International Economic Activity Research Articles

COMPETITIVE DEPRECIATION. A GLOBAL OBSTACLE TO MONETARY REGULATORY TASKS’ CONSENSUS

At the current stage of development of global economy and international economic relations, certain disputes over the goals of regulatory framework on international economic activity may arise. Such regulatory objectives of domestic monetary authorities as promoting the global competitiveness of domestic producers, may contradict the regulatory objectives international monetary authorities. One of such contradictions is competitive depreciation, the concept of which is defined, in particular, by the Articles of Agreement of the International Monetary Fund. The issue of competitive devaluation as a theoretical phenomenon has been studied by such foreign scholars as P. Bergin, D. Corsetti, D. Li, G. Lima, D. McCombie, R. Ribeiro, A. Rodnianski, S. Xiao, L. Tang, Y. Tervala, S. Zhou; among the domestic scholars whose works are devoted to this topic, we can distinguish O. Vinogradova, V. Holiuk, V. Dergachova, M. Kravchenko, Z. Lutsyshyn, N. Reznikova and others. This article analyzes the modern theoretical foundations of domestic currency depreciation as a way to promote gains of competitive advantages on global markets by domestic producers. The purpose of the study is to determine the fundamentals of monetary regulation on which available to monetary authorities mechanisms of influencing the domestic monetary system may simultaneously contribute to gains of global competitive advantages by domestic producers and cause the domestic currency depreciation. The main areas of regulatory activity of domestic monetary authorities that need to be modernized, namely, the mechanism for regulating the money supply in order to facilitate the acquisition of competitive advantages by national producers in world markets have been identified in this article.

Can China railway express enhance the economic-trade vitality of cities? A spatial empirical evidence from China

The process of globalization has encountered obstacles, with increasing regional conflicts and unforeseen events, posing greater challenges to global cooperation. Particularly, transportation bottlenecks are hindering international economic and trade activities and exerting significant pressure on economic recovery. In response to the principles of economic development, China introduced the Belt and Road Initiative (BRI) that targets to enhance economic and trade activities in the regions along the route. China Railway Express (CR Express) is an essential vehicle for the BRI, characterized by advantages such as convenience, safety, stability, and promotion of green economy. It serves as a necessary means for China to enhance economic and trade influence. This study conducts quantitative research utilizing a dataset from 287 prefecture-level Chinese cities, with a primary focus on examining the operational effects of the CR Express and deriving the following conclusions. Firstly, combining theoretical insights with practical experience, a comprehensive analytical framework was established, and an economic and trade vitality (ETV) index was constructed. The results showed that the ETV increased in over 43.9% of cities. Secondly, using a multi-temporal asymptotic spatial different-in-differences (SDID) model, we obtained that CR Express exhibited significant spatial spillover effects, making a substantial contribution to urban ETV. Thirdly, spatial heterogeneity detected that the intensity of CR Express policy effects varied across city types due to diverse patterns of economic development and consumption structures. Ultimately, mechanisms for the impact of CR Express on ETV was examined more precisely and an integrated five-sphere mechanism was proposed. The conclusions of this research enrich the vital connection between CR Express and urban ETV, providing managerial insights for both enterprises and governments seeking new development opportunities.

Foreign Exchange Operations of Islami Bank Bangladesh Limited

In the dynamic global financial landscape, foreign exchange operations play a pivotal role in facilitating international trade and economic activities. Islami Bank Bangladesh Limited (IBBL) has emerged as a significant player in the country's banking sector with a strong commitment to Shariah-compliant practices. Understanding the nuances of its foreign exchange operations is essential for assessing its contribution to the national economy. This study aimed to comprehensively analyze the foreign exchange operations of Islami Bank Bangladesh Limited, focusing on its performance and adherence to Islamic principles. The research involved an in-depth examination of IBBL's foreign exchange operations, including documentary analysis, interviews with bank officials, and a review of relevant literature. Data on foreign exchange transactions, compliance with Shariah principles, and financial performance were analyzed. The study found that IBBL has demonstrated commendable performance in foreign exchange operations. It has successfully maintained a substantial share of the foreign exchange market in Bangladesh, accounting for over 20% of total transactions. Moreover, IBBL's strict adherence to Shariah principles in its foreign exchange activities has positioned it as a reputable Islamic banking institution. The bank's compliance rate with Islamic principles in foreign exchange dealings exceeded 90%, reflecting its commitment to ethical banking practices. Islami Bank Bangladesh Limited has emerged as a prominent player in the foreign exchange market, maintaining both financial viability and adherence to Shariah principles. Its commitment to ethical and Islamic banking practices has contributed significantly to the country's economic growth. IBBL should continue to focus on enhancing its foreign exchange operations, ensuring strict adherence to Islamic principles, and expanding its market presence.

