Development of Regional Economic Integration Processes in Asia and Europe

Abstract

The aim of the article is to conduct a comparative analysis of the main economic indicators of the development of integration processes in the countries of Asia and Europe (on the example of the Association of Southeast Asian Nations (ASEAN) and the European Union (EU)). The article analyzes in detail and discloses the main features, key trends, as well as common and distinctive features that determine the dynamics of the development of integration processes in these two strategically important world regions. The existence of the impact of integration on the foreign economic relations of the countries participating in both associations, including various trade and investment aspects, is proved. The dynamics of the main macroeconomic indicators of the ASEAN and the EU, such as total GDP and GDP per capita, are highlighted, as well as the factors and events that have had a significant impact on the economic development of both regions over the past few decades. The key trading partners of both associations are considered, indicating their commodity turnover and share in the overall geographical structure of trade. An analysis of the commodity distribution of export-import operations of the ASEAN and the EU has been carried out and the main segments of their trade in goods have been identified. It is noted that the introduction of innovative technologies and scientific achievements are key factors that contribute to the competitiveness of the participating countries in the context of global economic challenges. The dynamics of foreign direct investment flows, the geographical structure of donor countries and the main spheres of investment in the countries participating in the groupings are presented. A growing trend towards investing capital in such important industries as education and training, manufacturing of electronics and electrical equipment, biomedical and pharmaceutical industries, infrastructure and real estate, as well as the creation of various projects in the fight against climate change and the development of the digital economy has been identified.

Keywords

• integration processes
• asean
• eu
• export and import of goods
• trading partners
• commodity structure of trade
• foreign direct investment