Instituto de Estudios Políticos y Derecho Público "Dr. Humberto J. La Roche"
de la Facultad de Ciencias Jurídicas y Políticas de la Universidad del Zulia
Maracaibo, Venezuela
Publicación cientíca en formato digital
ISSN-Versión Impresa 0798-1406 / ISSN-Versión on line 2542-3185
Depósito legal pp 197402ZU34
ppi 201502ZU4645
Vol.40 N° 74
2022
Recibido el 04/12/2022 Aceptado el 06/06/2022
ISSN 0798- 1406 ~ De pó si to le gal pp 198502ZU132
Cues tio nes Po lí ti cas
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cul tad de Cien cias Ju rí di cas y Po lí ti cas de la Uni ver si dad del Zu lia.
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avan ces o re sul ta dos de in ves ti ga ción en las áreas de Cien cia Po lí ti ca y De re cho Pú bli-
co, los cua les son so me ti dos a la con si de ra ción de ár bi tros ca li fi ca dos.
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Vol. 40, Nº 74 (2022), 515-530
IEPDP-Facultad de Ciencias Jurídicas y Políticas - LUZ
Regulatory policy of the foreign
economic activity of the state
DOI: https://doi.org/10.46398/cuestpol.4074.28
Nila Tiurina *
Ievgeniia Shelest **
Illya Khadzhynov ***
Oksana Ivashchenko ****
Olha Harva *****
Abstract
The subject of the article was the analysis of the state
regulatory policy in the eld of securing foreign economic activity
and the development of relevant directions for its adaptation
in the conditions of martial law. In the study, the regulatory
and legal support for the implementation of foreign economic
activity in Ukraine was formed. Peculiarities of implementation
of international trade activities in the conditions of martial law
are determined. The losses of Ukraine’s industrial potential during military
operations are analyzed. The rates of decline of export and import operations
during the period of martial law are estimated. Regulatory activity of the
authorities with respect to stabilization of foreign economic activity and
directions with respect to support of business entities have been studied.
The conclusions highlight areas related to the support and activation of
economic activity, which are aimed at creating the necessary conditions for
the formation of a positive climate of innovation and investment, ecient
and safe logistic ows, and a regulatory and legal eld that is adapted to the
standards of European countries.
Keywords: regulatory policy; foreign economic activity; international
trade activity; innovation; investment climate.
* PhD in Economics, Professor, Head of the Department of Economics, Management and Administration,
Khmelnytskyi National University, 11 Institutskaya Str., Khmelnytsky, 29016, Ukraine. ORCID ID:
https://orcid.org/0000-0003-1337-1460
** PhD in Economics, Associate Professor, Associate Professor of the Department of HR Management
and Labor Economics, Khmelnytskyi National University, 11 Institutskaya Str., Khmelnytsky, 29016,
Ukraine. ORCID ID: https://orcid.org/0000-0002-1048-6214
*** Doctor of Economic Sciences, Professor, Professor of the Department of International Economic, Vasyl
Stus Donetsk National University, 21, 600-richya Str., Vinnytsia, 21021, Ukraine. ORCID ID: https://
orcid.org/0000-0003-3909-3171
**** PhD in Economics, Associate Professor, Head of the Department of Economics and Management of
Foreign Economic Activities, National Academy of Statistics, Accounting and Audit, 1, Pidhirna Str.,
Kyiv, 04107, Ukraine. ORCID ID: https://orcid.org/0000-0002-8490-778X
***** PhD in Economics, Associate Professor, Associate Professor of the Department of Economic Theory,
Entrepreneurship and Trade, Khmelnytskyi National University, 11, Instytutska Str., Khmelnytsky,
29016, Ukraine. ORCID ID: https://orcid.org/0000-0002-4404-3219
516
Nila Tiurina, Ievgeniia Shelest, Illya Khadzhynov, Oksana Ivashchenko y Olha Harva
Regulatory policy of the foreign economic activity of the state
Política reguladora de las actividades económicas
exteriores del Estado
Resumen
El objeto del artículo fue el análisis de la política regulatoria del Estado en
materia de aseguramiento de la actividad económica exterior y el desarrollo
de las orientaciones pertinentes para su adecuación en las condiciones de
la ley marcial. En el estudio, se formó el soporte regulatorio y legal para
la implementación de la actividad económica extranjera en Ucrania. Se
determinan las peculiaridades de la implementación de actividades de
comercio internacional en las condiciones de la ley marcial. Se analizan
las pérdidas del potencial industrial de Ucrania durante las operaciones
militares. Se estiman las tasas de disminución de las operaciones de
exportación e importación durante el período de la ley marcial. Se ha
estudiado la actividad regulatoria de las autoridades con respecto a la
estabilización de la actividad económica exterior y las direcciones con
respecto al apoyo de las entidades comerciales. En las conclusiones se
destacan áreas relacionadas con el apoyo y activación de la actividad
económica, las cuales están orientadas a crear las condiciones necesarias
para la formación de un clima positivo de innovación e inversión, ujos
logísticos ecientes y seguros, y un campo normativo y legal que sea
adaptado a las normas de los países europeos.
