International trade between Hungary and Russia within the development of the pharmaceutical industry

The global pharmaceutical market is one of the most innovative and dynamically developing sectors of the global economy. In addition, this industry can be considered highly profitable. Its role has especially increased in the context during the coronavirus pandemic. This article examines trade relations between Russia and Hungary in the pharmaceutical sector. For the Hungarian economy, the pharmaceutical industry is one of the traditional and most innovative sectors of the economy: about 86% of the manufactured products are exported. Hungary is among the top 20 largest exporting and importing countries of pharmaceutical products. The main partners of Hungary are the EU countries. Russia remains an important partner of Hungary in the export of pharmaceutical products, however, it we should note the downward trend of the Russian share in Hungarian exports, due to the sanctions policy on the part of the EU. After the imposition of sanctions in 2014, the growth rate of the Russian pharmaceutical market slowed down, which also negatively affected the volume of trade cooperation with European partners. Russia has traditionally been a major importer in the global pharmaceutical market. An important problem is the reduction of drug import dependence and the expansion of exports. For Russia, this will be possible thanks to the development of unique innovative products. Hungary is an attractive country for the development and expansion of Russia's trade relations in the global pharmaceutical market. For both countries, the pharmaceutical industry is strategically important. The situation with the coronavirus pandemic has shown that political differences can be leveled. Hungary became the first European country to conclude a contract with Russia for the supply of Sputnik V coronavirus vaccine. Thus, there is a high economic potential to make up for the lost pharmaceutical relationship between the two countries.

Strengthening Indonesia-Russia trade economy relations: Indonesia’s effort to access Eurasia market

The article discusses economic cooperation between Indonesia and Russia, as well as the possibility of Indonesia entering the Eurasian market. Indonesia is recognized as the largest economy of the Association of Southeast Asian Nations (ASEAN) and the leader of Southeast Asian countries with high rates of economic growth. The growth of the regional economy is expected to support global economic stability. Russia is an unconventional market for Indonesia's main goods in the Eurasian region, so Indonesian goods can be found quite rarely on Russian markets and in supermarkets. In this regard, it is important to understand which Indonesian export goods are of interest to Russians and how these goods can fall into Russia. To do this, it is necessary to study the business potential of partners with whom you can start working together. Since 2016, Indonesia has been emphasizing the importance of cooperation and trade and economic integration in the Asia-Pacific region, Eurasia and Southeast Asia. In the midst of a global pandemic, it is necessary to develop diplomacy and economic cooperation between Indonesia and Russia in order to prevent potential conflicts in the South China Sea involving the United States and China. At the same time, Indonesia should develop its economy and trade through bilateral and multilateral cooperation in international organizations. The study showed that economic cooperation between the two countries should contribute to strengthening trade relations, increasing investment and increasing the competitiveness of Indonesia's export products.

Estimating the Possible Effect of Belt and Road Initiative on Brazilian Economic Growth

Brazil's future participation in the Belt and Road Initiative will promote economic growth, increase the importance of the initiative on the international scene and contribute to the promotion of bilateral economic and trade relations between China and Latin America countries.This paper analyses the alleged effect of BRI on Brazilian economy if the country would have chosen to join the program in the past years (2013-2019) as other countries in the world did. The alleged effect is calculated using the methodology of synthetic control: a statistical method used to evaluate the effect of an intervention/programme in comparative case studies.The results show that Brazil could benefit from joining the Belt and Road Initiative: the GDP per capita rate would be 4.73% higher each year, on average.However, to Brazil joins the BRI, it will be necessary for China and Brazil to know how to maintain a frequent and structured dialogue that projects confidence, opens paths and does not leave governmental dialogue behind what is happening in practical reality. Moreover, more academic research about the initiative and a greater dissemination of its benefits by the media will be needed to raise awareness among the public and politicians about a probable BRI agreement by Brazil.

