Main Partners Research Articles

An empirical analysis of Colombia's trade liberalization process and its effect on the equilibrium of its structural trade deficit

AbstractThis article examines the extent to which Colombia's trade liberalization, as a government strategy to boost its exports, has helped to balance its structural trade deficit. Based on the trade gravity model theory, we derive two‐way specifications (Colombian exports and imports) in order to analyze bilateral trade flows (fuels and non‐fuels) between Colombia and 136 countries from 2005 to 2018. Additionally, we compare the real export performance of Colombia with its main partners through the trade potential index (TPI), to assess the effect of Colombia's openness on bilateral trade. The econometric approach indicates that the free trade agreement (FTA) factor has a negative net effect on Colombia's exports and a positive net impact on Colombia's imports. Finally, the TPI analysis allows us to infer that although there is an evolution towards the intensification of Colombian trade, this trend is greater in imports than in exports, which suggests a deepening of the Colombian trade deficit.

International trade between Hungary and Russia within the development of the pharmaceutical industry

The global pharmaceutical market is one of the most innovative and dynamically developing sectors of the global economy. In addition, this industry can be considered highly profitable. Its role has especially increased in the context during the coronavirus pandemic. This article examines trade relations between Russia and Hungary in the pharmaceutical sector. For the Hungarian economy, the pharmaceutical industry is one of the traditional and most innovative sectors of the economy: about 86% of the manufactured products are exported. Hungary is among the top 20 largest exporting and importing countries of pharmaceutical products. The main partners of Hungary are the EU countries. Russia remains an important partner of Hungary in the export of pharmaceutical products, however, it we should note the downward trend of the Russian share in Hungarian exports, due to the sanctions policy on the part of the EU. After the imposition of sanctions in 2014, the growth rate of the Russian pharmaceutical market slowed down, which also negatively affected the volume of trade cooperation with European partners. Russia has traditionally been a major importer in the global pharmaceutical market. An important problem is the reduction of drug import dependence and the expansion of exports. For Russia, this will be possible thanks to the development of unique innovative products. Hungary is an attractive country for the development and expansion of Russia's trade relations in the global pharmaceutical market. For both countries, the pharmaceutical industry is strategically important. The situation with the coronavirus pandemic has shown that political differences can be leveled. Hungary became the first European country to conclude a contract with Russia for the supply of Sputnik V coronavirus vaccine. Thus, there is a high economic potential to make up for the lost pharmaceutical relationship between the two countries.

Stimulating Non-Energy Exports in Trinidad and Tobago: Evidence from a Small Petroleum-Exporting Economy Experiencing the Dutch Disease

The motivation for this study hinges around the fact that Trinidad and Tobago (T&T) is suffering from the Dutch disease which inadvertently hinders the growth of non-energy exports. This paper examines measures that can be adopted for a small petroleum-exporting economy to dampen the effect of Dutch disease by promoting non-energy trade. This paper is novel and contributes to the literature in using panel data for the T&T case, as it investigates the effect of a devaluation of the TT dollar in order to stimulate non-energy exports (a combination of agriculture and manufacturing trade). Note that previous studies would have examined the Marshall–Lerner condition on the aggregate trade balance which is heavily influenced by energy revenues. The panel autoregressive distributed lag (ARDL) method is used for ten of T&T’s main trading partners for the period 1991 to 2019 to establish findings. The results show that the Marshall–Lerner condition does not hold for aggregate trade in the long run, as expected. However, when non-energy trade is isolated, it is found that a devaluation of the TT dollar does have a positive impact on non-energy trade and the Marshall–Lerner condition holds. Other measures are also recommended to stimulate non-energy exports in the long run.

Empowerment of fishermen in managing processed Rebon Shrimp-Based Food Products in Coastal "Communities"

The fishing community is one of the communities identified as poor, about 90% of the 16.2 million people are below the poverty line, the abundant marine wealth should be able to support the economy, but in reality it is not as expected. Poverty experienced by the community has an impact on the health status of the family including the inability to access health facilities, Chronic Energy Deficiency in pregnant women and malnutrition in children. Rebon shrimp is a marine product that contains multi micronutrients, has direct benefits for health and can be processed into various products. Raw rebon shrimp in the market are sold at very cheap prices ranging from Rp. 60,000- s/d 90,000/ Kilo, the fragrant and distinctive smell has its own charm, but the low knowledge of mothers in producing household processed food products, product packaging, business licensing, and marketing of products is a common obstacle to product development. nutritious and hygienic. For this reason, through this Community Service activity, training on Food Product Processing made from rebon shrimp will be carried out which can help increase family income. The main target partners include women fishermen, head of RT, head of RW, TP-PKK, Posyandu cadres, while supporting partners are the head of the West Sorong District, Department of Health, Health Polytechnic of Sorong and the Department of Industry. The implementation time is 2 days, starting on June 10, 2021 until June 11, 2021. Mandatory output results in the form of scientific publications in accredited national journals. While the additional output in the form of intellectual property rights.

