Background. The excessive openness of domestic markets, as required by the World Trade Organization, poses additional threats to countries with weak economies. It causes the necessity to improve the mechanisms of liberalization of the conditions of foreign trade of the states, taking into account the tendencies of transformation of the world system of foreign trade relations. Analysis of recent research and publications. In the scientific community, the recognition of neo-protectionism as the main tendency of formation of foreign trade relations of states in the modern geo-economic space is widespread. In such circumstances, the problem of ensuring a reasoned level of customs protection of national markets becomes particularly important. The aim of the article is to improve the methodological tools for assessing the level of tariff liberalization of foreign trade of the state and its testing on the example of Ukraine’s foreign trade activity. Materials and methods. In the process of research the methods of analysis and synthesis, the index method and the graphical modeling method are used. The research is based on scientific publications and materials of the World Trade Organization. Results. The methodical approach to the estimation of the level of openness of foreign trade of the state based on calculation of absolute and relative coefficients of tariff liberalization by commodity sections of the foreign trade nomenclature is offered. The calculation of the proposed coefficients makes it possible to estimate the level of openness of the state’s foreign trade by separate commodity sections of the foreign trade nomenclature, both in the context of compliance with the WTO requirements on related tariffs (absolute liberalization ratio) and in the dynamics compared with the previous period. In order to assess the level of tariff liberalization of Ukraine’s foreign trade in accordance with the proposed approach, the calculation of absolute and relative coefficients of trade liberalization by commodity sections of UCGFEA in dynamics was calculated. Conclusion. Overall, the level of tariff liberalization of Ukraine’s foreign trade should be considered to be WTO-compliant and have the prospects of further simplification. Considering the spread of neo-protectionist tendencies in the foreign trade relations of the states, the necessity of the development of mechanisms of moderate and selective tariff liberalization of Ukraine’s foreign trade is grounded.

Background. The tourism market is actively restructured, with innovative changes rapidly modernizing travel’s technology and the demand and content of the tourism product. Changing target markets for tourism services occurs both on the general principles of the evolution of the markets and on purely tourism-specific factors: the change of technology of operational content, mobile technology and online booking platforms, package tourism offers and personalization in the organization of individual tourism programs, software tourism according to target market segments, etc. The aim of the work is to analyze the factors influencing the changes in tourism demand in the global travel and tourism market, to establish promising tourism markets; the processes of digitization of the tourism sector and the impact of processes and products innovations on tourism activity. Materials and methods. In the course of the research, the methods of analysis and synthesis, scientific generalization and comparison of data from scientific sources, as well as open sources of international statistical information and official data of forums, ratings, the international tourist barometer are used. Results. Today, the tourist market is undergoing structural transformationsthat significantly change business processes. In the article we tried to summarize and predict the effects of these factors on the structure of sales of the tourproduct, to identify promising markets and destinations for tourism. All these changes are identified as innovative trends, emerging from the level of demand for tourproduct and contribute to the sustainable tourism development in the world. Conclusion. Technological changes, communication between people around the world, growing demand and experience are driving the emergence of new tourism projects and routes, and such innovations are a determining source of revenue of the tourism sector. According to the results of the analysis, we can conclude that tourism is really recovering quickly, two or three-year downturns are atypical, positive dynamics may already be in the next after the crisis year, which indicates the extreme stability of tourism demand.

An attempt is made to differentiate utility that member states receive from their participation in a particular international union. Determinants and components of integration utility are considered as well as possible methods to estimate the latter are discussed. One of the methods (in particular index technique) is applied with respect to the EU. The composite indexes of integration utility, calculated in this way, show significant per-state variation of integration benefits in the EU.

The development of luxury service in the international arena of hotel business is investigated and the key elements of its successful functioning are determined. The world luxury hotel brands are analyzed by categories according to the STR classification and the main criteria for choosing a hotel product (service) by a VIP client are identified in order to identify and analyze the trends of luxury service development in the global hotel services market.

Background. The existing World Economic Order (WEO) has become obsolete and needs modernization in order to form and maintain an equilibrium state of international economic relations that would prevent military and economic conflicts.Therefore, it is necessaryto understand the genesis of the world order and the determinants of its development. Analysis of recent research and publications. Leading politicians and economists of the world and Ukraine are actively engaged in the WEO problem: But a new outline of international problems has emerged, which requires the modernization of the existing WEO on a methodological platform based on taking into account the interests of all its subjects through the lens of global community values and the imperative of global justice. The aim of the articleis to clarify the goal, content and determinants of the genesis of the WEO. Results. It is determined that the WEO is a system of international relations, which is structured by legitimate formal and informal rules. It is argued that: 1) the WEO is naturally formed in a global space of economic and political competition; 2) WEO is legitimized by international law, international agreements both in and outside the field of international law; 3) the purpose, system of goals, structure of relations within the framework of the WEO are determined by the leading countries through a system of legitimate global institutions based on a liberal platform, which is the key to the justice of the WEO; 4) economic and political rivalry between the USA and China determines and will determine the architecture and content of the WEO for a long time. It proves that no countries with low and medium levels of economic development, including Ukraine, will be able to reach the developed group in the next fifty years or more, and therefore they will be long-term outsiders of the WEO. Conclusion. The bipolar WEO is being formed, as the rivalry between the USA and China is and will be a global fact for a long time.

