Гуменюк, Я.М. and Іващенко, Оксана Андріївна (2024) Competitive positions of European companies as a selection factor for international investment projects in the face of new challenges Ефективна економіка (7). ISSN 2307-2105
![]() |
Text
Іващенко_О_ЕЕ_2024_7_FEU.pdf - Published Version Download (480kB) |
Abstract
The purpose of the article is to determine the forms of manifestation of the policy of regulatory competition within the framework of promoting the concept of strategic autonomy of the EU and the policy of climate neutrality. Many Western analysts tend to view the economic disagreements between the US and the EU as contradictions between effective market economies, which largely stimulate the economic growth of Western countries. The restoration of the global economic system after the pandemic, which is accompanied by a breakdown in value chains and supply chains, geopolitical tensions in the struggle for resources of strategic importance, objectively leads to increasing competition between the US and the EU for access to export markets and suppliers, raw materials and food resources. In contrast to the model of international normative and advisory regulation, the model adopted in the EU and a number of other interstate organizations of an integration nature is characterized by the creation of special principles and norms regulating competition and antitrust activities. These norms and principles of competition law regulate the behavior of economic actors (enterprises, companies, their associations) in the internal (single) market of the entire Union. They are enshrined in the international treaty order, and in the founding treaty of the EU, the norms of which occupy a special place in the legal system of the Union. In European jurisprudence, the terms “regulatory competition” and “interjurisdictional competition” are often accompanied by such definitions as “race to the top”, “race to the bottom”, when, as part of the implementation of their external competencies, countries and their legal systems compete with each other in the struggle to attract investments, creation of the most favorable conditions for business activity, optimization of taxation systems, logistics and territorial location of modern production, technological process management, etc. This jurisdictional competition may encourage relaxation requirements regulating production processes, encourage stricter requirements for access to markets, and serve as the basis for preserving the existing specifics of the jurisdictions of different states. Such competition between legal systems has a negative impact on business conditions and social standards. The concept of “regulatory competition” is considered in foreign studies in comparison with the concept of “regulatory neutrality”, designed to provide equal conditions for competing business entities on the basis of uniform regulatory requirements and rules of business. In this system of relations, the right of one subject is always limited by the right of another. And the preference for using one or another of the competing jurisdictions is determined based on the nature and conditions of international treaties governing the relevant field of activity. The use of their competitive advantages by the EU's external partners in the interests of achieving geopolitical goals prompts the EU to search for an asymmetric response. Among the key areas are the use of economies of scale in the European market and investment flows to increase pressure on external partners, influence on global commodity and production chains, influence on the formation of economic and political preferences of third countries. EU countries can be considered one of the largest beneficiaries of integration into global value chains (GVCs) and the offshoring that follows. At the same time, a significant part of the chains was created within the European Union, which caused an aggravation of competitive relations between the EU and the United States. Similar high involvement in global production processes not only led to a reduction in costs for the largest European transnational companies, but significantly contributed to deindustrialization in the EU countries and increased dependence on global conditions. Now the EU is trying to use the Green Agenda as a reason for restructuring European industry.The Green Pact for Europe, the transition to a low-carbon economy, the introduction of environmentally friendly energy, the reduction of CO2 emissions into the atmosphere and other initiatives in recent years indicate that the EU is seeking to find a compromise between the rules of the game established within the WTO framework and internal integration mechanisms for stimulating growth and development, which can increase market distortions in favor of European companies. In the event of a deepening of the current geopolitical crisis, as well as in the context of the persistence of a situation in which the consequences of one crisis are superimposed on the characteristics of the next, a flexible and versatile response is required on the part of national and supranational institutions.
Item Type: | Article |
---|---|
Uncontrolled Keywords: | regulation; international trade; international business; international project; trade policy; industrial policy; tariff policy; competition; subsidy; market; export; import; WTO; EU; USA; ESG. |
Subjects: | Статті у базах даних > Index Copernicus Статті у періодичних виданнях > Фахові (входять до переліку фахових, затверджений МОН) |
Divisions: | Факультет економіки та управління > Кафедра міжнародної економіки |
Depositing User: | Доцент Оксана Андріївна Іващенко |
Date Deposited: | 07 Aug 2024 13:24 |
Last Modified: | 07 Aug 2024 13:24 |
URI: | https://elibrary.kubg.edu.ua/id/eprint/49527 |
Actions (login required)
![]() |
View Item |