Palabras clave: política regulatoria; actividad económica exterior;
actividad comercial internacional; innovación; clima de
inversión.
Introduction
The armed conict in Ukraine led to the complication of conducting
foreign economic activities of the state and contributed to the search for
new mechanisms for adapting the conduct of foreign economic activities at
all levels. One of these directions is the formation of a new mechanism of
state regulation of foreign economic activity, which will contribute to the
support of international cooperation, the provision of eective measures
to ensure the income of the state and enterprises, and the search for new
forms of interaction in the business environment for the sale of domestic
products and services on international markets.
The regulatory policy of foreign economic activity should be considered
as a set of measures aimed at introducing the domestic economic system
into the global economy, while it is important to preserve and protect
domestic interests and the economic security of the state. However, Russia’s
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Vol. 40 Nº 74 (2022): 515-530
military aggression led to signicant restrictions on the functioning of
foreign economic activity in the country, which requires new approaches
to the organization of international cooperation, taking into account the
relevant risks and threats.
In the conditions of military restrictions, the main tasks are to ensure the
export of quality goods to replenish the state budget, on the other hand, it is
important to support the import of goods of primary necessity to ensure the
life of society. The researched issues are currently relevant and complex for
the state, which requires a thorough study of both theoretical and practical
activities, which will allow the formation of an appropriate mechanism for
ensuring the regulation and development of foreign economic activity in
Ukraine.
The purpose of the article is the analysis of the regulatory policy of the
state in matters of ensuring foreign economic activity and the development
of relevant directions for its adaptation in the conditions of martial law.
To achieve the set goal, the following tasks were formed and solved in
the work:
• The regulatory policy of the state in matters of its foreign economic
activity was investigated.
• Changes in indicators of foreign economic activity in the pre-war
and war period were analyzed;
• Developed directions for the development of a mechanism for
regulating foreign economic activity, taking into account modern
challenges and threats.
The dicult conditions of the pandemic and military aggression led to
a signicant decrease in foreign economic activity in Ukraine due to the
destruction of many enterprises that were strategic for export activities
in Ukraine. The destruction of industrial giants that exported products to
various countries led to a decrease in the export potential of the state. Such
industrial enterprises as the Azovstal Metallurgical Plant, the Mariupol
Metallurgical Plant named after Ilyich, the Branch of the State Enterprise
ANTK named after O. K. Antonova, Kremenchug Oil Renery, PJSC Avdiiv
Coke Chemical Plant, State Enterprise “Zorya - Mashproekt Scientic-
Production Gas Turbo Construction Complex” and others, which provided
50% of the state’s industrial exports.
The agricultural sector suered a great loss due to the loss and damage
of grain crops, which aected the world food market. In such conditions,
one of the main tasks of the state is to create proper safe ways of import
substitution of necessary goods and services in the regional section,
regardless of hostilities.
