The Impact of Russia-China Trade Relationship on the U.S. Economy

Abstract

Over the years, bilateral trade between China and Russia experience many turbulences but in recent years has grown rapidly. Their relationship has evolved in such a way that they have come to rely on each other. The reason why Russian-Chinese relationship improved is because of U.S. and EU economic sanctions due to Russian invasion of Crimea and military attacks of Eastern Ukrainian territory. Russia needs China for funding and infrastructure development, and China needs Russia to feed its large energy needs. China and Russia have a strong trade partnership that extends into many different sectors throughout each country. While deep mistrust exists between both sides, China and Russia have proud cultures that desire to be viewed as global powers and believe their relationship with each other will advance that objective. Further, both countries view the West as a hindrance to their overall trade goals, and this marriage of convenience strengthens their position in global affairs which could result in far reaching implications for the world. This paper provides a short overview of how the China-Russia relationship developed, where it is at now, how it could be harmed, and how a stronger trade relationship with the U.S. and rest of the world could subvert those fears. It will also provide recommendations based on a solid foundational understanding of global trade and management.

Full text

JOURNAL OF EASTERN EUROPEAN AND CENTRAL ASIAN RESEARCH Vol.3 No.2 (2016)
www.ieeca.org/journal 1
THE IMPACT OF RUSSIA-CHINA TRADE RELATIONSHIP ON
THE U.S. ECONOMY
Nikolay Megits
Webster University, St. Louis, MO
ABSTRACT
Over the years, bilateral trade between China and Russia experience many turbulences but in recent
years has grown rapidly. Their relationship has evolved in such a way that they have come to rely on
each other. The reason why Russian-Chinese relationship improved is because of U.S. and EU economic
sanctions due to Russian invasion of Crimea and military attacks of Eastern Ukrainian territory. Russia
needs China for funding and infrastructure development, and China needs Russia to feed its large
energy needs. China and Russia have a strong trade partnership that extends into many different
sectors throughout each country. While deep mistrust exists between both sides, China and Russia
have proud cultures that desire to be viewed as global powers and believe their relationship with each
other will advance that objective. Further, both countries view the West as a hindrance to their overall
trade goals, and this marriage of convenience strengthens their position in global affairs which could
result in far reaching implications for the world. This paper provides a short overview of how the
China-Russia relationship developed, where it is at now, how it could be harmed, and how a stronger
trade relationship with the U.S. and rest of the world could subvert those fears. It will also provide
recommendations based on a solid foundational understanding of global trade and management.
Keywords: International Trade, Political Sanctions, Russia, China, Eastern Europe
DOI: http://dx.doi.org/10.15549/jeecar.v3i2.135
INTRODUCTION
A Short History
How will the China-Russia strategic partnership
ultimately impact the United States and the
world? For the past 65 years, China and Russia
have had a steady building trade relationship.
Currently, the China-Russia relationship is
considered as a partnership. They do not see
themselves as allies, but they do both actively
support one another. The relationship started to
progress in 1992 when Russia and China signed a
joint statement on the foundation for bilateral
ties. In 1996, a partnership of strategic
coordination was developed. When the Treaty of
Good-Neighborliness and Friendly Cooperation
was signed in 2001, the strategic partnership
between the two countries was formally
respect for sovereignty and territorial integrity,
mutual nonaggression, noninterference in each
Russia and China then signed a statement that
deepened their comprehensive strategic
partnership of coordination in 2013 (Li, 2014).
This brought the Russia-China relationship to a
whole new level where it stands today. The

The Impact of Russia-China Trade Relationship on the U.S. Economy Nikolay Megits
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situation of their economic relationship changed
dramatically at the beginning of March 2014,
after Russian occupation of Crimea. European
Union and the United states applied a serious of
economic sanctions. Because of sanctions, the
rate fell to a record low $1=36.75 rubles. The
Russian Ruble depreciated approximately 20%
between the end of December 2013, and the end
of August 2014. The Ruble fall resulted in new
troubles for Russian economy. Primarily, this
means accelerated inflation and decrease of
personal consumption. Russian government had
no other option than seek for Chinese economic
cooperation, as they have done many times in a
past.
Trading Partners
China and Russia are seen as complements to
one another. China is known for its factory
worker population, where Russia has many labor
shortages. China holds advantages in
telecommunications, while Russia has
advantages in nuclear energy (Li, 2014). China is
because China is not able to produce the amount
of energy that they need on their own. They also
did not want to rely on Europe for all its oil and
gas sales. Because of this, making a deal with
Russia seemed like a good idea to China due to
Russia being the number one exporter of gas and
number two exporter of oil amongst the world
(Sidorenko, 2013). Russia on the other hand, has
seen European oil and gas sales shrink since 2008
due to the global downturn, which has not yet
recovered. According to Woods MacKenzie, a
Agency does not expect gas demand in the
European Union to rise back above 2010 levels
until at earliest 202
result of the current realities, Russia is desperate
to sell the resources it has in abundance and has
pivoted to the east. Meanwhile, China has
actively been seeking ways to diversify how it
gets energy from outside sources. Ultimately,
Russia and China have determined that
strengthening their energy trade relationship
provides an opportunity for both, and they are
committed to building the relationship going
forward.
Figure 1. Trade between Russia and China (Recknagel, 2015)