Recent U.S. Government and foreign national government and commercial literature on semiconductors

Semiconductors play a major role in U.S. and international economic activity and in national security policymaking. They are tiny electronic devices based primarily on silicon or germanium, facilitating multiple industrial activities including systems foundational to U.S. technological competitiveness and national security. This industry is a key U.S. exporter with this product’s design and manufacturing being a global enterprise with design, fabrication, assembly, testing, and packing distributed globally. Semiconductors are essential building blocks for emerging technologies including artificial intelligence, autonomous systems, 5 G communications, and quantum computing. This article aspires to inform librarians and others about governmental and commercial literature produced on this subject. It aspires to enhance understanding of this topic and its intersections with economics, consumer goods, technology politics, and international security. (Platzer, Sutter, & Sargeant, 2020; Summary, 1–3).

Strategic determinants of international economic activity development in the context of digitization

Due to the rapid development of digital technologies, the international economic sphere is facing significant changes and challenges. Digital innovations are permeating all aspects of business, from management to marketing, from logistics to customer communication. One of the key determinants of this process is constant technological progress, which stimulates the adoption of new tools and strategies. Enterprises operating in the international market are compelled to adapt to this new environment by improving their processes, optimizing production, and enhancing efficiency. Digital technologies enable the automation of many processes, making businesses more flexible and competitive. However, along with the advantages of digitization come new challenges. Cybersecurity becomes increasingly relevant as companies must protect their data from cyber attacks and information leaks. Regulatory issues are also becoming more complex, as the legal environment does not always keep pace with the speed of technological development. Moreover, ethical questions arise regarding the use of personal data and the impact of technologies on society. The article highlights the main strategic determinants and drivers that contribute to the development of international economic activity in the context of digitization. It synthesizes a range of factors and forces that encourage the adoption and integration of digital technologies and practices across various sectors of the global economy. It is demonstrated that the driving forces of digitization in international economic activity are interconnected and reinforce each other, while technological progress shapes a new paradigm of consumer behavior and expectations, stimulating demand for further technological innovations. The main problems and challenges faced by enterprises in the global market in the context of digitization are analyzed and summarized. In the digital age, it is important to have an open mind and be prepared for constant change. Enterprises that successfully integrate digital technologies into their strategy can gain a significant competitive advantage in the international market. However, this requires continuous improvement and readiness for innovation. Keywords: digitization, digital economy, globalization, organizational and economic support, international economic activity.

Indonesia's export comparative and competitiveness advantages in the 'emerging market' scheme during the pandemic

Relevance. The unprecedented disruptions caused by the COVID-19 pandemic had a profound impact on the global economy, including Indonesia. Despite the challenges, Indonesia successfully managed to navigate and recover its international economic activities. Analyzing how Indonesia navigated its export advantages during the COVID-19 pandemic is crucial for understanding its resilience in the global economy. Research objective. The study aims to analyze the comparative and competitiveness of Indonesian export products, particularly the food processing industry, under the scheme of emerging markets and developing economies during the COVID-19 pandemic. Data and methods. This study relies on the data from Badan Pusat Statistik (BPS) and the Indonesian Ministry of Trade, along with world export data from the World Bank, OECD, and the International Trade Center, to examine the food processing industry during the 2021-2022 pandemic. Using the Revealed Comparative Advantage (RCA) model, it classifies comparative products for potential exports and diversification guidance. The Export Product Dynamics (EPD) model measures competitive advantage and serves as an early warning indicator, providing a comprehensive trade analysis for identifying growth opportunities and mitigating risks. Results. The RCA findings indicate that Indonesian processed food products for emerging market countries exhibit strong comparatives, supported by factors such as selling prices, production capacity, innovative technology, and trade tariff policies. This is reinforced by the results of the EPD analysis, which shows the dominance or rising star status of these products. Conclusions. The dominance of processed Indonesian food products points to the need for the government to uphold and expand exports beyond emerging market countries. Recommended measures include initiating revitalization, transformation, market analysis, and evaluating products categorized as falling stars or experiencing failures, missed opportunities, and retreats. Additionally, a focus on the upstream-downstream sectors of the food processing industry is crucial.

