Russia — Mercosur: Imperative and Potential of Bilateral Trade

Abstract

The article examines the state and prospects of development of Russia’s foreign trade relations with MERCOSUR. In the light of the West’s anti-Russian sanctions, the position of the bloc’s member states on the development of economic relations with our country is characterized. The assessment of the macroeconomic significance of MERCOSUR and the main directions of its trade policy is given. Quantitative indicators on the volumes and dynamics of bilateral foreign trade turnover, the structure of exports and imports of goods are given. Taking into account favorable prerequisites for expanding trade and economic cooperation, using the methodology of the International Trade Center of the UN Conference on Trade and Development, the potential for increasing exports of Russian goods to MERCOSUR countries is calculated. As part of the analysis of the possibilities of diversifying the range of supplies of Russian products based on the Hausmann-Klinger methodology, the most promising Russian goods for entering the MERCOSUR market are identified. In conclusion, there are considerations aimed at intensifying bilateral trade and economic ties against the background of Western sanctions.