Abstract
The article outlines the perspective benefits of deepening integration processes between Ukraine and the European Union. Groups of Ukrainian goods have been identified, which exports to the EU are increasing dynamically. EU countries have been identified in which exports from Ukraine have been growing rapidly in recent years. The relations and nature of Ukraine's trade with the EU countries have been analyzed. The conclusions on the development of trade potential after signing the Association Agreement with the EU have been formulated. The assessment of the Complementarity Index of Trade for Ukraine and the EU by 97 commodity groups according to the Ukrainian Classification of Goods for Foreign Economic Activity and the Harmonized Commodity Description and Coding System for 2011-2018 has been carried out. The dynamics of change of complementarity indices are analyzed and the predicted indices of the countries for 2019 and 2020 are calculated. It has been proven that mutual trade in a free trade area is mutually beneficial for Ukraine and the EU, as Ukraine and the EU benefit from increased trade, and establishing international partnerships between their businesses and organizations can be particularly beneficial in the long term perspective. It is proposed to deepen international industry cooperation in order to develop competitive advantages and strengthen its position both on the Ukrainian market and the European market.
Highlights
European integration processes in Ukraine significantly affect the functioning of the country's economic system
Ensuring sustainable development in free trade zone between Ukraine and the EU requires a thorough analysis of the complementarity effect of trade
Vahalík B. provided a thorough analysis of Regional Bilateral Trade of the European Union, China and ASEAN using indices of regional trade intensity and trade complementarity [Vahalík, 2014]
Summary
European integration processes in Ukraine significantly affect the functioning of the country's economic system. The purpose of this article is to investigate the tendencies in the bilateral complementarity of trade relations between Ukraine and the European Union. M. and Wang X. provided empirical analysis of comparative advantages and complementarity of agricultural trade between China and USA [Shuai and Wang, 2011]. Ukrainian scientists studied complementarity of trade between Ukraine and the Republic of China as an indicator of the effectiveness of bilateral cooperation V. Panchenko studied the dynamics of the complementarity index after creation of free trade zone between Ukraine and the EU [Panchenko, 2013]. A favorable business environment will be formed in Ukraine as a result of the reforming of national legislation; the removal of barriers helps to harmonize the supply and demand balance of trade; deepening of inter-state sectoral cooperation will ensure stable mutual development; stimulating scientific and technological development helps to form market competition [Fedirko, 2015].
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