НАПРАВЛЕНИЯ И ТЕНДЕНЦИИ РАЗВИТИЯ ОЭЗ, СЭЗ, СЗ И ИХ ВЛИЯНИЕ НА ВНЕШНЕЭКОНОМИЧЕСКУЮ ДЕЯТЕЛЬНОСТЬ

The article discusses the directions and trends of development: special, special and free economic zones, with the aim of obtaining new opportunities and benefits from investment for the national economy. Their development, currently, is is even more related to: development of new technologies, improvement of high-tech economic spheres, the production of innovative products, the improvement of the quality of transport infrastructure and the recreational and tourism economy sector. The establishment of specific, special, and free economic zones aims to draw investments, diversify the creative economy, foster export growth, and create new employment while also offering the possibility of economic growth and regional collaboration.
 The directions and trends in the development of special, special, and free economic zones are still significant today as one of the key instruments for economic development within the Eurasian Economic Union and international economic activity of the national economy. Their creation and development provides potential for economic growth, cooperation in the region and is aimed at attracting investment, developing exports and creating new jobs.
 This article's goal is to examine the development patterns of SEZs, SEZs, and SEZs for the growth of the national economy's foreign economic activity. It also draws conclusions from the data collected and suggests potential routes for the development of these zones.

Impact of Sanctions on Formation of the Russian Approach to the Legal Regulation of Cross-Border Insolvency

This article is devoted to the analysis of the impact of sanctions and counter-sanctions measures on the formation of the approach of Russian courts to the consideration of disputes in insolvency cases. under the influence of integration processes on a global and regional scale, there is an intensification of foreign economic relations of economic entities from different countries, the interdependence of legal entities is formed within the framework of the international economic process. the active development of international economic activity brings with it not only great profits, opportunities for cost reduction and the development of international communication, but also the most severe crisis phenomena, a great risk of not staying afloat, resulting in a relatively new phenomenon of cross-border insolvency. The author noted the problematic aspects of the impact of sanctions on the consideration of insolvency disputes, including the initiation of bankruptcy proceedings, the inclusion of foreign creditors in the register of creditors’ claims, the recognition and enforcement of foreign judgments. The author studied cases from the latest practice of Russian courts, noted the features of the consideration of insolvency cases involving creditors and debtors of «unfriendly» countries, made conclusions and assumptions about the further development of judicial practice.

Assessment of socioeconomic and ecosystem services of the blue economy in Tanzania using the UNECA's Blue Economy Valuation Toolkit

Even though Tanzania has been engaging in domestic and international sea-based economic activities for centuries, there are no specific statistical data on the contribution of the blue economy to the Tanzania’s economy reinforcing the importance of this work. The purpose of this paper is to present economic, social, and ecosystem values that the blue economy resources generate in mainland Tanzania by using the United Nations Economic Commission for Africa (UNECA) Blue Economy Valuation Toolkit (BEVTK). In 2020 the major blue economy industries in Tanzanian contributed USD 7.2 billion to the gross value added (GVA) and employed over 2 million individuals. The value of ecosystem services was approximately USD 104.24 billion in the year 2020, with large permanent freshwater lakes contributing significantly (74.87%). The Composite Social Index Value of BE was estimated at 48.64, indicating that the blue economy contributes positively to the social development of mainland Tanzania. Among the negative outcomes of social indicators, the BEVTK generated a youth unemployment (12.2%) and a gender inequality index (53.0). The BEVTK presented here can be applied to another country context where decision-makers have similar interests in assessing the blue economy components and their contribution to the national economy.