518
Nila Tiurina, Ievgeniia Shelest, Illya Khadzhynov, Oksana Ivashchenko y Olha Harva
Regulatory policy of the foreign economic activity of the state
Today, in Ukraine, the issue of regulation of foreign economic activity
is controlled by such authorities as the Verkhovna Rada of Ukraine, the
Cabinet of Ministers of Ukraine, the National Bank of Ukraine, the Ministry
of Economy, regional and local foreign economic activity management
bodies. As for the regulatory and legal support for the implementation of
foreign economic activity in Ukraine, it is regulated by the following basic
legislative acts in the conditions of martial law:
Law of Ukraine “On Foreign Economic Activity” No. 959-XII, dated
August 1, 2021 (as amended), which regulates the main provisions on
conducting foreign economic activity in Ukraine;
Law of Ukraine “On the Nationwide Program for the Adaptation of the
Legislation of Ukraine to the Legislation of the European Union” No. 1629-
IV dated 04.11.2018 іn which the purpose and directions of adaptation
of the regulatory and legal system of Ukraine to European standards are
established.
The implementation of foreign economic activity is regulated on the
basis of such methods as:
• licensing and quotas of goods and services, registration of foreign
economic activity subjects, conclusion of international contracts,
restriction of export and import of certain types of goods and
services; currency control;
• customs and administrative registration of operations related to
foreign economic activity; granting of licenses for alcohol and
tobacco products; certication of goods imported into the territory
of Ukraine;
• implementation of control in sanitary-epidemiological, veterinary,
phytosanitary, ecological areas; registration of medicinal products
and those used in non-traditional medicine.
Starting from the period of martial law, the state introduced a number of
resolutions and legislative acts that regulate the implementation of foreign
economic activity in Ukraine under such conditions.
One of these directions was the closure of some checkpoints on the
borders with the aggressor country to ensure the security of the state.
These measures are controlled by the Decree of the Сabinet of Ministers
of Ukraine No. 188 dated February 26, 2022 “On the temporary closure of
some checkpoints across the state border and checkpoints”. The negative
consequence is the termination of all foreign economic relations with
Russia, since the majority of industrial exports and imports of goods and
energy were carried out with this country.
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Establishing new ties and logistics chains requires time and money,
development of appropriate regulatory support for operations with EU
countries. To support foreign economic activity and its regulation in the new
conditions, the state adopted a number of resolutions that will contribute
to this.
Thus, Resolution of the Сabinet of Ministers of Ukraine No. 314-220
dated 11.05.2022 “Some issues of ensuring the conduct of economic activity
in conditions of martial law” is designed to simplify the procedure for
obtaining permits for the implementation of foreign economic activity for
those economic entities that implement it in their activities.
Resolution of the Сabinet of Ministers of Ukraine No. 153-2022 dated
14.06.2022 “On the list of goods of critical import” and Resolution of
the Сabinet of Ministers of Ukraine No. 289 of 16.03.2022 “Some issues
of goods of critical import”. The above documents regulate the issue of
dening critical import and export of goods, the list of such goods, and
the identication of sectors that are critical for ensuring the livelihood of
the country and the population. The denition of such goods and services
allows to maximize the work of enterprises and organizations in the existing
conditions to ensure the livelihood of the population and contribute to the
lling of the country’s budget.
The regulation of issues related to the export of agricultural goods from
the country, the allocation of quotas, licenses and the export of a number
of goods (wheat, meat, our, other meat by-products) are regulated by
Resolution of the Сabinet of Ministers of Ukraine No. 1031 dated 16.09.2022
“On making changes to Appendices 1 and 5 to the Resolution of the Cabinet
of Ministers of Ukraine dated December 29, 2021 No. 1424”, Resolution of
the Cabinet of Ministers of Ukraine No. 422 dated 04.09.2022 “On making
changes to Appendices 1 and 5 to the Resolution of the Cabinet of Ministers
of Ukraine dated December 29, 2021 No. 1424”.
As one of the ways to support the consumer market during martial law,
the government banned the export of such products as buckwheat, salt,
rye, and oats. Restrictions also apply to a number of mineral and chemical
fertilizers.
During the martial law, the National Bank of Ukraine introduced
a number of rules regarding settlements with transactions related to
foreign economic activity, in particular the establishment of deadlines of
90 calendar days for the relevant settlements, which is regulated by the
Resolution of the Board of the National Bank of Ukraine dated 24.02.2022
No. 18 “On the operation of the banking system during the introduction of
martial law”.
