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International Trade and Trade Policy

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Vol 8, No 1 (2022)

WORLD ECONOMY AND INTERNATIONAL ECONOMIC RELATIONS

9-26 597
Abstract

Structural changes taking place at the present stage of development of international trade lead to a qualitative renewal of its architecture, affecting many aspects of the international division of labor. The purpose of the study is to assess the possibilities and parameters of the restoration of international trade, to identify problems associated with the multilateral regulation of international exchange, which has become more complicated due to the crisis caused by the coronavirus pandemic. The collapse of international trade was found to have put a brake on many value chains at the global level, especially in services. However, one should not idealize the trend of international exchange turning towards deglobalization, since there are natural limitations associated with traditional competitive advantages and sustainable economic development strategies of the largest exporting and importing countries. Overall, we note a slow recovery in international trade compared to the recovery in the global economy as a whole, which continues to be driven by the pressure of ongoing quarantine restrictions. Additional stress for the further development of international exchange are trade and geopolitical conflicts between individual countries. At the same time, the crisis that has arisen allows us to consider from a new perspective the possibilities of participating in interregional trade agreements from the point of view of restoring trade relations between countries.

27-35 367
Abstract

The idea of a global minimum tax rate, pointing at the tax competition between countries, has been discussed a lot during the talks led by the Organization for Economic Cooperation and Development, European Commission, G 20, G 7. The paper focuses mainly on the international tax agenda, comparisons of corporate income tax rates, the approaches to a global minimum tax rate, the United States proposal and how tax policy could be adapted to meet challenges of minimizing global taxation of capital. Despite some common trends, there have been serious differences across countries regarding corporate income tax rates – nominal, average and effective which shows the percentage of income from a marginal investment that is to be paid in taxes. OECD’s database shows that corporate income tax rates vary greatly across countries, and the last year’s trend showed a number of countries announcing tax increase, which were both on temporary basis and permanent one. As to the United States proposal authors, establishing a global minimum tax would make it possible for the country to be competitive in the tax field even after proposed tax increase. The United States proposal before G 7 summit was supported by its members. At the same time negotiations on the new tax challenges from digitalisation with participation of different jurisdictions are going on.

36-50 1153
Abstract

During the COVID-19 pandemic, there has been a marked increase in world prices for agricultural commodities, which has increased the value of international food trade. In other words, the coronavirus crisis, which has caused a decline in global trade, has hardly affected the interests of food producing and exporting countries. Many agricultural enterprises have become beneficiaries of the boom in international food markets.  This was most clearly manifested in the markets for grains and oilseeds, as well as meat and meat products, where the positions of Latin American business structures are particularly strong. As the current trends demonstrate, the situation on the world food market favors the further growth of companies producing agricultural products in Latin America, primarily Brazil, which has firmly taken its place among the leading food exporting countries.  These phenomena are of considerable interest to the Russian Federation, which, on the one hand, is a traditional importer of food products from Latin America, and on the other hand, itself is becoming an increasingly large producer and exporter of agricultural products, which leads to a reduction in purchases of certain types of food on the world market, including from Latin American countries.

51-65 445
Abstract

The countries of South-Eastern Europe had close economic ties with Russia and were guided by the purchase of Russian natural gas. In the recent years, both geopolitically and the market events, as well as the energy security concerns, have transformed the region of South-Eastern Europe into a significant element of the energy strategy of the European Union. The emergence of new gas suppliers in this region is due to both the requirements of the European Union for the diversification of energy supply sources and the active formation of new gas corridors in Eastern Europe, in particular, the launch of a large gas terminal in Poland. The creation of a new gas infrastructure exacerbates competition between suppliers and requires market participants to develop optimal gas supply options for consumers adapted to new conditions. The article examines the features of the formation of promising gas hubs in the countries of South-Eastern Europe. The specifics of the development of the gas market in Bulgaria and Greece are shown. Attention is focused on strengthening Turkey's position as an important gas corridor. The results of the study allow us to conclude that the energy infrastructure in this region is still underdeveloped. The region does not offer an efficient market mechanism for the sale and purchase of natural gas, as well as a spot pricing mechanism. At the same time, amid heightened competition on the European gas market, South-Eastern Europe is beginning to play an increasingly significant role in maintaining Russia's position as the largest gas supplier.

