Imperfections of global trade

Abstract

The article examines the imperfections and current trends in global trade, namely: the widening of the gap between developed and developing countries due to the new financial capabilities of countries that issue reserve currencies; certain changes in geopolitical rivalry and protectionism; the transformation of biotechnologies into the main driver of economic growth, processes of strengthening the liberalization of global trade, which is connected, on the one hand, with an increase in the number of WTO members, and on the other - with the expansion of regional integration associations, which strengthen their economic influence through the creation of free trade zones with individual countries and integration associations, which will also leave a certain mark on the development of global trade in the future. The article also examines the volume of export and import of goods and services, as well as its changes after the COVID-19 pandemic. Nowadays, global trade is developing under the influence of such factors as the scientific and technological revolution, the international division of labor, internationalization, the activities of transnational companies, etc. As a result of its development, such trends as: increasing the value and importance of information appeared. Also, under the influence of the 4.0 revolution, issues of the quality of goods and services become very relevant, because there is fierce competition between countries, industries and firms at the global level, which is caused by the main trends, namely: technology transfer, cooperation between countries, liberalization of cross-border movement, increased dynamism of global processes, strengthening the role of online trade. One of the factors of modern international economic relations is the integration between the economies of different countries, which in crisis situations leads to the strengthening of the consequences of trade. The modern trend of global trade is the existence of bilateral relations, that is, a large number of countries that export goods to any country can import goods from the same country. The sale of goods and services on the global market is actively influenced not only by economic and political factors, but also by unforeseen circumstances, such as the COVID-19 pandemic.