The dicult conditions in which Ukraine found itself contributed to a
signicant transformation of the national legislation in matters of regulation
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Nila Tiurina, Ievgeniia Shelest, Illya Khadzhynov, Oksana Ivashchenko y Olha Harva
Regulatory policy of the foreign economic activity of the state
of foreign economic activity. The process of adapting domestic legislation
to new requirements is carried out on the basis of the introduction of a
structured system of legal regulation of the processes of foreign economic
activity, the development of the appropriate toolkit (normative framework,
compliance with the norms of international law and the conclusion of
intergovernmental agreements).
For the eective participation of Ukraine in the international market and
the implementation of foreign economic activities with the EU countries, it
is necessary to develop and bring into compliance the legal framework that
will contribute to the acceleration of the country’s integration into the EU.
The Covid-19 pandemic and hostilities have had a negative impact
on Ukraine’s economy and international cooperation. The slowdown in
production and the subsequent destruction of strategic enterprises and
infrastructure led to a sharp decline in the country’s socio-economic
development. Negative consequences are also observed in the eld of
human capital, as many professionals and young people have left abroad
in search of security. After the end of hostilities, not all citizens will return
to Ukraine, so the state must already take into account the shortage of
personnel in many professions.
Also, a negative consequence is the demographic crisis, which is caused
by the departure of the population from the country due to military
aggression, which aected the safety of working conditions, the level of
nancial security of labor, and the increase in the death rate of citizens
during hostilities. Such negative phenomena have a global character for
the country, which disincentivizes development and the possibility of the
country carrying out foreign economic activities in full.
1. Literature Review
Scientic research by leading scientists is devoted to the peculiarities of
the development of the economic potential of the regions and the country
as a whole, including aspects of foreign economic activity, namely: Areeva
(2021); Balatskyi (2021); Derhaliuk (2021); Havlovska (2019); Havlovska
(2020); Khrushch (2022); Kniaz (2021); Nazarova (2021); Nesterova
(2020); Popelo (2021); Prokopenko (2014); Rudnichenko (2020);
Rudnichenko (2021); Shkarlet (2020); Shymanska (2014); Solodovnik
(2021); Tulchynska (2021) and other.
Within the study (Rudnichenko et al., 2020) the authors developed
an economic and mathematical model for optimizing the interaction of
industrial enterprises with potential partners based on risk minimization.
Scientists are convinced of the practical value of the model, namely that
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CUESTIONES POLÍTICAS
Vol. 40 Nº 74 (2022): 515-530
it will facilitate the adoption of rational strategic decisions in the eld of
foreign economic activity. The purpose of the article (Prokopenko et al.,
2014) is to outline the mechanism of economic security management of
foreign economic activity of machine-building enterprises. Scientists have
developed ways to improve the management of economic security of foreign
economic activity of machine-building enterprises.
This approach will contribute to comprehensive economic security. The
purpose of the article of scientists (Havlovska et al., 2019) is to substantiate
the practical need to introduce a mechanism of economic security of
foreign economic activity of enterprises. According to researchers, through
the components of the management system, the mechanism will help to
identify and detail the parametric characteristics of economic security of
foreign economic activity.
The authors (Solodovnik et al., 2021) substantiate the practical
feasibility of the developed recommendations concerning the processes
of modeling the innovative development of foreign economic activity. The
author’s method is aimed at monitoring the work of the department of
foreign economic activity and the algorithm of programmed selection of
directions of innovative development is oered.
The purpose of the article (Rudnichenko et al., 2021) is to analyze
the features of strategic management of interaction between government
agencies and enterprises in the eld of foreign economic activity. The
authors of the study claim that the results of the study found ways to increase
the eectiveness of cooperation, which largely depend on government
institutions.
The authors (Shymanska, 2014) study the processes of risk management
in the enterprise as the dominants of its foreign economic activity. Within
the study, scientists propose a model of risk management in the role of the
functional structure of the enterprise.
The article (Nesterova et al., 2020) reveals the features of identifying
and assessing external risks of foreign economic activity of the enterprise.
The algorithm of detection and sequence of risk management oered by
scientists has practical value. The authors (Balatskyi et al., 2021) proposed
an organizational and economic mechanism for managing economic
security in foreign economic activity of the enterprise.