66-83 746
Abstract

The article examines the trade and economic relations of Latin American countries with individual non-regional partners represented by Japan, South Korea, India and Turkey. The main focus is on the evolution of the foreign economic relations of these countries with the Latin American region and the efforts of the governments of these states to develop them. The main features and trends of bilateral economic cooperation are revealed. The main indicators of trade and economic interaction of the studied countries with the Latin American region are given. Special attention is paid to the analysis of the situation with the conclusion of bilateral trade agreements. There is a clear desire on the part of Turkey to develop a dialogue with Latin American countries in the field of military-technical cooperation. A comparative analysis of the level and content of foreign economic relations with Latin America of the mentioned countries and Russia is carried out. It is concluded that recently there has been a noticeable intensification of trade and economic cooperation between Latin America and Japan, South Korea, India and Turkey, which creates certain challenges for the Russian Federation in terms of increasing the supply of export products to the region. In conclusion, a number of recommendations are formulated to increase the pace of cooperation between Russia and Latin-American countries in the context of increasing competition in the region from other states.

84-93 530
Abstract

At present Vietnam, according to key economic and socially significant indicators, can be confidently attributed to dynamically developing states. Such achievements are a consequence of the sustainable development strategy consistently implemented by the public administration sector. The global modernization of the national economy of the country has brought significant results that can definitely be attributed to the experience of best practices. In general terms, characterizing the main features of the Vietnamese economy, one should single out the predominant share of agriculture, export orientation, including agricultural products, the intensity of GDP growth, the flexibility of authorities in regulating macroeconomic processes, etc. Given the agrarian orientation of the Vietnamese economy, the chosen course with an emphasis on agricultural industrialization and modernization contributed to the achievement of socially significant results in this industry. In this study, a detailed analysis of the main trends in the development of agriculture is carried out, an interpretation of the results is presented, problem areas are identified that do not allow taking a leading position among the countries of Southeast Asia in the export of agricultural products. The main directions of the agrarian policy implemented by the government of Vietnam are systematized, which are aimed at strengthening the competitive position of the state in the context of ongoing permanent institutional changes.

FOREIGN ECONOMIC RELATIONS OF THE RUSSIAN FEDERATION

94-105 576
Abstract

The article analyzes the export of commodity group 27 of the EAEU TN VED for mineral fuel, oil and products of their distillation. Various variations in the volume and structure of energy exports to Russia's main trading partners: China, Germany and the Netherlands in terms of hydrocarbon commodity positions for 2011–2020 are investigated. The share of export supplies of hydrocarbons to China in 2020 was 20%, which is the highest in recent years, and this is due to the constant increase in demand for energy from China due to the high rates of industrial development in the country. The share of exports to the Netherlands for 2020 is 12,4%; to Germany – 6.4%, demonstrating that Western Europe is also interested in the supply of Russian hydrocarbons, however, not in such volumes as before. The data also shows that China is Russia's main trading partner. In 2020 alone, Russia increased its hydrocarbon exports to China by 12%, when exports to Germany showed a slight increase of 1%, while exports to the Netherlands decreased by 1%.

106-114 548
Abstract

The article the assessment of the China competitiveness is carried out taking into account geopolitical and economic factors. In terms of geopolitics, attention is paid to such initiatives as “Pivot to the East”, “One Belt One Road” and the initiative of countering the spread of COVID-19. In the context of economic indicators, an integral assessment of China's competitiveness as an investor is conducted on the basis of such indicators as the level of GDP, the global competitiveness index, the indicator of investment activity of China in the world and in Russia, as well as the indicator of investment activity in the energy sector of Russia, the number of Chinese investment energy projects and their current number. Based on the results of the analysis, it is concluded that, China has an exceptional competitive advantage from the point of view of geopolitics and macroeconomics. However, within the energy sector, China has been losing ground due to a decrease in investment activity.

115-126 344
Abstract

The article considers the methodology of corporate strategy development proposed by the author on the basis of the results of earlier studies of patterns of development of the production (operational) structure of commercial organizations of the Czech Republic and the developed theoretical model of the evolution of the production (operational) structure. The key difference of the proposed methodology of corporate strategy development is the use of the model of evolution of production (operational) structure developed by the author. This model assumes a statistical grouping of commercial organizations according to the levels of their organizational development. Each group is characterized by the key structural features of organizations and values of indicators of their financial and economic activities. Based on these features, it is possible to more accurately describe the future desired state of the organization and determine how to conduct the transformation of the organization to achieve this state. To illustrate the proposed methodology, the article considers a case study of corporate strategy development for retail trade organizations of the Czech Republic.



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ISSN 2410-7395 (Print)
ISSN 2414-4649 (Online)