Analysis of the economic relations of the circumpolar countries

Abstract

The article analyzes the relationship of the circumpolar countries in the framework of the sustainable development concept. The hypothesis of the interdependence of the development of circumpolar countries is considered. Interdependence in the development of the Arctic territories of the circumpolar countries has two conditions. The first condition means that it is obligatory to coordinate the policies of the circumpolar countries, aimed at developing the links between the circumpolar countries. The second condition means that income growth in the Arctic territory in one country stimulates income growth in the Arctic territory of the other countries. Foreign trade turnover is adopted as an indicator for assessing the volume and dynamics of trade cooperation among the countries. External debt and the volume of foreign direct investment in the circumpolar countries are adopted as indicators for the analysis of investment interaction and credit-and-financial interaction of the countries. The analysis of interaction in the field of ecology and environmental management was based on the study of the treaties regulating the issues of international interaction and legal regulation of ensuring the environmental safety of the Arctic region. The analysis of the cooperation among the countries does not demonstrate interdependence in the development of the Arctic territories of the circumpolar countries. The cooperation among the circumpolar countries exists, but the hypothesis of interdependence in the development is rejected.