Scientists systematized and grouped the principles, methods and stages
of economic security management in the foreign economic activity of the
enterprise. The authors have developed an integrated structure of the
mechanism of economic security management in foreign economic activity.
The study (Kniaz et al., 2021) proposed a method for assessing the level
of economic eciency of foreign economic activity. The authors argue the
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Nila Tiurina, Ievgeniia Shelest, Illya Khadzhynov, Oksana Ivashchenko y Olha Harva
Regulatory policy of the foreign economic activity of the state
need to strengthen the specication of information and analytical support
for the development of foreign economic activity of enterprises through the
use of developed methods for selecting indicators. The practical value of the
authors’ research (Nazarova et al., 2021) lies in the developed approach,
which describes the process of forming the principles of accounting, analysis
and audit of foreign economic activity of the enterprise.
According to the results of research, scientists have proposed ways to
improve the organizational and methodological provisions of the audit
of foreign economic activity of enterprises, taking into account modern
challenges and intensication of competition.
Practically useful is the study of scientists (Havlovska et al., 2020), which
is based on strategic choice and analysis of markets in terms of potential
benets for the subject of foreign economic activity. The approach proposed
by the authors will be useful for enterprises engaged in foreign economic
activity, namely through the presentation of management information,
which will facilitate the adoption of sound management decisions.
Despite of many studies by domestic and foreign scholars, the issue of
regulatory policy of foreign economic activity needs further research and
analysis.
2. Results
The modern practice of conducting foreign economic activity proves
that the internationalization of economic ties is a stimulating factor
for the growth of the state’s economy and, as a result, contributes to the
development of the global economic space. An important role in this is
played by the development of foreign economic activity, since it represents
the inclusion of each country in the system of the world economy, and as a
result, in the processes of international division of labor and international
cooperation.
On the basis of which it can be argued that the process of foreign
economic activity is the main factor in the development of every country
in the world. Therefore, it is an important aspect for Ukraine to establish
international ties that will help strengthen the economy and partnership
relations, promote business activity and increase the state’s competitiveness
in the international arena. The main task of regulating foreign economic
activity is to create appropriate conditions for the activation of export-
import activities of enterprises and the state as a whole. The development
of the export-import potential of Ukraine for the period 2012-2021 is shown
in (Fig. 1).
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CUESTIONES POLÍTICAS
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Fig. 1. Dynamics of foreign trade in goods in 2012-2021 (million USD). Source:
generated by the authors
It can be seen from the given data that for a period of 10 years, the
import of goods exceeded the export. However, in 2021, the export of goods
increased signicantly compared to similar periods (2012-2020). Thus, in
2021, compared to 2020, exports increased by 18,880.5 million USD, and
compared to 2019 by 18,017.7 million USD. This indicates the stabilization
of the situation of foreign economic activities compared to 2019, when
the pandemic spread throughout the world. Import of goods increased
similarly to export, but in 2021, compared to 2019, it increased by 12,042.9
million USD, and compared to 2020 by 18,507 million USD. The indicator
of the balance of foreign economic activity in 2021 compared to 2020 is
characterized by an improvement of 373.5 million USD.
The analysis of the export of goods for the period 2021-2022 is
characterized by a signicant decrease in indicators in 2022 due to military
actions on the territory of Ukraine. Thus, in 4 months, the rate of export of
goods decreased by 31% compared to the same period of 2021 (Fig. 2). The
export-import coverage ratio in 2021 was 0.94, and in 4 months of 2022 it
was 1.0.
524
Nila Tiurina, Ievgeniia Shelest, Illya Khadzhynov, Oksana Ivashchenko y Olha Harva
Regulatory policy of the foreign economic activity of the state
Fig. 2. The rate of growth (decrease) in the export of goods (in % compared
to the corresponding period of the previous year, cumulatively). Source:
generated by the authors.
The analysis of the import of goods for the period of 2021-2022 was
characterized by a decrease in the import of goods to 82.5 against 119.7 for
the same period of 2021 (Fig. 3). From January to April 2022, the growth
rate of goods imports decreased by 65%. The decrease in the rate of import
and export of goods is associated with military actions on the territory of
Ukraine, which led to a decrease in the rate of foreign economic activity with
the regions that are the most dangerous. However, some manufacturers
and countries during the war generally stopped or signicantly reduced
trade activities due to the threat.