Geopolitical Resonance of the VI All-Belarusian People’s Assembly

This work is aimed at studying the results of the VI All-Belarusian People’s Assembly.Aim. Determine the geopolitical dimension of the VI All-Belarusian People’s Assembly as an integration project of the Republic of Belarus.Tasks. To study the nature of preparation in the Republic of Belarus for the VI All-Belarusian People’s Assembly. Analyze the main provisions and conclusions of the report of the President of the Republic of Belarus A. G. Lukashenko and speakers at the Meeting. To generalize the geopolitical dimension of the results of the VI All-Belarusian People’s Assembly.Methodology. Study of documents of the VI All-Belarusian People’s Assembly on the basis of information and analytical technologies, including the provisions of critical geopolitics and high-quality content analysis.Results. None of the previous similar forums received such a noticeable political resonance at the preparatory stage and was not subject to oblivion after its end. Thorough preparation, the study of public opinion, the preceding broad national dialogue determined the main distinguishing feature of the Assembly. The composition of its participants quite fully reflected the social structure of the entire Belarusian society. The nature of the discussion at the Meeting was det ermined by the report of the Head of State. The overwhelming majority of delegates, showing a high level of geopolitical selfidentification, supported the main conclusions and provisions of this report. During the discussion at the Meeting, the question arose about the geopolitical security of the Republic of Belarus in a new geopolitical configuration in Europe. The assessment of Russia as the main geo-economic partner and geostrategic ally is given. The position of the delegates in relation to strengthening the efficiency of public administration and, accordingly, the geopolitical position of the Republic of Belarus has been determined.Conclusions. The geopolitical significance of Belarus today lies in the fact that it is acquiring the image of a full-fledged designer of the Eurasian space. The VI All-Belarusian Assembly became a special forum in the modern history of the republic, which took place in the fateful period of the development of Belarusian society. The VI All-Belarusian People’s Assembly became an indicator of the understanding of the Belarusian society of the geopolitical future of their country, the abili ty to “rise” to the geopolitical level of assessing the current situation, both in the republic and in the wo rld as a whole.

Nonhuman Images: Environment and Emotion in Two Films by Viera Čákanyová

Two films by Viera Čákanyová portray the momentous yet fragile landscapes of Antarctica. Frem (Slovakia 2019) depicts vast and arid vistas from the perspective of a drone whose movements are based on artificial intelligence algorithms. White on White (Slovakia 2020) was shot during the same expedition; this time the camera is held by Čákanyová. We see two quite different types of cinematography: one is a neutral, emotionally detached, machine-like view; the other is embodied, vulnerable and affective. A seal bleeding on an ice floe, a melting iceberg crumbling into the sea, a human seeking shelter in the biting cold – the scenes provide the viewer with very different potentialities for emotional responses depending on whether the camera is held by a human hand and guided by a human eye, or the gaze is that of a drone guided by computational algorithms. In this paper, I will examine the following questions: What role does imagining the non-human, the superhuman or the beyond human play in our visual culture? Does the gaze of the machine provide us with something useful? Or does it deprive us of something that is needed for us to understand our position in the world? Čákanyová’s films are my main discussion partners in investigating these topics. My conclusions are inspired by Merleau-Ponty’s redefinition of our relationship with nature. He writes about the non-human, not as a result of transcending human experience but rather as an acknowledgement of our kinship with and immersion in nature.

DYNAMIC AND STRUCTURAL DISPROPORTATIONS OF THE BALANCE IN FOREIGN TRADE IN TEXTILE GOODS OF THE EAEU AND BELARUS

The article is devoted to the study of the balance of foreign trade in textile goods (C13) in two directions: on the one hand, the EAEU in mutual trade and with third countries, on the other hand, Belarus in mutual trade with the EAEU member states and third countries. A comparative analysis of the dynamics and changes in the structure of key indicators of foreign trade in the context of the main commodity groups, goods and key foreign trade partners has been carried out. The author identified the reasons and factors that have a negative impact on the dynamics of the balance of foreign trade in textiles between the EAEU and Belarus in order to make management decisions.