THE ROLE OF BUSINESS AND ECONOMIC PROTOCOL IN THE ETHICS OF INTERNATIONAL ECONOMIC RELATIONS

This paper extensively explores the pivotal role of business protocol in international economic relations, delving into its historical evolution, contemporary significance, and the challenges it encounters within the dynamic global business environment. The study emphasizes the necessity for nuanced intercultural communication and highlights the adaptability of business protocol to diverse situations. Article discusses the issues of diplomatic and economic protocol and ethics, shedding light on the intricate interplay between international relations and economic activities. Diplomatic protocol, with its established conventions and rituals, plays a crucial role in shaping the discourse between nations, fostering cooperation, and mitigating conflicts. Economic protocol, on the other hand, governs the conduct of nations and businesses in the global marketplace, influencing trade agreements, investment practices, and financial interactions. The examination of these protocols within the framework of ethics becomes imperative as it explores the moral dimensions of diplomatic and economic engagements. Ethical considerations in diplomacy encompass matters of respect, transparency, and adherence to international law, aiming to promote peaceful coexistence and equitable collaboration. Similarly, in the realm of international economics, ethical principles guide decisions regarding resource allocation, corporate responsibility, human rights protection, and the fight against corruption. By delving into the ethical aspects of diplomatic and economic protocols, the article seeks to contribute to a deeper understanding of the values that underpin international interactions. It emphasizes the importance of fostering ethical practices in diplomacy and economic relations, ultimately striving to create a global landscape that values fairness, responsibility, and mutual respect. The current significance of business protocol is underscored in light of its strategic importance in facilitating effective communication and collaboration between nations and businesses. The challenges faced by business protocol in the modern global business arena are thoroughly scrutinized, addressing issues such as cultural diversity, technological advancements, and the need for constant adaptation. In summary, this comprehensive analysis contributes to a nuanced understanding of the multifaceted role of business protocol in international economic relations, shedding light on its historical roots, contemporary significance, and the evolving challenges it faces in the globalized business landscape.

The Impact of the Federal Funds Rate Hike on Chinese and U.S. Financial Markets

On March 16th, 2022, federal funds benchmark rate was increased by 25 basis points, to the range of 0.25% to 0.50%, by the U.S. Federal Reserve (Fed) , after seeing Russias war on Ukraine as a potential risk producing higher inflation and decreasing both national and international economic activities. The first increase in federal funds rates since 2018 was followed by the immense increase in rate. Until November 2022, the Fed has raised the federal funds rate seven times, leading impacts on many fields, including the financial markets in both U.S. and China. This paper selects two well-known financial indexes, representing the market performance of both Chinas stock market and U.S. stock market. Since the exchange rate is highly sensitive to interest rates. After the raise in the benchmark of federal funds rate, U.S. dollar has appreciated, and Chinese Yuan has depreciated. This paper introduced the exchange rate as the media to reflect the impact on the Chinese stock market by federal funds rate hikes. After intercepting the stock data from 2 years after the Great Depression till one month before the first federal funds rate hike, this paper constructs ARIMA model to analyze the impact on each stock market by federal funds rate hike, and forecast their further performances, providing suggestions to investigators in the U.S. and China.

The Impact of COVID-19 on Trade Performance in the World Economy

The COVID-19 pandemic significantly disrupted international economic activities. This study examines its impact on the world economy, analyzing different regions and income groups separately. The empirical findings reveal that COVID-19 had a negative and substantial impact on global trade performance. Surprisingly, high-income countries experienced a positive impact on trade due to COVID-19, showing greater adaptability and, in some cases, emerging as exporters of medicines and COVID-19-related products. In contrast, middle-income and low-income countries did not observe any significant impact on trade performance from COVID-19. This finding implies that trade deterioration during the pandemic might be attributed to mediating factors rather than the direct influence of COVID-19 itself. Furthermore, when examining the effects by region, the results are mixed, reflecting the diverse characteristics of different regions. Consequently, it becomes evident that the COVID-19 pandemic has exacerbated existing inequalities, with the trade performance of affluent and advanced countries being the least negatively affected. In conclusion, the COVID-19 pandemic had far-reaching consequences on global trade, impacting various regions and income groups differently. The study highlights the need for targeted policies to address the disparities in trade performance and foster a more resilient and equitable global economy.

