Modern international economic relations in the context of political risks and global geo-economic factors

Abstract

Introduction: International trade is the main direction of development of international economic cooperation and formation of the world economic space. Given the relevance of the study, the purpose of the research is to identify current trends in the development of international economic relations and develop ways to improve the efficiency of international activity of European countries and the world. Methods: In the process of conducting the study, general scientific methods of analysis, synthesis, generalisation, and systematisation were applied. Results: As a result of the study, the authors analysed statistical material on the development of international trade and found that modern international economic relations are primarily implemented through international trade. It is stated that only 3 countries today control almost a third of the total international market, while the rest of the countries should focus on developing and implementing strategies for developing trade potential. Conclusions: The authors propose three main strategies for enhancing a country's position in the international market and provides a description of each of them: a strategy of financial support for accelerated growth of presence in the international market; a strategy for ensuring sustainable economic growth; and an anti-crisis strategy for promoting the world market. It is proved that for most modern countries of Europe and the world it is possible to focus on ensuring the development of domestic production potential and developing a presence in international markets, provided that they follow global trends.