Китай накануне 20-го съезда КПК

In the last quarter of 2021, a number of important events that consolidated the previously outlined trends in China’s development took place but with new significant nuances. In early November, the 6th plenary session of the 19th CPC Central Committee was held in Beijing, at which, in the official interpretation of the Communist Party of China, the “third historic resolution” was adopted. In fact, it formalized Xi Jinping’s monopoly on political power on the eve of the 20th CPC Congress scheduled for autumn 2022, at which Xi is planned to be re-elected as the CPC General Secretary for a third term. In mid-November, an online Summit of Xi and Joe Biden took place, confirming the current course of both sides to develop relations with a “new bipolarity in the context of globalization” emerging around the Sino-American confrontation. In December, the white paper titled “China: Democracy That Works” was published in Beijing. In parallel with the increasing intensity and scale of China’s propaganda and diplomatic offensive, it revealed a new detail in Beijing’s approaches to bipolar confrontation with the United States – namely, the inclusion of the topic of “democracy” and “value orientations” of world development in the sphere of confrontation. New peculiarities have emerged in the economy. At the December economic meeting of the CPC Central Committee, the views of the Chinese leadership on the country’s near economic future were presented to the public much more cautiously than before. In Chinese foreign policy propaganda, the role of China’s main partner in the fight against American hegemony, through which Beijing seeks to strengthen the “Chinese pole” of the “new bipolarity”, is assigned to Russia. In addition to the growing volumes of economic and military cooperation and political interaction, Beijing counts on Moscow’s support in matters significant for active Chinese diplomacy in promoting Chinese ideas of democracy and the “Community of Common Destiny for Mankind” theory as the most important universal reference point in the world ideological and political space.

Анализ динамики производственных связей стран Балтии с Россией

Russia and the Baltic States have a long-standing relationship of industrial specialisation, cooperation, division of labour and trade exchange, all dating back to the Soviet Union. Today, this relationship is facing a tough test amid political and ideological challenges and risks. The last two years have seen a profound and large-scale crisis caused by the global COVID-19 pandemic. Overall, the production linkages between Russia and the Baltic States have adapted in response to the existing problems, remaining resistant to the geopolitical and pandemic shocks. This article examines the production linkages between Russia and the Baltic countries, investigating the export-import flows of consumer and intermediate goods in 2003—2020. A comparative study of the Baltic States’ production linkages with Russia and their main partners in the EU — Germany and Finland — is carried out. It is concluded that, before the introduction of sanctions in 2014 and the world trade crisis of 2015—2016, Russia was a more promising market than Germany and Finland for the Baltic States’ companies trading in intermediate goods.

Mongolian "Third Neighbor" Foreign Policy Concept: History, Features and Prospects

This article studies the history and features of the "third neighbor" concept, which has determined Mongolia's foreign policy since the 1990s, as well as the prospects for its change at the present stage. The author describes the circumstances of this concept’s emergence and the reasons for its adoption by the Mongolian leadership, then analyzes its characteristic features and its differences from the approaches of other "small states" pursuing foreign policy on the basis of the “multi-vector” principle. Among other things, the factors considered include the geopolitical situation in the region of Northeast Asia, the geographical position of Mongolia, its historical experience of being dominated by neighboring powers, the problems of its economy and the local elite’s desire to ensure the dominance of Western values in the country’s political life after 1990. The author proceeds to study the motives and approaches of the "third neighbor" states towards partnership with Mongolia, noting the transition from the preferential provision of humanitarian aid at the initial stage to the implementation of mutually beneficial projects since the early 2000s. Special attention is given to the gradually emerging differences between the interests and priorities of Western and Eastern countries in Mongolia. This is followed by an analysis of the prospects for the "third neighbor" concept and the challenges it faces, associated, in particular, with the ever-escalating confrontation between the collective West and Mongolia's closest neighbors — Russia and China. The author comes to the conclusion that third countries — primarily the United States —might, under certain conditions, try to force the Mongolians to choose between their main partners, just as it happened with certain other states close to Russia.

