A study on growing Indian Economy in relation to the International Foreign trade

India is transforming its economy, there is infrastructure development, introduction of technology into majority of the sector. India is adopting smart technology and smart sustainable living to become self sufficient with the aim to reduce imports and promote exports in foreign trade. The country has allowed 100% FDI in a number of sectors. India is becoming an manufacturing hub with the made in India scheme being implemented in every sector from agricultural to Industrial to Service Sector.Foreign trade promotes diplomatic relation between countries. India is the largest producer of many products in the world, the defence sector has also started their own manufacturing in India, the sector has exported many missile and aircrafts adding to the GDP growth. Made in India scheme has provided employment to the young youth and many other skilled and unskilled people..The 2021 to 2026 foreign trade policy focus on small scale industries -MSME who are contributing 40% to the GDP growth and provided employment to maximum number of people after agricultural sector.

DIGITAL TRANSFORMATION OF THE STATE’S FOREIGN TRADE POLICY

Background. The impact of digital transformations on financial, invest­ment and trade flows requires the introduction of appropriate incentives and the reduction of restrictive practices. The lack of coordination between national governments and international organizations in establishing mechanisms and instruments increases the risk of instability zones. Modern regulatory instruments applied by countries may be twofold, owing to the nature of digital technologies. In sum, the issue of improving foreign trade policy is actual and requires further research and practical consideration. The aim of the articleis to develop theoretical, methodological and practical approaches to the regulation of the foreign trade policy digital transformation process. Materials and methods. Database of statistical and analytical materials of international organizations (Organization for Economic Cooperation and Development, World Economic Forum), national statistical offices, centres of expertise and in-house research were used. The study used economic analysis, comparison, grouping and systematization methods. Results. The article examines the theoretical, methodological and practical approaches to regulating the process of digital transformation of foreign trade policy. It is determined that the main directions of regulatory practices are the rules for data transfer, consolidation and regulation of intellectual property rights, data protection of consumers of information services, ethics of digital products. The classification of tools of digital transformation of foreign trade policy is formed. Conclusion. The growing share of digital goods and services in inter­national trade has intensified the complex aspects of global cooperation among countries to develop the digital economy and to regulate joint activities in the creation of physical and virtual mobility rules. For Ukraine, it is important to accelerate the pace of implementation of planned measures and to strengthen the development and introduction of stimulating tools for the development of the destiny of the digital sector in the economy.

Trade cooperation in light of the forces that are currently re-shaping international business

In this research work, Author focus on the analysis trade cooperation in light of the forces that are currently re-shaping international business. Accordance to the foreign trade policy theory further trade liberalisation and improved framework policies would increase trade and promote growth. It must be emphasized that openess to trade is associated with higher incomes and growth and there are the need for new approaches to trade cooperation. What indicates the importance and innovativeness of the research is the presentation of the new models of the foreign trade policy and trade interests. First of all it must underline that in the new theoretical terms in the demand for trade policy very important is factor specificity. The low specificity of factors means that factor returns are equalized throughout a region’s economy. On the other hand some factors are stuck in their present uses; therefore, factor returns are not equalized throughout a region’s economy, but are industry specific. The main objective of the research task is to give a comprehensive analysis of current trends in foreign trade theory and policy and in particulary the models of foreign trade policy, trade interests indicated by export orientation and import sensitivity, foreign trade policy in different types of authoritarian regimes, protectionistic pressures in different political system, the level of protectionistic pressures, the variation in the foreign trade policy among states, the liberalisation of China foreign trade policy and their effects, the tendencies to international trade liberalisation and the problem of environmental protection, and the tendencies to bilateralism in the foreign trade policy. It should be stressed that free trade in itself is not responsible for economic growth, but more significant are the determining macroeconomic stability and increasing investment.

Views of Ivan Vernadsky on the role of foreign trade policy in economic development

