Abstract
The primary objective of the research is to investigate the influence of international integration processes on national welfare. Peculiarities of trade and economic liberalization of trade through mechanism of regional trade agreements (RTA) forming have been scrutinized. Integration, which develops due to RTAs, is the most important mechanism of the international cooperation in the field of economic policy. This integration is a coordination and protection mechanism, which functions in a broad spectrum of policies. An exceptional role of RTAs in reaching country economic security has been estimated. RTAs being a result of a compromise reached by protectionism and anti-protectionism forces have been grounded. Using tools of the multiple regression model, the influence of integration processes, in which Ukraine and China participate, on national economic growth rates and on GDP per capita (as major parameters reflecting national welfare level) was simulated. This allowed detecting of the positive direct dependence between the trade liberalization and economic growth rates, as well as the inverse dependence between the trade liberalization and GDP per capita, for both countries. Based on these regression models, economic growth rates and GDP per capita were predicted for next years; according to this prediction, graduate increasing of national welfare shall occur in Ukraine and China.
Highlights
IntroductionTransformation changes in countries’ interactions and cooperations are observed, integration processes reach a substantially new development level and are reflected in regionalization processes
Within globalization processes strengthening, transformation changes in countries’ interactions and cooperations are observed, integration processes reach a substantially new development level and are reflected in regionalization processes
Governments seek to increase a number of partners in order to improve trade conditions, which contributes to the intensification of international trade in certain regions and, increase the intensity of global trade, and national welfare (Yatsenko et al, 2018; Sokiran, 2020)
Summary
Transformation changes in countries’ interactions and cooperations are observed, integration processes reach a substantially new development level and are reflected in regionalization processes. The process of globalization creates new characteristics and types of regionalization, a number of regional trade agreements is growing rapidly (World Trade Organization, 2020), mega-regional trade agreements are created as a completely new form of integration, and the principle of “neighborhood” recedes into the background, aggravating competition between integration associations, which is especially evident in the field of international trade (Bulatova & Panchenko, 2018). A characteristic feature of the global system of international trade is the integration vector of its development (Tsygankova et al, 2020). Based on this, studying of an integration vector of the global international trade system, which determines the nature, features and strategic directions of international trade relations within world integration groups as integral components of the global international trade system, is especially important today. Deepening of theoretical foundations of the study of certain development aspects related to regional trade agreements and real tools that can be regional trade agreements, in addition to liberalization tools, is of particular interest
Sign-in/Register to view highlights & summary Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