Das EU-Projekt DE4A – Überblick über die Inhalte und die österreichische Pilot-Beteiligung

The European project DE4A represents a research project (RIA) collateral with the implementation of the European Single Digital Gateway Regulation (SDGR). It focusses on the research fields of “Trust” and “Semantics”, combined with the application of the project-specific developments in three pilots, which are aligned to some extent with the SDGR procedures described in Article 14 and Annex II. Austria is involved as piloting partner with the Austrian Federal Ministry for Digital and Economic Affairs and the Austrian Federal Computing Centre (main partners). DE4A has been running since January 2020 and has shown significant progress and first results, therefore, it seems appropriate to introduce the project and some contentual approaches to a broader audience. DE4A pursues existing results deriving from European initiatives and regulations, like CEF and eIDAS, as well as preceding European projects, like TOOP, which results provide comparable and well-paired applications and standards. DE4A uses the former results to produce next-step-solutions. The approach of the project is demanding, but promises a significant progression to the realisation of the SDGR, overall the Once-Only-Technical-System (OOTS).

FIXING THE MIX

We are entering the end game for this Parliament and so it is now time to focus on the policy horizon. In the run-up to the next election, the government’s pieces will be moved by our fourth Prime Minister since the announcement of the advisory referendum on EU membership in February 2016. The rapidity in turnover of political leadership tells us starkly that there are deep problems with our economic and social performance, relative to expectations and to that of our main trading partners. The overriding narrative is of a kingdom of nations that have taken a huge step backwards in international standing and in the fulfilment of domestic objectives. At this historic moment with the accession of Charles III, we are not this time faced with post-war reconstruction, industrial decline, the need to deregulate or the need to hitch our colours to the rise of the City. It is more a problem of how to bring the country and devolved nations together and aim for economic and social progress for all. That implies both broadening our regional focus and narrowing our gambit to what institutions and policies the UK needs as a small open economy in order to deal with a global economic situation we must take as given and no longer made in our image. No new IMF or World Bank would, for example, offer the UK a seat at the top table, which was certainly the natural order in the first half of the twentieth century.

The Pacific Alliance and ASEAN: opportunities and challenges in the strengthening of ties

ASEAN countries have a limited impact on the trade of Pacific Alliance (PA) countries, although Chile and Peru have trade agreements with some of them. However, and parallel to an incipient growth in trade flows, there have been initiatives aimed at tightening links, both bilaterally and inter-regionally. The PA has stated its aim, in its Vision 2030, to promote external and inter-institutional relations, including deepening economic–trade cooperation with ASEAN. The objective of this study is to carry out an analysis of the trade and political ties between the Alliance members with the main ASEAN partners—Vietnam, Thailand, Indonesia, Malaysia, the Philippines and Singapore—taking into account the opportunities and challenges that arise. The research is descriptive based on a qualitative methodology that draws on the collection and interpretation of data, mainly secondar. In this regard, the documentary observation and document analysis techniques are used, among others.

THE FOOD ASPECT OF THE AUSTRALIA–CHINA TRADE DISPUTES

Australia–China bilateral relations have been business oriented and pragmatic for at least 30 years. However, the period of 2019 – mid-2022 brought a more emotional political component to the interaction of the two countries. Contradictions began to accumulate between Australia and China, including those related to the vision of the future of the AsiaPacific, which subsequently turned into an urgent confrontation. Australian academic and political circles have long feared that China might take advantage of the status of the main Australia's trading partner and use the "trade punishment" measures amid growing diplomatic tensions between the two countries. The events of the past two years have made it possible to analyze these concerns in practice and determine the place of the food issue in Australia– China trade disputes. The provisions and conclusions presented in this article are based on official documents, news agency reports, as well as research by Asia-Pacific scientists.

Trade Flows Between the European Union and the Eastern Partnership Countries: Dynamics and Prospects

The Eastern Partnership is a part of the European Neighbourhood Policy focusing on the EU’s Eastern neighbours. Its main objective is to deepen the political and economic integration of the EU with six countries in Eastern Europe and the South Caucasus: Armenia, Azerbaijan, Belarus, Georgia, Moldova and Ukraine. The aim of this paper is to assess the development of EU trade relations with Eastern Partnership Countries from 2002 to 2021 and to indicate its prospects. The results show that the EU is in a group of main trading partners of the Eastern Partnership countries. The EU noticed both: a trade surplus with Belarus, Georgia, Moldova, Ukraine and Armenia (except in 2005); and a trade deficit with Azerbaijan. The volumes of imports and exports had increased over the years which also led to better economic integration with the EU. However, the future EU-Eastern Partnership trade characteristics and dynamics remain unknown due to the Russian invasion on Ukraine that caused troubles in trade flows in Ukraine and economic sanctions on Russia and Belarus.

