Russian foreign economic relations

Foreign economic policy in retrospective: advancement towards the open economy

Author: Obolensky V.P.

Th e article deals with the process of establishment and subsequent modifi cation of mechanisms and tools for management of foreign trade policy during the whole period of the market transformation of the Russian economy. Over of course of its two stages - spontaneous liberalization of the nineties and catch-up liberalization of the beginning of the century - the domestic economy has gradually transformed from the close one into the open and very sensitive to fl uctuations in external demand, world prices and foreign exchange rates. Th e comparative analysis allows to estimate the current state of the openness of the Russian economy. Th e article identifi es the factors that might slow down implementation of the policy towards further progress in the openness of the economy proclaimed by the government, which implies participation in preferential trade agreements while maintaining a primary focus in the integrational policy towards Eurasian economic union

Author: Khalipov S.V.

The article examines the subjects of customs law and customs regulation. The diff erence between the customs law and other legal instruments for customs activity is shown. Examination of the system of customs law is based on articles of the customs code of the Eurasian Economic Union. The structure of the customs code of the Eurasian Economic Union is analyzed, with its importance among other legal sources of customs regulation. Th e article provides examples of the WTO Agreement on Trade-Related Aspects of Intellectual Property Rights that were implemented into the customs code of the Eurasian Economic Union.

Foreign trade activity

International trade in consulting services

Authors: Zakharov A.N., Mirzoyan M.O.

In the article, the authors consider the dynamics of global exports and imports of consulting services; assess the dependence of direct foreign investment growth on the increase in the rendering of consulting services, confi rming it by the received correlation coeffi cient. Besides, the thesis about the high level of mutual specialization of the main exporters of consulting services is proved as the coeffi cient of rank correlation between exporters and importers of consulting services turned out to be relatively high. The authors underline two reasonable research directions: analyzing the possibilities of decision making on investment of capital means and researching the aspects of increasing the effi ciency of the invested funds. The role of investment climate for decision making on investment is emphasized with the importance considering investment risks.

International trade of energy resources on the eve of 2018

Authors: Ivanov A.S., Matveev I.E.

The present market of energy resources, notably oil, is bearing upon a pressure of many multidirected factors, and since mid-2014 the oil prices have been having falling with the overproduction. The growth rate of consumption of oil and gas decreased to 0,5% in 2016. Following their «America - First» slogan and stepping up their production the United States have intensifi ed their destructive infl uence on the market. Тhe article reviews the trends in production and consumption of the main fuels against a backdrop of exporters’ enhanced eff orts to balance the market. Th e agreement reached in December 2016 has not secured a rapid take off of prices, but has granted their consolidation on 2015 (pre-drop) level - over $52. By mid-January 2018 the oil price has come close to the level of 70 dollars. The article also contains statistics on balances of energy in respect of oil, gas, coal, nuclear energy, hydroelectricity, renewable energy and also net-exports and net-imports.

Integration of Uzbekistan into the international division of labor

Author: Ziyadullayev U.S.

In the article, the author analyzes a broad range of actions directed to create the institutional bases for integration of national economy into the global investment market according to Uzbekistan’s fi ve-area development strategy for 2017-2021. Signifi cant changes in the monetary policy tools in providing and attracting liquidity are revealed; broad application of market mechanisms of setting interest rates by commercial banks, including on loans; increases in transparency of the carriedout monetary policy for informing the population on the used tools and the expected results. The expediency of deepening cooperation with international and foreign state fi nancial institutions, the leading foreign companies and banks, ways to increase effi ciency of foreign investments, is proved. Special attention is paid to improvement of foreign economic activities of enterprises, transition from stimulating innovations to economic growth that could be strategically solved through enhanced opportunities for innovative potential fulfi llment, i.e. improving foreign trade activities and speeding up commercialization of innovations.

Foreign trade problems of Serbia with the EU and EAEU

Author: Maksakova M.A.

