STATE OF LEGAL REGULATION OF FOREIGN ECONOMIC ACTIVITIES

Abstract

It has been proven that foreign economic activity is an integral part of the modern economy, as it allows countries to effectively use their resources, increase production efficiency, and stimulate innovation and the development of new technologies. It is argued that this concept should be understood as a complex of economic processes occurring between different countries and international organizations (enterprises, corporations, etc.) that interact in the sphere of trade, investment, finance, technology and information, as well as other types of economic relations. It is argued that the legal regulation of foreign economic activity is a regulatory and orderly influence on relevant social relations carried out with the help of legal norms in order to ensure the legality and efficiency of their functioning. It was established that today the state of legal regulation of foreign economic activity can be assessed ambiguously. So, on the one hand, at the legislative level, a large number of normative legal acts of different legal force were developed, the norms of which are aimed at regulating social relations in the relevant sphere. On the positive side, it is also worth noting the existence of a single codified act – the Economic Code of Ukraine. On the other hand, the relevant legislation has a number of gaps and shortcomings that need to be worked out and resolved. In particular, as can be seen, the current Law of Ukraine "On Foreign Economic Activity" is outdated and does not meet the realities and challenges of today.