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Effects and Tendencies for International Economic Partnership Development at the Stage of Intensive Globalization

Author: Yelena L. Andreeva and Artyom V. Ratner

Abstract:

The paper looks at the tendencies for development of both regional economic integration associations and trans-regional (interregional) economic partnership. For each association the share of mutual trade is calculated and the effect of integration is determined through comparing the values of this share in 2013 and 1995. For instance, the analysis showed that the customs union of the Eurasian Economic Community demonstrates a positive quantitative integration effect despite the influence of the world economic crisis. As for the case of interregional economic partnership among BRICS countries the share of mutual trade is less substantial compared to the indicators of most integration associations. At the same time the article identifies and highlights such a peculiarity of this partnership as a higher dynamism of intra-group trade development including the trade with traditional integration associations, what speaks in favour of the prospects of this type of cooperation.

Keywords: international economic partnership; mutual trade; effect of partnership; regional integration associations; interregional partnership; Eurasian Economic Community; BRICS.