Iran’s position on Afghan settlement

The article notes the relevance of the problem of the Afghan settlement for Iran in the light of the radical changes that have occurred in Afghanistan after the rapid escape of the United States and its allies from Afghanistan and the rapid seizure of power in Kabul by the Taliban. The main factors, that force Iran to pay serious attention to solving the crisis in Afghanistan, are considered. The long land border with Afghanistan makes it difficult to control the situation at the border and illegal migration. Due to the ongoing anti-Iranian sanctions of the West and the lack of progress in negotiations on the revival of the JCPOA, Iran has to pay more attention to the development of cooperation with neighboring countries, including Afghanistan, which is one of Iran's main economic regional partners. Iran wants to play a leading role in the Afghan settlement process. Tehran is actively participating in the work of the Shanghai Cooperation Organization and other international organizations to resolve the Afghan crisis. Iran proposed to the UN to hold an international donor conference on Afghanistan and also to increase financial assistance to Iran to compensate costs connected with the accommodation of Afghan refugees. For this purpose, Iran also maintains regular bilateral contacts with all neighboring countries. Iran, on the one hand, seeks to prevent a new wave of Afghan refugees, smuggling of drugs and weapons into its country, and, on the other hand, intends to resume and expand economic cooperation with Afghanistan.

The role of international standards in improving labour law of the Republic of Kazakhstan to ensure the well-being of society

The striving of the Republic of Kazakhstan for international integration and entry into influential international structures is impossible without the introduction of advanced experience in the field of labour law. Therewith, the labour law of each country is a unique and very broad branch of law; therefore, for the purposes of this study, such parameters as wages, provisions on weekends and holidays, as well as the issue of concluding and terminating an employment contract as the most fundamental labour law issues. To achieve the objectives of the study, the comparative method is used as the main one, both in horizontal and vertical as-pects. At the same time, the classical inductive method is used to formulate many provisions as an addition. For comparison, the authors of the study take the expe-rience of the United States, Russia, and China as the main trading partners of Ka-zakhstan, relations with which are of decisive importance for the country. From the stated provisions, it was concluded that the labour law of the Republic of Ka-zakhstan is quite progressive, although they need to be adjusted. Among the ana-lysed provisions, first of all, it is necessary to correct the size of the minimum wage, as the most important economic and legal indicator, and also to consider the pos-sibility of extending the minimum paid leave from 24 to 28 days. Therewith, the provisions on a written employment contract and the protection of employees from unjustified dismissal are quite progressive.

Болевые точки Пекина – 3 (Смена экономической модели и внешнеполитические риски)

The consequences of COVID 19, both inside and outside China, especially in the countries – major importers of Chinese products, have negatively impacted the Chinese economy. These negative socio-economic consequences forced Beijing to accelerate the transition to a relatively new economic development model, which was marked in the early 2000s. The main component of this model is the expansion of domestic consumption and, accordingly, a further increase of the contribution of this indicator to the Chinese GDP itself and of its growth rate. However, this does not mean that China will abandon economic expansion and the implementation of its foreign economic and initiatives. Their importance as structural parts of the new economic model will continue and even grow. The acceleration of the transition to the dominance of domestic consumption in economic development is additionally conditioned by the foreign policy deadlock in which China found itself at the end of 2020. Despite the world’s fastest economic recovery from the COVID 19 pandemic, China has been unable to take advantage of this advantage effectively. Chinese “mask” diplomacy did not bring the desired results for Beijing – the PRC was not able to raise the leader’s torch temporarily lost by the United States. On the contrary, under the influence of Western propaganda, the contradiction in the perception of China as “our own” in the market sphere and “an alien” in the sphere of ideology has intensified. At the same time, due to increased competition in high-tech markets, in particular, 5G communication technologies, the ideological “alienation” of China is beginning to be used by Western countries in market wars in their favor. The forecast of economic development both by international and Chinese experts assumes the growth rate of China’s GDP in 2021 will be in the range of 6–8%. In our opinion, this is an overly optimistic estimate, and the corresponding figure will probably be 5–6%. The PRC is entering the 14th Five-Year Plan amid greater uncertainty: the prospects for the recovery of the world economy as a whole and, in particular, of the main Chinese trading partners, are not clear; limited instability is possible due to the accelerated change in the model of economic development; the volume of Chinese GDP has reached more than 15 trillion USD, therefore, each percent of its growth has become significantly “heavier” and more difficult to achieve. At the same time, the primacy in economic recovery and the continued potential for the expansion of the Chinese middle class bring positive contribution to the economic prospects of the PRC.

