Free economic zones as a modern development institution in international business

Abstract

An analysis of the activities of leading world and domestic companies from 1995 to 2020 showed that the transformation of the global economic order, sanctions, wars, the imposition of protective duties for more recent key trading partners, and the reorientation of major sales markets lead to new rules for conducting international business between countries and companies who participate in world trade. The object of this article is free economic zones as an institution for the development and support of companies in international business. The subject of the study is the various forms and methods provided by the free economic zones that ensure the competitiveness and promotion of companies in the global trade in goods and services. The result of the study is to identify a new development vector for Russian companies participating in international business by using the potential of free economic zones. The application of existing mechanisms and proposing new mechanisms for supporting companies in free economic zones will become an important platform for business transformation, the search for new partners, and the establishment of cooperative ties with other participants in international trade. The results can be used by domestic companies participating in international business to promote them in new regional and global markets by using the support mechanisms provided by this development institution.