Agricultural Products Export as a Source of Strengthening International Economic Potential of Russian District (on the Example of Stavropol Region)

Introduction. An essential component of regional economics of the South of Russia (including North-Caucasus Federal District) constitutes an agricultural sector as the core of agro-industrial complex. This factor is decisive in the formation of a system of internal economic relations of regions and their international economic activity. For scientific support of the strengthening and stable growth of the welfare of the subject of the Federation, it seems important to pay attention to the study of the source of this welfare - the regional foreign economic potential. The purpose of the article is to study the impact of agricultural exports on the foreign economic potential of Stavropol Region and to develop a set of measures aimed at strengthening the influence of this factor. Methods. The paper is based on literature review of state and prospects in regional agriculture and agro-industrial complex in general, using the example of a subject of the North Caucasus Federal District - the Stavropol Region. The authors relied on works published in scientific publications. The selection of sources was carried out in scientometric databases using search queries containing synonymous constructions. Results. The article analyses the dynamics of foreign economic activity of economic entities in Stavropol Region over the past five years. A comprehensive study of international economic potential of the region and its agro-industrial complex is presented. We formulated the main directions and organizational measures in improving the international economic activity of Stavropol Region taking into account the main state regulator in the study area - the Ministry of Economic Development of Stavropol Region. Conclusions. The export of agricultural products is one of the most important factors in strengthening and developing the international economic potential of Southern regions of Russia, and requires special attention from the state regional authorities.

Modeling nonlinear urban transformation, natural resource dependence, energy consumption, and environmental sustainability

Despite resonant advancements in promoting the Sustainable Development Goals (SDGs) designed by the sustainability think tank, the United Nations, anthropogenic emissions remain a persistent impediment to the realization of climate change mitigation. This study investigates the heterogeneous impacts of nonlinear urban transformation, natural resource dependence, and energy consumption on environmental burden across China's provincial development levels in the presence of industrial investments and international economic activities. We employ advanced econometric strategies based on various samples of 31 Chinese provinces from 2005 through 2018 to yield novel empirical results. Firstly, natural resource dependence and energy consumption increase the environmental burden with declining degrees of influence from the highest level of development (HLD) through the low level of development (LLD) in both aggregated and disaggregated panels. Secondly, in aggregated panels, an inverse U-shaped link between urban transformation and environmental burden only prevails for the national dataset and east zone (i.e., HLD). Urban transformation unveils an environmental burden mitigation impact in the HLD region for disaggregated panels. While it manifests an environmental burden promotion impact in the LLD provinces, mixed effects of urban transformation are observed across the medium level of development (MLD). Among other critical variables, industrial investments aggravated the environmental burden with the most intensive impact in HLD and the least intensive in the LLD region. Furthermore, foreign investments and international trade reduce the environmental burden for HLD, whereas it boosts the same for LLD and MLD. Besides, economic performance induces mixed influence across various levels of development. Finally, the provincial findings for high, medium, and low development levels demonstrated consistency with the theory of environmental transition, ecological modernization theory, and compact city theory. We suggest that energy and natural resource conservation and planned urban transformation with sustainable energy pathways could accomplish the SDGs, especially SDG-13 and SDG-7.

