Innovative Aspects of Development of the Customs Union under the New Economic Conditions. Problems and Prospects
Innovative Aspects of Development of the Customs Union under the New Economic Conditions. Problems and Prospects

Summary/Abstract: This article examines the impact of economic integration on national economies of the Customs Union. Scientific works of both domestic and foreign authors were reviewed and analyzed for this purpose. The study showed that in a globalized economy, the regional economic integration is an important factor in strengthening the interaction and interdependence of countries in the regions, which resulted in the national economy moving to a new level of development. The positive and negative effects of integration are revealed. The rationale for the development of innovative ways of integrating the economies of the Customs Union member states and forming a single economic space is provided. The experience of successful integration associations of the world and the prospects of development of relations between the member states in the format of the Eurasian Economic Union allow to consider the integration potential as a significant positive factor in economic development in the long term. The authors conclude that integration contributes to the formation of an effective model of adaptation to geo-economic changes occurring in the global economy and helps coordinate the participation of countries in solving global economic problems. Favorable prospects for increasing the global competitiveness of the Eurasian Economic Union in the field of innovation and investment policy are due to the presence of a potentially large market of the Union, existing technical structure, common tasks of reform to modernize the economy and strategy of development of industrial enterprises and production. Based on the analysis, the priorities of further deepening of the integration process of the three countries under the conditions of building the Customs Union were identified.

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