GOVERNMENT REGULATION OF INTEGRATION RELATIONS DEVELOPMENT BETWEEN UKRAINE AND THE UNITED KINGDOM
Abstract
The paper focuses on the government regulation of integration relations development between Ukraine and the United Kingdom of Great Britain and Northern Ireland. The foreign trade relations between the two countries are analyzed in the context of the signed documents: the EU-Ukraine Association Agreement; Brexit; the EU-UK Trade and Cooperation Agreement; Political, Free Trade and Strategic Partnership Agreement between the United Kingdom of Great Britain and Northern Ireland and Ukraine. The analysis of the data taken from the State Statistics Service of Ukraine allows to consider the dynamics of exports, imports, balance of trade in goods between 2016 and 2021. The results show that: firstly, exports of goods to Great Britain in 2016 – 317.8 mln USD, while in 2021 – 1083.2 mln USD, i.e. increased 3.4 times; while the share of exports of the Ukrainian goods to the United Kingdom in all exports of goods of Ukraine has been steadily growing: 0.87% in 2016; 1.11 – 2017; 1.23 – 2018; 1.25 – 2019; 1.35 – 2020; 1.59% in 2021 respectively; secondly, the share of merchandise imports from Great Britain in the total merchandise imports of Ukraine had been decreasing until 2019 – from 1.81% in 2016; 1.61 – 2017; 1.56 – 2018; to 1.27% in 2019; however, this trend was changed in 2020 – 1.35%, and stabilized at 1.53% in 2021; at the same time imports of goods from the United Kingdom in 2016 – 709.3 mln USD, while in 2021 – 1115,2 mln USD, i.e. increased 1.6 times. Thirdly, during the period under review the turnover of goods increased 2.14 times, from 1027.05 mln USD in 2016 to 2198.45 mln USD in 2021. Fourthly, the trade deficit in goods has been improved since the negative balance of trade in goods of -391.47 mln USD is observed in 2016 and in 2021 it is -31.97 mln USD – the positive result for Ukraine in trade relations with the United Kingdom since during the analyzed period it was reduced by almost 360 mln USD. Finally, the analysis of the commodity structure of exports and imports demonstrates that the state policies of Ukraine should aim at their both quantitative and qualitative reconsideration and improvement. Overall, the integration processes between the two countries, revealed through the trade in goods, have been strengthened.
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