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Ensuring sustainable foreign economic relations of countries at the forefront and outskirts of the European Union

Vol. 16, Iss. 10, OCTOBER 2020

Received: 13 July 2020

Received in revised form: 30 July 2020

Accepted: 16 August 2020

Available online: 15 October 2020

Subject Heading: INTERNATIONAL ECONOMIC RELATIONS

JEL Classification: F02, F15, F55

Pages: 1980–1996

https://doi.org/10.24891/ni.16.10.1980

Malakhova T.S. Kuban State University (KubSU), Krasnodar, Krasnodar Krai, Russian Federation
malakhovats@mail.ru

https://orcid.org/0000-0002-5971-8178

Subject. Foreign economic and trade ties among countries are getting tighter and less predictable in the early 21st century. This directly stems from a growing disparity of partners, especially if it goes about their future cooperation as part of integration groups or international organizations. Communities of experts suggest using various approaches to locally adjusting integration phases, especially implementing the two-speed integration in the European Union.
Objectives. The study is an attempt to examine an improvement of foreign economic cooperation and suggest its implementation steps for the European Union. This all is due to considerable inner controversies and problems within the EU, which grow more serious year by year.
Methods. The methodological framework comprises the historical logic, dialectical principles, scientific abstraction method. The process and system approach was especially important for justifying the implementation of the above steps. It was used to examine foreign economic relations of partners in the European Union.
Results. The article sets forth the theoretical and methodological framework for the geostrategic economic bloc, including a conceptual structure model. I present steps to implement a foreign economic cooperation of partners in the EU in terms of its form.
Conclusions and Relevance. Should the form of the foreign economic relations among the EU countries be implemented, counties at the periphery of the EU will be able to become active parties to the integration group.

Keywords: European Union, geostrategic economic bloc, integration, world economy, inequality

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