The Political Economy of the EU Approach to the Rohingya Crisis in Myanmar

European institutions have repeatedly represented the EU as an actor that can use the attractiveness of its market to promote human rights internationally. From this perspective, EU trade sanctions represent a hard power tool to push the government of states accused of major human rights violations to abide by international law. In its reaction to the Rohingya crisis in 2018, despite the European Parliament’s call for the lifting of Myanmar’s trade preferences, the Council of the EU stated that it would rather tackle the problem by taking a “constructive approach” based on dialogue. We provide a political-economy explanation of this choice, making a plausible case that the political pressures from European importers and exporters, not to jeopardise trade relations with Myanmar, prevailed over the demands of European protectionist groups and NGOs advocating a tougher position. The firms interested in maintaining preferential trade relations with Myanmar were primarily motivated by a desire to avoid a disruption of trade and investment links within global value chains (GVCs) so that they could continue competing with Chinese enterprises.

The Advantage of Being A Small Country on Economic Growth Spillovers: A Review on Spain and Portugal With ARDL Approach

This study investigates Spain's role in Portugal’s economic development and analyzes the assumption that Spain’s import from Portugal is the factor that increases Portugal’s per capita income the most. Apart from these reasons, there are several other motivations to focus on foreign trade between Spain and Portugal. The first is to examine the impact on Portugal of the increases in GDP, exports and imports of Spain, which is the major country and borders Portugal. Second, this study aims to test the growth spread. According to the test results, the economic growth of Spain positively affects the growth of Portugal in the long and short term. In addition, it was concluded that the share of imports has more positive effects than exports in the long run. It shows that the deviation in the variables according to the error correction term result converges to only 85 percent in the t period. The findings are also consistent with previous research supporting the economic integration arguments that emerged as a result of trade relations. In addition, in this direction, the economic and political meetings to be held between the two countries and the actions to be taken as a result of these meetings can create an environment where both countries can win.

The Changing Shape of the World Automobile Industry: A Multilayer Network Analysis of International Trade in Components and Parts

In 2018, after 25 years of the North America Trade Agreement (NAFTA), the United States requested new rules which, among other requirements, increased the regional con-tent in the production of automotive components and parts traded between the three part-ner countries, United States, Canada and Mexico. Signed by all three countries, the new trade agreement, USMCA, is to go into force in 2022. Nonetheless, after the 2020 Presi-dential election, the new treaty's future is under discussion, and its impact on the automo-tive industry is not entirely defined. Another significant shift in this industry – the acceler-ated rise of electric vehicles – also occurred in 2020: while the COVID-19 pandemic largely halted most plants in the automotive value chain all over the world, at the reopen-ing, the tide is now running against internal combustion engine vehicles, at least in the an-nouncements and in some large investments planned in Europe, Asia and the US. The definition of the pre-pandemic situation is a very helpful starting point for the analysis of the possible repercussions of the technological and geo-political transition, which has been accelerated by the epidemic, on geographical clusters and sectorial special-isations of the main regions and countries. This paper analyses the trade networks emerg-ing in the past 25 years in a new analytical framework. In the economic literature on inter-national trade, the study of the automotive global value chains has been addressed by us-ing network analysis, focusing on the centrality of geographical regions and countries while largely overlooking the contribution of countries' bilateral trading in components and parts as structuring forces of the subnetwork of countries and their specific position in the overall trade network. The paper focuses on such subnetworks as meso-level structures emerging in trade network over the last 25 years. Using the Infomap multilayer clustering algorithm, we are able to identify clusters of countries and their specific trades in the automotive internation-al trade network and to highlight the relative importance of each cluster, the interconnec-tions between them, and the contribution of countries and of components and parts in the clusters. We draw the data from the UN Comtrade database of directed export and import flows of 30 automotive components and parts among 42 countries (accounting for 98% of world trade flows of those items). The paper highlights the changes that occurred over 25 years in the geography of the trade relations, with particular with regard to denser and more hierarchical network gener-ated by Germany’s trade relations within EU countries and by the US preferential trade agreements with Canada and Mexico, and the upsurge of China. With a similar overall va-riety of traded components and parts within the main clusters (dominated respectively by Germany, US and Japan-China), the Infomap multilayer analysis singles out which com-ponents and parts determined the relative positions of countries in the various clusters and the changes over time in the relative positions of countries and their specialisations in mul-tilateral trades. Connections between clusters increase over time, while the relative im-portance of the main clusters and of some individual countries change significantly. The focus on US and Mexico and on Germany and Central Eastern European countries (Czech Republic, Hungary, Poland, Slovakia) will drive the comparative analysis.