State and prospects of international integration associations development in terms of new challenges

Abstract

Research background: The European Union has accumulated significant experience of consolidated economic cooperation over the 28-year history of development. There are the prerequisites for building rational interactions with the Eurasian Economic Union. Significant amount of theoretical and practical data has been accumulated; its analysis allows making conclusions about the intensity of economic cooperation of the European Union with all member states of the Eurasian Economic Union and the prospects for the further development of partnership relations in the future. Purpose of the article: The aim of the article is to identify the prospects for the development of integration associations on the example of the European Union and the Eurasian Economic Union in modern conditions characterized by the spread of a new coronavirus infection and the preservation of a complicated geopolitical situation. Methods: The results of the study were obtained using general scientific methods of cognition (induction and deduction, methods of dialectics, analysis and synthesis), analytical research methods (logical and comparative analysis, analysis of economic and statistical indicators), methods of scientific forecasting and expert assessments. Findings & Value added: The article submits the current state of integration economic relations analysis results on the example of the European Union and the Eurasian Economic Union as the largest economic and political associations. The analysis of the state and dynamics of the integration associations development, as well as the conditions of their functioning, makes it possible to define the current trends in the development of integration associations and their determining factors.