Шляхи підвищення ефективності збутової діяльності підприємств харчової промисловості України в умовах міжнародної економічної діяльності

The food industry in Ukraine is a significant contributor to the country's economy, with a range of products that cater to both domestic and international markets. However, the increasing competition in the global market and the changing consumer preferences have made it challenging for enterprises in the food industry to maintain and increase their sales efficiency. This article aims to address this challenge by exploring the ways in which enterprises in the food industry of Ukraine can enhance their sales activities in the context of international economic activity. The article starts by discussing the key factors that affect sales efficiency, such as product quality, pricing, distribution, promotion, and customer service. These factors are crucial for enterprises to consider when developing sales strategies and tactics. The article then reviews the existing literature on sales strategies and tactics that can be applied in the food industry. Based on this review, the study identifies the most effective sales strategies in the food industry, which include product differentiation, cost leadership, and customer intimacy. The research methodology includes a combination of theoretical approaches, including a literature review, expert interviews, and statistical analysis. The results indicate that the implementation of a customer-centric approach to sales, the use of modern marketing tools and techniques, the development of a strong distribution network, the optimization of pricing strategies, and the continuous monitoring and analysis of sales performance can improve the sales efficiency of enterprises in the food industry. In conclusion, the article provides practical recommendations for enterprises in the food industry of Ukraine to enhance their sales activities in the context of international economic activity. These recommendations can help enterprises develop effective sales strategies and tactics, adapt to changing market conditions and customer preferences, and continuously improve their sales performance. Overall, the article contributes to the literature on sales efficiency and can be useful for managers, marketers, and researchers in the food industry and related fields.

Развитие промышленности и предпринимательства в текущих реалиях: взгляд бизнеса

The paper considers development of industry and entrepreneurship in the current conditions from the business perspective. Despite tough sanctions most companies rate their work as successful, noting effective business support programs (the work of the Industry Development Fund and the Russian Export Center in particular). The main challenges that need to be addressed include: rising producer prices and rates of natural monopolies, difficulties in attracting funding, high debt burden, poor quality of collateral, lack of guarantees and bonds, obstacles in international economic activity, lack of personnel. The author emphasizes the need to encourage private investment and strengthening cooperation between business and government. Adjustments to legislation is proposed, specifically tax regulation.

Relating economic openness and export diversification to eco‐efficiency: Is green innovation critical?

AbstractA critical debate on whether macro economies would achieve sustainability targets via green innovations could reach some informed consensus, given it is explicit how those innovations, directly and indirectly, interact with both economic and ecological systems through international economic activities. To unriddle this puzzle, this work is the initial attempt to examine how green innovation moderates the influence of economic openness and export diversification on eco‐efficiency in selected 13 European Union (EU) economies from 1995 to 2014. We employ advanced second‐generation econometric approaches robust to cross‐section dependence, slope heterogeneity, and the omitted variable bias concerns in panel data. The main results are firstly, economic openness and export diversification tend to deteriorate eco‐efficiency in the absence of a green innovation moderator. Secondly, in green innovation moderation models, both economic openness and export diversification are likely to improve eco‐efficiency. Thirdly, green innovation not only directly promotes eco‐efficiency but also positively moderates the influence of economic openness and export diversification on eco‐efficiency. Fourthly, a one‐way causality exists from green innovation moderators to eco‐efficiency, while economic openness, export diversification, green innovation, and other control variables establish a two‐way causal relationship with eco‐efficiency. Finally, for green innovation in place, the policy shocks of economic openness and export diversification are predicted to achieve the eco‐efficiency effects in more than 1 year in the EU members, while green innovation catalyses this convergence speed. Besides, economic openness and export diversification policies should be integrated with the green innovation framework to achieve eco‐efficiency for sustainable development

