The main trends in the development of international economic relations at present are the processes of international economic integration, globalization and transnationalization of the world economy.
International economic integration is the convergence and mutual adaptation of national economies, their inclusion in a single reproductive process on an international scale.
International economic integration can be characterized as a process of economic unification of countries on the basis of the division of labor between individual national economies, the interaction of their economies at different levels and in various forms through the development of deep stable interrelations.
International economic integration is a fairly high, effective and promising stage in the development of the world economy, a qualitatively new and more complex stage in the internationalization of economic ties. At this stage, not only the convergence of national economies takes place, but also the joint solution of economic problems is ensured. Consequently, economic integration can be represented as a process of economic interaction between countries, leading to the convergence of economic mechanisms, taking the form of interstate agreements and coordinated regulated by interstate bodies.
Economic integration is expressed in:
cooperation between the national economies of different countries and their full or partial unification; elimination of barriers in the movement of goods, services, capital, labor between these countries; convergence of the markets of each of the individual countries with the aim of forming one single (common) market; blurring the distinction between economic entities belonging to different States; the absence of any form of discrimination against foreign partners in each of the national economies, etc.
The processes of economic integration are carried out both on a bilateral and on a regional or global basis. A characteristic feature of integration associations at present can be called their development at the regional level: integral regional economic complexes with common supranational and interstate governing bodies are being created.
Globalization is becoming an essential feature of the entire system of international relations. Economic integration fits well into the process of globalization, forming its core, and globalization itself is a higher stage of internationalization, its further development, when long-accumulating quantitative changes led to a qualitative leap. The world is becoming a single market for most TNCs and, moreover, most regions are open to their activities.
Globalization of international relations is the strengthening of interdependence and mutual influence of various spheres of public life and activities in the field of international relations. It affects almost all spheres of public life, including the economy, politics, ideology, social sphere, culture, ecology, security, way of life, as well as the very conditions of human existence.
The process of globalization covers different spheres of the world economy, namely:
foreign, international, world trade in goods, services, technologies, intellectual property; international movement of factors of production
(labor, capital, information); international financial, credit and currency operations (gratuitous financing and assistance, credits and borrowings of subjects of international economic relations, operations with securities, special financial mechanisms and instruments, currency transactions); production, scientific and technical, technological, engineering and information cooperation.
Globalization of the world economy is a multi-level phenomenon affecting:
regional, national economy (macro level); commodity, financial and foreign exchange markets, labor markets (meso-level); individual companies (micro-level).
At the macroeconomic level, globalization is manifested in the desire of states and integration associations for economic activity outside their borders through trade liberalization, removal of trade and investment barriers, creation of free trade zones, etc. In addition, the processes of globalization and integration cover interstate coordinated measures for the purposeful formation of the world economic market (economic, legal, informational, political) space in major regions of the world.
At the microeconomic level, globalization is manifested in the expansion of the activities of companies beyond the domestic market. Most of the largest transnational corporations have to operate on a global scale: any area with a high level of consumption becomes their market, they must be able to meet the demand of consumers everywhere, regardless of borders and nationality. Companies think in the global categories of buyers, technology, costs, deliveries, strategic alliances and competitors. Different links and stages of design, production and marketing of products are located in different countries, being unified on an international scale. The creation and development of transnational firms makes it possible to circumvent many barriers (through the use of transfer supplies, prices, favorable conditions for reproduction, better consideration of the market situation, application of profits, etc.).
Given that for TNCs (especially multinational and global) foreign economic activity is in most cases more important than domestic operations, they are the main subject of global economic processes. Transnational corporations are the basis of globalization, its main driving force.