Analysis of Instruments and Restrictions of Foreign Trade Before and During the Pandemic

Abstract

The article analyzes the fiscal and financial requirements and restrictions of international trade. The principles of institutional international trade relations, tools and mechanisms for their implementation are grouped, with exceptions highlighted. The indicators of Russian foreign economic activity in the period before and during the pandemic are analyzed, compared with the total volumes of international trade, in the context of partners. The tools of support of the Russian export potential are considered. The countries and export goods in respect of which the intentions to introduce restrictive measures are regulated, and the states that have applied the most significant restrictions are given. Conclusions are drawn that developed economies that are ready for significant reductions in tariff restrictions benefit from trade liberalization; bans negatively affect countries with low production capacities, negative consequences arise for the country imposing restrictions when importing raw materials. The reduction of tariffs on imported goods for less developed countries entails the displacement of domestic producers from the domestic market of the country, a reduction in production. The article summarizes the conclusions about the role of the World Trade Organization in international trade. The problems and prospects of Russian trade relations, including those related to the change of key partner countries, are highlighted. For primary sales, the domestic market becomes a priority, where competitiveness is maintained mainly due to proximity to the consumer.