Nowadays, the process of making effective economic decisions requires reference to the history of Ukrainian economic thought. The study of intellectual heritage and innovative ideas of prominent Ukrainian economists, among whom Ivan Vernadsky occupies an important place, will enrich the understanding of the mechanisms and ways of modern economic transformation. The purpose of the article is to analyze and generalize Ivan Vernadsky’s conceptual views on the role of foreign trade policy in economic development. The theoretical basis of this study is conceptual approaches to understanding the nature of foreign trade policy, in particular, protectionism and free trade. Systematic, comparative-historical, institutional-evolutionary, and historical-genetic analyses were used as the research methodology. The author considers Ivan Vernadsky’s conceptual approach to foreign trade as a basis for providing the country's economic leadership in the international area. The economist’s ideas on the advantages of liberal foreign trade policy, free trade, and its mutual benefits for countries are revealed. Ivan Vernadsky was a staunch opponent of restrictive foreign trade policy, which creates obstacles to the country's competitive advantages and economic progress. Attention was paid to Ivan Vernadsky's criticism of customs protectionism. According to the scientist's point of view, protectionism leads to monopolization, price rises, technical and technological backwardness of production, destabilization of foreign trade relations, etc. At the same time, one of the scientist’s merits is the formation of an innovative approach to the interpretation of protectionism as a general economic doctrine and a realistic economic policy. Ivan Vernadsky’s vision of the basics of efficient management is generalized. He creates an original theory of economic development, which can be used for selection of effective mechanisms of modern economic policy.

Geo-economics and the Hub and Spokes system: the Japanese case

This paper examines the reasons why Japan has been building a foreign trade policy based on a hub-and-spokes system. It will be argued that trade efficiency and exports promotion are assumptions that need a broader reconsideration through a geo-economics approach. What defines Japan’s pursuit of several bilateral trade agreements is assuring its relative economic hegemony whilst changes in the world balance of power are taking place. As Japan faces an uncertain and unforeseeable future, it needs to strengthen its trade policy to guarantee access to international markets. Japan’s trade policy goes beyond the efficiency scope and it entails a geo-economics elucidation.

Russia — Brazil: approval of the strategic partnership

The article examines the state and prospects for the development of trade and economic cooperation between Russia and Brazil. The investment component of bilateral economic relations and military-technical cooperation are considered. Quantitative indicators on the volumes and dynamics of bilateral foreign trade turnover, the structure of trade operations are given. The emphasis is placed on the strategic partnership and technological alliance of the two countries declared at the interstate level. The reasons hindering the development of bilateral cooperation are analyzed. The areas where cooperation would contribute to the creation of technological alliances are highlighted. The peculiarities of Brazil`s foreign trade policy are studied, including in relation to Russian products imported by the country. In comparative terms, the main economic indicators of the two countries are given. In conclusion, the views aimed at strengthening and expanding Russian-Brazilian economic relations are expressed. The relevance of the topic is due to the approved in 2018 the national project «International cooperation and Export», aimed at increasing Russian non-primary non-energy exports.

Prospects for intensifying the promotion of Ukrainian goods and services on foreign markets by trade diplomacy

The purpose of the article is to analyze the features and effectiveness of Ukraine’s trade diplomacy at the present stage, in particular in the field of promoting domestic goods for services to international markets. The research methodology consists in the use of methods of analysis, synthesis, comparison, generalization, forecasting, as well as in the use of systemic, activity- based and historical approaches. The scientific novelty is due to the fact that the article presents proposals for solving the problem of enhancing the promotion of Ukrainian goods and services to foreign markets by means of trade diplomacy. Conclusions. As a result of the study, it was found that the further development of Ukraine’s trade diplomacy, basically, comes down to the pro-European direction and is closely related to the prospects for the implementation of «industrial visa- free» with the EU within the framework of the ACAA Agreement. Key words: trade diplomacy, foreign trade policy of the state, efficiency, diplomatic relations, the art of negotiations, marketing research, strategies.

Methodological approaches to determining the impact of barriers on international trade

Today, within the framework of the functioning of foreign trade policy, there are two main opposing models: protectionism and free trade. Recently, the situation is developing towards the dominance of the policy of protectionism over the policy of conducting free trade, since there is a continuous increase in the number of non-tariff measures and the manifestation of trade wars. This situation leads to the need for a policy of trade liberalization. Implementing a foreign trade policy aimed at eliminating trade barriers is not a quick process and requires a thoughtful scientific assessment. To analyze the criticality of the situation of the absence of a free trade policy and to reflect its validity, a very wide methodological toolkit is used to study various kinds of trade barriers, ranging from the calculation of the simplest indicators to the construction of complex econometric models. This study provides a comprehensive review of the main methodological approaches to determining the impact of tariff and non-tariff barriers on the international trade activities of countries. In the scientific review work, 4 domestic and 24 foreign sources, formed on the basis of 21 resources, were involved in the search for literature. The results of the review analysis of research papers showed that in the study of tariff and non-tariff barriers, researchers mainly use three econometric models, namely gravity model, partial equilibrium model and general equilibrium model. In addition, the study of non-tariff barriers can be carried out in the context of two other methods besides the econometric one: the implementation of the "price gap" method and the derivation of "incidence indicators".