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Military Capabilities and Shifting Trade
Dynamics
Russia and China are increasing and
modernizing their military capabilities (Gelb,
2013). This relationship has potential to evolve
into a force that could have threatening
implications which places major threats upon the
rest of the world, especially the United States.
These include collusion to depress United States
power and influence, strategic triangular
diplomacy and combined military might which
would threaten the world. Currently, China
receives their weapons and military from Russia.
China has demand for the Su-27 fighter, and the
S-300 air defense missile systems, as well as
other defense systems (BBC Monitoring Former
Soviet Union, 2014). In 2005, Russia and China
carried out their first ever joint military drill. In
command center by the Russian Defense
Ministry. Military drills between Russia and
China are now conducted yearly on a much larger
scale (Li, 2014). However, it is important to
recognize that China and Russia need more from
the United States and the European Union than
from each other (Gelb, 2013). This is made even
clearer by actual trade relationships that exist
currently. See Figure below.
number one trading partner, and Russia comes in
at tenth. For Russia, the European Union (EU) is
the top trading partner followed by China, and
the United States is fifth. For Russia in particular,
Putin may do better for his country by improving
his relationships with the EU and mending
relationships with Ukraine. On the other hand,
the United States is not immune to criticism.
Developing foreign policy can help rebuild
trading relationships with the China-Russia
partnership while also furthering the interests of
all three nations. This could also help reduce
tensions that they may face as a result of their
political alliances or lack thereof. Further, it will
help push Russia out of its corner of an economic
annexation campaigns.
LITERATURE REVIEW
The articles chosen for this topic contain
information pertaining to several aspects of the
relationship between Russia and China. They
describe the history between the two countries
and some of the issues that have risen as the two
have become more intertwined. Also addressed
are the implications of such a partnership on the
world community, and how it can affect United
States interests. Interestingly, the articles point
to a level of mistrust between the two and how
the relationship remains highly complex and is
not guaranteed to be a successful endeavor.
-
The article chosen as the basis for the literature
review is by Jing-
of China-
argues that Russia and China have formed a
strategic partnership that seems to lack a solid
foundation, yet despite this, it would be a
mistake to minimize the impact such a rising
partnership can have on the world. Hsu points
out how China is a rising power in the world and
World Bank, and China drew closer not only to
the United States but to the whole world global
relationship counters American hegemony
frequently have called for a multipolar world in
which Russia and China would occupy key
positions along with Europe, the United States,
article states that Russia and China militaries
have also cultivated a relationship and both
countries purchase arms, and military equipment
from each other. However, as a source of
match Soviet-era technologies. In addition,
Russia is reluctant to provide sophisticated
technology and advanced weapons to China
because they could be used against Russia if
an intelligence analyst claims that China and
Russia are entertaining the idea of significant
nuclear submarines and Long-range nuclear
article,
combating U.S. dominance on the world stage is a
strong enough motivator to overcome
differences.

