Urgency of the research. The importance of finding perspective directions of bilateral format for interaction between Ukraine and Belarus in the economic sphere stems from the major role of international economic cooperation to maintain and strengthen security in the region in the face of contemporary geopolitical challenges. Target setting. It is reasonable to study the challenges and prospects of economic relations between Belarus and Ukraine through the prism of processes and phenomena occurring within the single economic space of the Eurasian Economic Union and Deep and Comprehensive Free Trade Area between Ukraine and the European Union. Actual scientific researches and issues analysis. The issue of development of bilateral economic cooperation between Ukraine and Belarus is the researching subject of authors like H.