Background. Europe has embarked on a new path of industry developmentthat is in line with today’s ambitions and the realities of tomorrow. The current philosophy of EU industrial policy is based on the idea that the revival of industry must be the object of cooperation between industrialists, trade unions and public authorities. Analysis of recent researches and publications revealed that, despite the high level of existing theoretical developments, the problems of institutional transformations in the formulation and implementation of industrial policy in the EU-countries, the provision of the state aid for development and innovations in the interests of industry require further study for adequate reproduction of the best practices in Ukraine. The aim of the article is to explore the EU experience, such as France’s example, on institutional changes and new approaches to the formulation and implementation of industrial development policy in general and pharmaceuticals as a strategic priority in particular; the analysis of budget programs through which the state encourages the private sector to invest in research and innovation in industry; the substantiation of the application of European practices in Ukraine. Materials and methods. The theoretical and methodological basis for writing the article was the works of domestic and foreign scholars on the process of formation and implementation of industrial policy on innovative grounds, legislative and regulatory documents of EU countries. The research was conducted using the methods of theoretical generalization, comparative analysis, analysis and synthesis, which made it possible to characterize the process of selecting priorities of industrial development, to identify the factors that affect its dynamics, to justify the need for changes in the management of industry development in Ukraine. Results. Today, the governments of European countries are creating new institutions, consisting of representatives of industrial companies, trade unions and authorities. They have a clear mandate: to collectively develop tools to stimulate the industry’s innovative development to achieve economic growth. State aid for research, development and innovation in industry is a key policy element of European governments. The experience of EU countries has shown that long-term targeted government actions in this part has a positive impact on socio-economic performance, providing employment growth, added value, labor productivity and exports, accelerating economic development and increasing the welfare of the nation. Conclusion. In Ukraine, it is necessary to build an effective decision-making vertical on the implementation of innovation-industrial policy mechanisms, identify strategic priorities and evaluate the necessary funding, to introduce state support programs, to create a state financial-credit agency following the example of the French Bpifrance, introduce instruments to stimulate domestic demand for Ukrainian goods, make changes to the public procurement system for the development of industry for national security purposes.

This article examines the relationship between exchange rate changes and export development within the context of the free trade agreement (DCFTA) between Ukraine and the EU. It argues that the effects of the exchange rate may be a greater influence than the FTA regime itself. After examining current theory and definitions, the article looks at difference measures of exchange rate, nominal, variations of the real exchange, exchange rate volatility and equilibrium exchange rate to identify causal links to Ukraine’s trade before and after the DCFTA. It shows that there is a positive causal relationship between the real exchange rate and exports with devaluations during implementation had a significant impact on Ukraine’s exports, and this effect is greatest on those products that benefited from better access under the FTA.

Background. The2008 food price crisis wasa powerful impetus for launchinga large-scale investment process in developing countries. However, the revitalization of the investment process has gradually causeda negative impact on local communities.Although the urgency of providing best international practices that encouragea private investor to finda balance between their own and local interests is urgent, governments of the countries continue to encourage further investments, deprived of clarity, consistencyand order, in the field of agriculture. Analysis of recent research and publications. International organizations, such as the Committee on World Food Security, the Organization for Economic Co-operation and Development, the Food and Agriculture Organization, pay considerable attention to this issue. The purpose of the article is to provide contextual guidance, practical advice on the possibilities of different investment models in the context of the principles of responsible investment in the agricultural sector. Materials and methods. The following scientific research methods have been applied: analysis, synthesis, comparison, grouping, generalization. Official papers of international organizations, practical and theoretical publications of foreign scientists were used in the article. Results. The article describes the basic agro-food systems in view of their investment needs, which are the result of accumulated problems in the areas of food quality, food access, hunger and obesity problems, unbalanced nutrition and health problems of the nation. The principles of responsible investment, which have recently become dominant in the development of agricultural areas in many countries around the world, are usually nominal in nature and are leveled by the implementation of investment projects. The article gives examples of effective combination of investor financial interests, socio-economic interests of the state and local communities. Conclusion. The problems associated with responsible investment in agro-industrial systems are still quite acute at this stage. However, with the assistance of international organizations, the first steps have been taken to overcome the asymmetry of power between the investor and the local communities of the recipient countries.

Background. The current social and cultural climate leads to changes in political behavior, the loss of financial resources and inefficient economic activity. Directive 2013/34/EU seeks to increase public confidence in financial statements by improving its assembly processes, reducing administrative procedures, improving the conditions for business and reducing the costs of financial reporting, and facilitating its internationalization. The aim of the study is to analyze the key substantive aspects of EU Directive 2013/34, the current experience of transposing its provisions into the national legislation of EU countries and the specific features of its imple­mentation by Ukraine. Materials and methods. Theoretical and methodological basis of the article is the scientific works on the selected topic. Its nature necessitated the application of specific and general scientific methods, including systematic approach, comparative analysis, synthesis, theoretical generalization and systema­tization, scientific abstractions, which made it possible to achieve this goal. Results. The practice of implementing Directive 2013/34/EU in European countries and in Ukraine to increase public confidence in financial statements has been investigated. The analysis of the practice of categorization of enterprises in EU countries, creating favorable conditions for the preparation of financial statements for small and medium-sized enterprises has been conducted. Conclusion. The implementation of Directive 2013/34/EU by EU countrieshas not led to the harmonization of regulatory accounting and financial reporting systems. However, it limits differences in national regulatory systems regarding the application of IFRSs, enables comparisons of financial statements of businesses in different countries, helps to increase public confidence in its and increases the likelihood of receiving cross-border investments. It was found that the categorization of enterprises should be considered in the context of requirements for the structure and content of financial statements. An important factor in transposing Directive 2013/34/EU by Ukraine is reducing administrative burdens and simplifying financial accounting rules for small businesses. The directions of further researches of foreign experience of preparation of financial and non-financial statements are determined.