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-
Finally, Hsu stat
with the West has been at its lowest point since
the Cold War and has had to move its focus from
the West to the East. Also, they have not
diversified its export business and continue to
solely focus on natural resources. Meanwhile,
China has been nervous about how it imports its
energy needs, yet at the same time, does not
have to rely on oil and gas from Europe or Russia
only. Hsu goes into detail about trade statistics
and quotes Chinese customs statistics that state,
billion in 2007, there are good reasons for
expecting trade volume to expand in the future.
In 2008, the level of bilateral trade reached
Russia are not as close as their relationship
and
contingent, and marked by uncertainties
explains how the Russia and China relationship is
perceived by the rest of the world. The Russian
and Chinese governments officially state that
they want their relationship to be positive and
constructive. The west believes their intentions
are much more sinister and are concerned that
eventually it will negatively impact the United
States and the world. In the article he claims that,
of Chinese-Russian ties and that the two
countries both of which see the United States
as a possible obstacle to their objectives will
eventually form an anti-U.S., anti-western
shown itself as Ying explains how Russia and
China have acted in mutual interest on the world
stage. Through the UN and the Security Council,
of which both are sitting members, China has
backed Russia on resolutions concerning Syria.
involvement in Crimea, to the astonishment of
the United States and others. In a BBC article it
a in voting in
the UN security Council (as a rule, Russia and
China veto proposals by Western countries
together, as happened last week in relation to the
Former Soviet Union, 2014).
Russia, and the United States currently resemble
a scalene triangle, in which the greatest distances
between the three points lies between Moscow
and Washington. Within this triangle, Chinese-
Russian relations are the most positive and
In sum, the articles tend to convey that Russia
and China are reluctant partners and are together
only because they have specific trade needs from
each other at this moment in history. Also,
without stating it directly, and with direct
comments from the Russian and Chinese
governments to the contrary, the articles lean
toward the belief that despite their differences,
both believe their partnership will help them
challenge United States dominance in the world.
STATEMENT OF RELAVENT PRINCIPLES TO BE
APPLIED
International Trading
China and Russia are both engaged in
international trade. China exports electronic
equipment, machinery and textiles, and Russia is
a large exporter energy. In December 2015, China
and Russia had their central banks sign a
memorandum of understanding. The intent of
this was to expand cooperation by promoting
local currency settlements, bank card issuance,
access to local currency bond markets, and
credit-rating partnerships. Simultaneously, the
Russian Direct Investment Fund (RDIF),
Vnesheconombank (VEB) and the China-Eurasia
Economic Fund (CEECF) announced that the
financing of Chinese exports to Russia would
occur; as well as the guidance for the flow of
Chinese investment into the Russian Far East and
Trans-Baikal areas. trading partner,
with $90 billion in trade volume that occurred in
2013 projected to only keep rising. In
partner. Between 2003 and 2012, trade between
China and Russia grew at an average of 26.4% per
year (Sidorenko, 2011). By 2020, both China and
Russia estimate the trade volume to be at $200
billion (Ding, 2014). In order to accomplish this

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goal of $200 billion, over 30 agreements have
been signed including areas in economy and
trade, foreign affairs, infrastructure, technology
and innovation, agriculture, finance, energy,
media, internet, and sports (Sidorenko, 2011).
Russia became a member state of the World
Trade Organization (WTO) in August 2012. This
has had a large impact on bilateral and
international trade for China and the rest of the
world due to trade and economic cooperation
agreement to the WTO opened new markets for
China, but also brought other competitors against
s WTO
agreement is still more beneficial for China than
it is harmful. First, this agreement was helpful for
making the trade system more standardized and
improving the trade environment. In the long-
term it will ensure stable development of trade
and economic cooperation between China and
Russia. Second, Russia tariffs were reduced on
some goods based on WTO rules which were
12.4 percent. This rate is higher than the tariffs in
developed countries and below in developing
countries (Soong, 2014).
million Euros (about $778 million) over a 15-year
period for the Yamal liquid natural gas project. In
2015, Russian agribusiness exported to China for
the first eleven months of the year increasing by
over 14 percent to $1.2 billion from the previous
year.
As shown below, energy prices have increased
more than any other commodity. Energy
products presented a much higher price increase
than other merchandises between 1995 and
2014. In 2000 there was a turning point where
energy prices started to grow. In 2003, there was
an upward trend until arriving at a peak in 2008.
The reason of falling by 37% in 2009 was the
economic crisis of 2008. Nevertheless, the value
in 2009 was still over three times higher than in
1995. The second peak was in 2012, where the
value was six times higher than in 1995. Since
then, the energy prices had a declining trend, and
they turned sharply negative in 2014 when the
prices falling by 8% compared with the year of
2013 (WTO, 2015).
Graph 1. Export Price of Commodities (WTO, 2015)
Foreign Direct Investment
China-Russia relations are very asymmetric, but
they are asymmetric in different ways. In certain
areas China dominates. However, Russia has a lot
of advantages that China does not have
politically. The nature of the China-Russia
relation remains to be fully seen (WTO, 2015).