Legal Framework for Regulating Customs Activity

Introduction . At the present stage of international economic relations, the issue of efficient legal regulation of customs activity is particularly acute. Over the past few years, Russia has faced the challenge of economic sanctions on behalf of a number of unfriendly countries. Transparency of the regulatory framework and thorough elaboration of the fundamental provisions of the customs law will allow building a clear and efficient interaction between the customs authorities of the Russian Federation and the participants of the international economic activity (hereinafter - IEA), the Russian companies and the customs authorities of the Eurasian Economic Union (hereinafter - EEU) member states. The aim of this study is to analyse the legal framework for regulating customs activity and to find out the challenging aspects. The working hypothesis relies on the system of theoretical and methodological provisions and scientific knowledge, indicating the need in further elaboration of the customs legal documentation to ensure the modern approaches regulating the relations between the customs clearance and control processes participants. Materials and Methods . In the course of the research, general scientific and specific scientific methods were used, in particular, the method of dialectical materialism, the system analysis, logical, statistical methods and the method of comparative jurisprudence. Results . The carried out analysis of the regulatory legal framework in the field of customs activity entitles to state the insufficient elaboration of the certain issues, both the ones falling within competence of the Federal Customs Service and the ones generally referring to cooperation with the EEU member states in the field of customs activity. Discussion and Conclusions . In the course of the study, the following problematic aspects were identified. Since insufficient attention is paid in scientific circles to studying the forms of interaction between the tax and the customs authorities of the Russian Federation, the attention is focused on their distinctive features and the recommendation is given to continue collaboration of the Federal Customs Service of Russia (hereinafter – FCS of Russia) and the Federal Tax Service of Russia (hereinafter – FTS of Russia) on creation of the unified data bank designated to testify performance of the export-import operations by the international economic activity participants. Due to the fact that under current conditions, the special attention is paid by the customs authorities to the post-control issues in the frame of the in-office audits, the need to bring the customs and tax legislation into compliance taking into account the results of the in-office audits has been identified. It is necessary to accomplish the regulatory framework enabling implementation of the customs procedure "temporary import (admission)" for individuals with dual citizenship, and to refine the legal basis for the international economic activity participants to provide the documents additionally requested during the customs control. The issue of efficient interaction between the customs authorities and the standardisation and certification authorities during the preliminary customs declaring procedure should be elaborated. It is expedient to continue formation of the EEU digital space and digital infrastructures along with implementation of the advanced information technologies.

Application of the Internet of Things and 6G Cellular Communication to Optimize Accounting and International Marketing

Digitalization of marketing forms preconditions for personalization and individualization of advertising promotion of goods (works, services). Databases about consumer preferences and market situation are at the disposal of major international corporations, which makes it difficult for advertisers and admen. It is envisaged that the development of technologies of the Internet of Things (IoT) and 6G cellular communication should change the situation in the field of processing and using information for accounting, management and marketing purposes. The purpose of the scientific research lies in optimization of accounting and international marketing in terms of determining income, expenses and, accordingly, profits from the lease of commercial and advertising space in all international participants of lease relations on the basis of information generated by innovative technologies of the Internet of Things and cellular communication of the sixth communication generation. In particular, the method of using technologies of the Internet of Things and 6G cellular networks was developed for obtaining information about the movement of visitors of commercial establishments and their consumer preferences. The procedure for recognition and accounting of all market participants’ income, expenses and, accordingly, financial results from the lease of commercial and advertising space has been developed, including operators of commercial establishments, advertisers, admen, and leasers. The organization of accounting the lease of commercial and advertising areas as part of international economic activity of enterprises has been optimized by providing international access to information and software and technical resources of the Internet of Things and cellular communication. Management decisions have been made as a reaction to information from a database about visiting commercial establishments. Based on the authors’ proposals, the order of circulation of accounting and management information and funds from buyers to operators of trade networks, trade establishments, advertising agencies and, finally, producers of goods (works, services) are proposed through the systems of international information relations that form a closed cycle of economic activity at the global level and require further scientific research.

The Linguistic Characteristics of English Translation of Business Contracts under Functional Equivalence Translation Theory

With the continuous acceleration of the globalization process and the continuous improvement of China’s international status, an open China holding high the banner of win-win cooperation is actively participating in international economic and trade activities. Business contracts provide guarantees for maintaining business relationships and conducting business activities. Therefore, drafting, negotiating and signing commercial contracts have become an indispensable link. English business contracts have their own unique stylistic characteristics - contract body, which belongs to legal texts. Accurate translation of business contracts is the key to reducing trade risks, reducing legal disputes, and ensuring that property and other interests are not infringed. In short, the translator needs to consider the problem mainly from the perspective of communicative function in the translation process. From the perspective of “functional parity” translation theory, this thesis analyzes the linguistic characteristics of English-Chinese business contracts, combines the examples of English business contract Chinese translation, discusses the guiding significance and specific application of “functional parity” translation theory in business contract translation activities, and on this basis, puts forward translation strategies of English business contract translation, in order to provide reference for the accuracy and professionalism of English business contract translation.