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CUESTIONES POLÍTICAS
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Fig. 3. The rate of growth (decrease) in the import of goods (in % compared
to the corresponding period of the previous year, cumulatively). Source:
generated by the authors.
In this way, it can be determined that during the period of hostilities,
Ukraine signicantly reduced the potential of foreign economic activity,
which requires the development and implementation of appropriate
directions on the part of the state in matters of regulation of these processes
in order to stabilize the situation. However, such challenges allow business
entities to more quickly adapt to new conditions and increase their
competitiveness on the international market.
For the implementation of such measures, it is expedient to improve
the mechanism of regulation of foreign economic activities of the state
taking into account European integration, since such adaptation requires
appropriate regulatory and legal support taking into account international
norms and standards. Therefore, the primary task is the development and
adaptation of Ukrainian legislation to European norms and standards of
conducting business and international trade.
The system of ensuring the regulation of foreign economic activity
includes goals, tools, tasks that contribute to the development of foreign
economic activity based on the introduction of the appropriate mechanism
(Fig. 4).
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Nila Tiurina, Ievgeniia Shelest, Illya Khadzhynov, Oksana Ivashchenko y Olha Harva
Regulatory policy of the foreign economic activity of the state
Fig. 4. Regulation of foreign economic activity in the conditions of European
integration
Source: generated by the authors
Depending on the level of implementation of the regulation of foreign
economic activity, the tasks will dier, but in aggregate they should
contribute to the development of foreign economic activity. At each level,
conditions are created for the functioning of international activities of
enterprises and organizations in the form of directions for regulating these
processes.
Conclusion
The conducted research made it possible to outline the following
conclusions. From the practice of conducting foreign economic activity
by business entities, it should be noted that for its success, enterprises
must adapt their activities to the norms of international legislation. The
processes of regulation of foreign economic activity take place during the
period of transformations and changes in both the internal and external
environment. Under the conditions of a decrease in the development of
international trade, questions arise for the state regarding the development
of appropriate instruments for regulating the inuence on its activation,
taking into account the state of the external and internal environment.
For the development of foreign economic activity in the country,
the Export Strategy was adopted in 2017, which provided directions for
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ensuring the export of goods and services, but its activities did not achieve
the desired eect for the state. Therefore, for the eective implementation
of directions regarding the regulation of foreign economic activity in the
post-war period, it is necessary to focus on the strengths of Ukraine’s
export potential, namely, the emphasis on high-tech goods and services, the
achievement of innovative and intellectual developments in various elds.
It is the prioritization of the commodity rather than raw material
segment that will contribute to increasing the export potential of the state
and strengthening its competitive positions. To achieve this goal, it is
necessary to solve the following tasks in the sphere of regulation of foreign
economic activities:
• Creating the necessary conditions for stimulating the innovative
activity of enterprises and the development of foreign trade, taking
into account the diversication of the export of goods and services.
• Development of consulting and support services for international
cooperation and foreign economic activity by business entities.
• Regulation and improvement of nancial markets, which will
contribute to the increase of investment ows.
• Reducing the level of corruption in the country based on the
introduction of methods of detecting violations and bringing to
justice for corrupt acts, which will ensure the transparency of
investment operations and increase the country’s rating in the
international environment.
• Adaptation of the domestic trade system to the needs of exporters
in the provision of various types of services in nancing, insurance,
product certication, logistic transportation, assistance in drawing
up relevant documentation taking into account EU requirements.
• Development and implementation of a road map for the regulation
and development of foreign economic activity in the country.
• Simplication of nancial and credit mechanisms for obtaining
funds for business entities engaged in foreign economic activity.
• Institutional support and coordination of actions between dierent
levels of state administration in matters of ensuring eective export-
import activity.
• Balancing in compliance with requirements regarding technical
regulations and standards of partner countries.
• Such measures will contribute to the expansion of international
cooperation of the state in matters of export-import relations in the
long term.
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Regulatory policy of the foreign economic activity of the state
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Esta revista fue editada en formato digital y publicada
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