ROLE OF INTERNATIONAL TRADE IN THE ACTIVITIES OF EUROPEAN UNION COMPANIES

Keywords: trade, international trade, enterprises, European Union, activities of enterprises

Abstract

Development and enlargement of the European Union Processes help establish the principles of free movement of goods, services, capital and labor and increase the global competitiveness of European Union enterprises. Analysis of the literature suggests that business practices should be understood and analyzed when studying international trade. However, such studies do not pay much attention to research. Therefore, the article aims to reveal the ability of companies to develop international trade in modern challenges, to compare economic operators operating in different countries, to assess whether companies are able to respond and adequately adapt to new circumstances. The study of the role of international trade in the activities of enterprises of the European Union has been carried out. The main purpose of the study is to characterize the role of international trade in the activities of enterprises. It is determined that in the context of globalization and the application of knowledge in the economy of the European Union, new opportunities open up for companies and the development of international trade. It has been proven that regardless of the methods used for the development of international trade, the most active trading companies are international trading companies. It has been established that a single space has been formed throughout the European Union, working according to common standards. E-commerce technologies are inactively used in the development of international trade in this space. Formed that international trade is a complex phenomenon of socio-economic development, characterized by dynamism, which is manifested in numerous changes. The survey results show that international trade companies face not only difficulties in transporting goods, but also customs duties, linguistic and cultural differences, and currency conversion risks. Therefore, in general, business entities engaged in international trade should be more prepared than entities that sell goods only on national markets. The volume of international trade of European Union companies accounts for the largest share in the structure of world trade.

References

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Ulaşan, B., 2015.Trade openness and economic growth: panel evidence. Appl. Econ. Lett. 22 (2), 163–167.

Zahonogo, P. 2016. Trade and economic growth in developing countries: Evidence from sub-Saharan Africa. Journal of African Trade, 3 (1-2), 41-56.

Valles, G. 2014. Evolution of the International Trading System and Its Trends from a Development Perspective. Trade and Development Board, Sixty-First Session, 13.

R. Chang, L. Kaltani, N.V. Loayza. 2019. Openness can be good for growth: the role of policy complementariness J. Dev. Econ., 90 (1), pp. 33-49.

Eurostat. Database catalogue [online]. (2019) [cited 10 January 2019]. Available from Internet: http://ec.europa.eu/eurostat/

Ulaşan, B. (2015).Trade openness and economic growth: panel evidence. Appl. Econ. Lett.

Zahonogo, P. (2016). Trade and economic growth in developing countries: Evidence from sub-Saharan Africa. Journal of African Trade.

Valles, G. (2014). Evolution of the International Trading System and Its Trends from a Development Perspective. Trade and Development Board, Sixty-First Session, 13.

R. Chang, L. Kaltani, N.V. Loayza. (2019). Openness can be good for growth: the role of policy complementariness J. Dev. Econ.

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Published
2021-02-23
How to Cite
Nasypaiko, D., & Podpletniy, V. (2021). ROLE OF INTERNATIONAL TRADE IN THE ACTIVITIES OF EUROPEAN UNION COMPANIES. Economy and Society, (24). https://doi.org/10.32782/2524-0072/2021-24-30
Section
INTERNATIONAL ECONOMIC RELATIONS