СУЧАСНІ ТЕНДЕНЦІЇ СПІВПРАЦІ УКРАЇНИ ТА ЄС У СФЕРІ ЗАБЕЗПЕЧЕННЯ ЗОВНІШНЬОЕКОНОМІЧНОЇ БЕЗПЕКИ

The article examines modern trends of development of Ukraine's foreign economic activity as an important component of foreign economic security. The Law of Ukraine "On National Security" defines the fundamental national interests of Ukraine, through which the idea of foreign economic security of the state, because sovereignty and territorial integrity, economic development, close cooperation with European countries and organizations are possible through the development and implementation of effective public mechanisms in the fild of foreign economic security. It is noted that foreign economic activity is the basis for export-import operations, purchase and sale of goods and services, filling the budget, realization of national interests, ensuring economic security and more. It is established that Ukraine is an active participant in international economic activity. As of the beginning of 2022, Ukraine carried out trade operations with more than 170 countries. In 2021, compared to 2020, imports of goods increased by 34% to $72.84 billion, and exports - by 38.4%, to $68.07 billion. At the same time, in 2021 the export of Ukrainian goods and services to the EU reached $26.8 billion. The volume of imports of 27 EU countries to Ukraine amounted to $28.9 billion. The EU is Ukraine's main trading partner at the present stage. The article points out that as a result of hostilities there have been significant changes in Ukraine's foreign economic activity. Analysis of this impact on foreign economic security can be divided into the following groups of problems: the inability to carry out production; difficulties in ensuring the sale of goods; financial problems; difficulties in communications, investment and social projects. It is noted that in support of Ukraine, the European Union is lifting trade restrictions on Ukrainian exports. The abolition of customs duties applies to exports of industrial products, fruits and vegetables from Ukraine, as well as anti- dumping duties on steel imports. Thus, the European Union is trying to support Ukraine's economic system, create conditions for at least minimal development and economic activity.

Comparative Analysis of Macroeconomic Indicators of the EU and the USA

Relevance. At the beginning of the second decade of the XXI century. economic relations between the United States and the European Union continue to largely determine the development trends of the global economy and the world financial system. The stable dynamics of the transatlantic flows of goods, services and capital reflects the traditional proximity of the models of economic development of the United States and Western Europe, the stability of the existing ties, and the high effective demand of both regions for modern goods and services.The purpose is to carry out a comparative analysis of the macroeconomic indicators of the development of the EU countries and the USA.Objectives: consider the dynamics of the main macroeconomic indicators of the EU and the US from 2015 to 2020; to study and visualize the dynamics of GDP growth, GDP in PPP per capita, inflation in the EU member states for 2016–2020; investigate the dynamics of the total US government debt for 2015-2020.Methods. The method of statistical analysis of data from official government websites (European Parliament) and world agencies - Organization for Economic Cooperation and Development (OECD), Global-finances. The method of comparative analysis was used to compare real GDP, nominal GDP, GDP per capita, dynamics of changes in GDP EU countries and the USA in relation to previous years.Results. If we compare the development of the EU and the United States in terms of the main macroeconomic indicators, we can conclude that the countries have experienced periods of recession and stagnation in economic development to the same extent, including those associated with a lockdown and economic crises against the backdrop of a pandemic. However, in 2020, the countries showed a positive trend towards a reduction in negative GDP, including GDP in PPP per capita. The situation is more complicated in the United States, in terms of the size of the national debt.Conclusions. In modern conditions, the United States and the EU are still not only the main economic partners, but also the main competitors at the global level. The United States plays a leading role in international economic relations, but the United States has the largest trade deficit with China and the EU countries, therefore, in recent years, the idea of creating a free trade zone between the United States and the EU has been most actively supported (among business structures).