The article deals with prospects of Serbia’s participation in the European and Eurasian integration processes. The Eurasian Economic Union is actively expanding its cooperation with other countries, including far-abroad ones and strategically important partners in the Asian and Balkan directions. In 2016 the EAEU launched negotiations with Serbia on the subject of trade regime unifi cation and possibility of establishing a free trade zone. Th e author assesses the costs of Serbian integration into the EU as well as prerequisites and advantages of signing FTA between EAEU and Serbia.

Author: Golubchik A.M.

It has already been proved that exports of transport and freight forwarding services could bring signifi cant foreign currency earnings to the country. Russia with its unique geographical location is in an advantageous position to improve exports of transport services. Transportation and transit of foreign goods through Russia and providing transport and other services to foreign cargo owners may and even should become a source of serious foreign currency earnings. However, today these advantages are exploited quite insignifi cantly and very inefficiently. Th e country’s economy loses billions of US dollars each year. Moreover, we must recognize that the situation has not fundamentally changed in any better way over the last 15-20 years, but it has only worsened according to a number of indicators. In this article, the author makes an attempt to fi nd a logical explanation for this fact

Preparation for conducting business negotiations

Authors: Rubtsova T.I., Savinov Y.A.

In the article, the authors consider the infl uence of religious approaches to the behavior of the parties during business negotiations. In particular, they note the signifi cant role of religious customs, the need to respect the principle of respect for seniority and subordination, the importance of maintaining good relations with partners, regardless of the time spent, the relevance of an emphatically courteous attitude towards a partner. However, it is noted that clearly expressed courtesy is not a sign of expressing consent to the off er of a partner. Th e authors note the signifi cance of negotiation arrangements, in particular composition of the delegation members and the importance of small attributes, namely, compliance with the rules for the exchange of business cards

Improving the quality of exported goods in international trade

Author: Azam S.J.

Empirical studies confi rm that exports of more sophisticated products support economic growth more effi ciently than those of raw materials. In the meantime, improving the quality of exports can also be seen as a right tool for counteracting external shocks. The current research attempts to test this hypothesis based on cross-country econometric analysis using data for the period of the global fi nancial crisis of 2007-2008. The results show that the quality of exports indeed has a positive role to play in the dynamics of economic recovery. Based on the results of the study several measures to improve the quality of the export structure of Uzbekistan were developed.


Looking at the development of a country’s international specialization through the lens of money

Author: Rej A.I.

The review acquaints the reader with a book by M.A.Portnoy published in 2017 that off ers a new approach to the analysis of money as an economic phenomenon. Th e reviewed monograph tracks the evolution of money from “material trade-based” to “symbolic credit-based” and links the progress of the fi nancial system with changes in the functions of money. Distinction between “patronage” and “market” credit made in the book sheds new light on the ongoing debate on the optimal fi nancial structure for the economy. The concept of stages of a country’s integration into the world economy linking it to the development of money and monetary fl ows, measured by the country’s balance of payments, is of particular importance for experts in international economics. Th e book is recommended for practitioners, researchers, economics educators, students, postgraduates, and the general public.

Research reviews

Current state of the global arms market in 2016

Author: Stasevich A.S.

The state of the global arms market refl ects political situation in the world. An increase or decrease in the government military expenditure and arms production can drastically change the situation in a region or in the whole world, infl uence the political course of the importers, strengthen the potential of the confederation of states. The author provides an analysis of the arms market in 2016, revealing the main military expenditure trends as well as the main exporters and recipients and the position of the Russian Federation in the market.

New activity of the electronic trading companies

Author: Gililov I.R.

In the article, the author considers a new direction of commercial activity, which aims to encourage the transition of customers from online shopping to offl ine physically existing stores of real goods – online-to-offl ine shopping model. He analyzes the activities of trading companies of China ahead of fi rms from other States in the development and use of tools to stimulate buyers to go for making purchases in offl ine stores and in the application of this model of trade for the sale of goods and services. Particular attention is drawn to high activity of companies in various countries to use trading Internet sites of Chinese companies for sales of their products.


1 - 2018

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