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Global Transformation as a Strategic Marketing Factor of Effective Management of Regional Foreign Economic Relations in Modern Conditions

T.S. Malakhova, M.Ya. Veprikova, A.A. Kovalenko and E.E. Udovik

International Journal of Economics & Business Administration (IJEBA), 2020, vol. VIII, issue Special 1, 39-47

Abstract: Purpose: This article aims to study and evaluate the foreign trade relations and marketing interactions of the EU countries, to identify problems and contradictions between partner countries in foreign trade. Design/Methodology/Approach: Foreign trade relations between developed and developing EU countries are becoming increasingly contradictory and complex. On this basis, the authors revealed a modern negative trend. It is the increasing import dependence of Central-Eastern Europe and South countries on foreign companies and organizations. This trend may be resulted in the degradation of key industries in developing EU countries. As a theoretical and methodological basis, authors use historical-logical, statistical and comparative analysis and the method of scientific abstraction. Findings: The proposed mechanism "consolidation of industry clusters" can be applied in the EU. Based on the identified problems and contradictions in the framework of integration, this mechanism will help to smooth out economic inequality between the EU countries. Practical implications: In practice, the authors talk about the consistent application of the foreign economic relations mechanism between countries within the framework of the integration group. This mechanism will allow to focus on the industry specialization of the partner countries in the association and allow the periphery countries to become active participants in the European market. Originality/value: Economic inequality between developed and developing countries of the EU affects foreign trade relations between partner countries, which can lead to the transformation of the integration group in the short and medium term.

Keywords: EU; foreign trade relations; economic inequality and sovereignty; global crisis. (search for similar items in EconPapers)
JEL-codes: F02 F15 F63 (search for similar items in EconPapers)
Date: 2020
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Handle: RePEc:ers:ijebaa:v:viii:y:2020:i:special1:p:39-47