Tendencies of development of the economies of the countries of Northern Europe in the framework of the EU and the prospects of development of trade relations with Russia and China
Importance The research examines trends in economic development of Northern Europe, considering prospects for trade relations with Russia and China. Objectives The objective of the research is to study the current foreign trade policy of the European Union on supporting weak economies and plans of using shale gas and oil. It also investigates scenarios when the economies of Northern Europe (Finland, Sweden, Denmark, Norway) may be damaged, and prospects for developing partnerships with those countries in relation to energy resource transportation to the Chinese market. Methods Fundamentals of the systems analysis and formal logic is a methodological underpinning of the research. I review whether it is reasonable and possible to establish partnership with Northern Europe. Results The research reviews the reasons why partnership relations could be beneficial for Northern Europe, and unfolds the scenarios when China may become a distribution market. Conclusions and Relevance Currently, the European Union foreign trade policy is not beneficial for the most powerful economies. The partnership scenarios are very likely to come true, thus providing China with a new energy supplier since China seeks to attract energy suppliers as many as possible. In the mean time, Northern Europe finds a new consumer market, with Russia and the countries of the Customs Union embarking on 'controlled' competition.
Keywords: European Union, shale oil, gas, market, transit
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