bazhenova, О., Povoroznyk, V., & Bochi, A. (2018). The impact of the EU-Ukraine deep and comprehensive free trade area on the Ukrainian industrial sector. Kyiv: Friedrich Ebert Stiftung.

[9] Ilyash, O., Lupak, R., Vasyltsiv, T., Trofymenko, O., & Dzhadan, I. (2021). Modelling of the dependencies of industrial development on marketing efficiency, innovation and technological activity indicators. Ekonomika, 100(1), 94-116. doi: 10.15388/Ekon.2021.1.6.

[10] Sabadash, V., Stauvermann, P., & Peleshchenko, R. (2019). Competitiveness of Ukrainian companies in foreign markets: New challenges and opportunities. Mechanism of Economic Regulation, 1, 79-89. doi: 10.21272/mer.2018.83.06.