Publication date: 08.06.2024
Peculiarities of legal regulation of foreign economic activity in Ukraine
Introduction
Foreign economic activity (FEA) is an important aspect of the economic development of any country, including Ukraine. It includes trade in goods and services, investments, cooperation in science and technology, and other forms of international economic cooperation. In this article, we will analyze the main features of legal regulation of foreign economic activity in Ukraine, current problems and prospects for its development.
Legal framework
The Law of Ukraine "On Foreign Economic Activity":
- The basic law that regulates the general principles, types and forms of foreign economic activity, the rights and obligations of foreign economic entities, as well as state regulation of this area.
Customs Code of Ukraine:
- It defines the procedure for customs control and clearance of goods crossing the customs border of Ukraine, as well as the rules for the application of customs tariffs and other customs payments.
The Law of Ukraine "On International Treaties of Ukraine":
- Establishes the procedure for the conclusion, execution and termination of international treaties of Ukraine, which are important for the regulation of foreign economic activity.
The Law of Ukraine "On Protection of Domestic Producers from Dumped Imports":
- Regulates measures to protect domestic producers from unfair competition in the form of dumped imports.
The Law of Ukraine "On the Regime of Foreign Investment":
- Defines the legal framework for foreign investment in Ukraine, including the rights and guarantees of foreign investors.
The main problems of legal regulation of foreign economic activity
Bureaucratic obstacles:
- Excessive bureaucracy and complicated administrative procedures can become a serious barrier to the effective implementation of foreign trade.
Customs barriers:
- High customs tariffs and complex customs procedures may hamper trade and reduce the competitiveness of Ukrainian goods on international markets.
Insufficient protection of investors' rights:
- Insufficient protection of foreign investors, including problems with law enforcement and corruption, may reduce Ukraine's attractiveness to foreign investment.
Imperfect legislation:
- Constant changes in legislation and the lack of stable rules of the game can negatively affect the predictability and stability of foreign economic activity.
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Prospects for Improving Legal Regulation of Foreign Economic Activity
Simplification of administrative procedures:
- The introduction of electronic systems and simplification of bureaucratic procedures can significantly reduce administrative costs and increase the efficiency of foreign trade.
Harmonization of legislation with EU standards:
- Continued harmonization of Ukrainian legislation with the EU norms will facilitate Ukraine's integration into the European economic area.
Improvement of customs procedures:
- Improved customs procedures, lower customs tariffs, and simplified customs clearance will help to increase the competitiveness of Ukrainian goods.
Protection of investors' rights:
- Strengthening the legal protection of foreign investors, including improving the judicial system and fighting corruption, will increase Ukraine's investment attractiveness.
