Akademik Məlumat İdarəetmə Sistemi
Economic and Social Development, pp.239-243, 2021 (Conference Book)
The process of increasing international trade uncertainties is the main trend of the world economy. There has been an increase in scientific and practical interest in regional economic ties. This paper examines and summarizes the main trends and key areas in the field of regional economic relations of developing countries. The combination of a COVID-19 pandemic and a collapse in oil prices has affected all aspects of the economies in the Middle East, Africa, Central Asia and Eurasia. The most significant regional factors have been identified. The pandemic has further exacerbated trade restrictions and protectionist trends. Overall, trade performance has declined significantly in recent years in the context of the pandemic, slowing trade liberalization and increased protectionist measures. According to the WTO, in 2019- 2020, 60% of new trade measures implemented by the G20 countries were related to the pandemic. The pandemic has also disrupted global value chains in developing countries and exacerbated as well as the growing importance of geopolitics, national security and the declining importance of multilateral decision-making. Internal industry prioritization has led to major disruptions in the regional supply chain. In the current situation, it is not clear how the global value chains will change with the reduction of the risks associated with the pandemic, as well as the emergence of reshoring trends. Changes are likely, although the economic underpinnings of most global value chains are still in place. This policy aspect becomes all the more relevant in a context of possible retrenchment or reconfiguration of GVCs, brought about by escalating trade conflict among major developed economies. In the context of an unstable world economy in developing countries, the trend of regional economic integration is increasing. It follows from this that regional economic cooperation may to a greater extent determine trade relations in the future, since its role in the restoration of the economic systems of developing countries is increasing. However, in order to develop complex ties and bring relations to a new level corresponding to the changing realities of the world economy, Central Asia and Eurasia need innovative approaches to interaction and economic recovery