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Global Transformation as a Strategic Marketing Factor of Effective Management of Regional Foreign Economic Relations in Modern Conditions

Author

Listed:
  • T.S. Malakhova
  • M.Ya. Veprikova
  • A.A. Kovalenko
  • E.E. Udovik

Abstract

Purpose: This article aims to study and evaluate the foreign trade relations and marketing interactions of the EU countries, to identify problems and contradictions between partner countries in foreign trade. Design/Methodology/Approach: Foreign trade relations between developed and developing EU countries are becoming increasingly contradictory and complex. On this basis, the authors revealed a modern negative trend. It is the increasing import dependence of Central-Eastern Europe and South countries on foreign companies and organizations. This trend may be resulted in the degradation of key industries in developing EU countries. As a theoretical and methodological basis, authors use historical-logical, statistical and comparative analysis and the method of scientific abstraction. Findings: The proposed mechanism "consolidation of industry clusters" can be applied in the EU. Based on the identified problems and contradictions in the framework of integration, this mechanism will help to smooth out economic inequality between the EU countries. Practical implications: In practice, the authors talk about the consistent application of the foreign economic relations mechanism between countries within the framework of the integration group. This mechanism will allow to focus on the industry specialization of the partner countries in the association and allow the periphery countries to become active participants in the European market. Originality/value: Economic inequality between developed and developing countries of the EU affects foreign trade relations between partner countries, which can lead to the transformation of the integration group in the short and medium term.

Suggested Citation

  • T.S. Malakhova & M.Ya. Veprikova & A.A. Kovalenko & E.E. Udovik, 2020. "Global Transformation as a Strategic Marketing Factor of Effective Management of Regional Foreign Economic Relations in Modern Conditions," International Journal of Economics & Business Administration (IJEBA), International Journal of Economics & Business Administration (IJEBA), vol. 0(Special 1), pages 39-47.
  • Handle: RePEc:ers:ijebaa:v:viii:y:2020:i:special1:p:39-47
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    References listed on IDEAS

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    1. Malakhova T.S. & Dubinina M.A. & Maksaev A.A. & Fomin R.V., 2019. "Foreign Trade and Marketing Processes in the Context of Sustainable Development," International Journal of Economics & Business Administration (IJEBA), International Journal of Economics & Business Administration (IJEBA), vol. 0(Special 2), pages 195-202.
    2. Felipe Pazos, 1953. "Economic Development and Financial Stability," IMF Staff Papers, Palgrave Macmillan, vol. 3(2), pages 228-253, October.
    3. Bernard Henri Nicot & Fiona Wishlade & Laurent Davezies & Douglas Yuill & Sandra Taylor & Rémy Prud' Homme, 1998. "Economic and social cohesion in the European Union: the impact of Member States' own policies," Post-Print hal-01138700, HAL.
    4. J. K. Galbraith, 1951. "Conditions for Economic Change in Underdeveloped Countries," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 33(4_Part_2), pages 689-696.
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    Keywords

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    JEL classification:

    • F02 - International Economics - - General - - - International Economic Order and Integration
    • F15 - International Economics - - Trade - - - Economic Integration
    • F63 - International Economics - - Economic Impacts of Globalization - - - Economic Development

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