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Natural gas plays a key role in the FDI
relationships China has with the world.
Particularly because of the price fluctuations that
China has between various trading partners. For
Russian gas, the final price remains unknown for
the trade secret, but it is estimated that China
pays Russia around $350.00/mcm ($9.72/mmBtu)
(Weitz, 2014). This can be considered high to
some, but this was the final deal that China and
from other countries already has FDI included in
those areas. China relies on importing natural
gas nearly one-quarter of its necessary volume
for one year. The average price is $285.50/mcm
($7.93/mmBtu) (Oil Daily, 2011). Compared to
ade,
the current ex-factory price of gas to industrial
users is $211.00/mcm ($5.87/mmbtu). But the
transportation causes the price increase by 50-
70% of the ex-factory price (Natural Gas Week,
2006). In addition, both countries are well know
of their corruption and there is a strong negative
impact of corruption on the GDP per capita
(Mustapha, 2014).
Figure 3. Natural Gas Agreement (Simola, 2016)
Central Asian states are the pivotal areas for the
of the geographic proximity and shared borders.
To the world, they have rich energy resources.
For China, it has FDI in the countries like
Turkmenistan. China has its own exploration
firms in those areas, and countries in those areas
are mainly providing the natural gas locations.
Hence with the relatively low exploration costs,
China purchases their gas at a price lower than
China invested $3 billion in building the Tajik
segment of the Turkmenistan-Uzbekistan-
Tajikistan-Kyrgyzstan-China gas pipeline. This
line is more than 400 kilometers, and it is
planned to be completed by the end of 2016. The
agreements on the construction were signed in
September 2013. The pipelines are estimated to
ship 25 billion cubic meters (bcm) of gas per
year. It will boost volumes of Turkmen gas to
China up to 65 bcm every year (Central Asia
General Newswire, 2013).
As the China-Russia has developed, there are
several agreements that they have made
between each other. China has promised to
These projects are focusing on transportation
infrastructure, highways, ports and airports. In
the long-term run, gas is non-renewable resource
(Pahl, 2014). This is a factor that China must
consider when creating these partnerships. The
implications for ignoring this fact could have
strong economic effects.

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Environment
The environment is an import topic that is
being discussed worldwide. For Russia, it has the
advantages that in the global warming trend, the
volume of exploitable natural gas will be
increased in the future. Both China and Russia
According to the United Nations, one of the goals
is to ensure access to affordable, reliable, and
sustainable energy. For almost every country and
place, energy is vital for jobs, security, climate
change, and food production. Obtaining the
sustainable energy is opportunity for not only
China and Russia, but for the entire world as well.
Another goal is to take immediate action to fight
for climate change and the corresponding
impacts. The world is experiencing major
changing weather patterns, rising sea levels, and
many other extreme weather events are
occurring. In this situation, the poorest people
are often affected the worst. Climate change does
not respect national borders. This issue needs
international cooperation to carry developing
countries into a low-carbon driven development
and economies. Countries signed the Paris
Agreement to address the issue (UN, 2016).
Climate change has become the top concern of
the world leaders in recent years due to it not
changing, the rising concern and it affecting
everyone. Measures taken against climate change
may have a direct impact on the mode and speed
of development. It can be difficult to find the
balance on how to maintain efforts to address
these climate changes. Economic development is
a challenge for the entire world. The EU is the
largest group of industrialized countries. China is
the largest developing country and currently the
largest greenhouse gas emitter in the world.
These two both are important in regards to the
United Nations Framework Convention on
Climate Change (UNFCCC) and the Kyoto Protocol
(KP). To some extent, whether the efforts to
contain climate change will be successful or not
in the coming years will be affected by the
positions and policies of the EU and China (Men,
2014).
The EU and China regard each other as partners
in some aspects. Since the 1990s, cooperation has
been expanding between Brussels and Beijing,
with increased institutionalization of their
bilateral relations. Hu Jintao, the previous
has a profound impact on the survival and
development of mankind. It is a major challenge
Beijing has realized that work needs to be done
internationally. In the absence of United States
leadership and United States failure to approve
the Kyoto Protocol, the EU sees itself as playing
the leading role in global efforts against climate
change to effectively reduce greenhouse gas
emissions.
Globalization
China and Russia have developed at a fast rate
in economic and trade relations in the midst of a
global economic slump. Their partnership is clear
throughout the world, where billions of United
States dollars are invested in the construction of
oil and gas industries. Mineral fuels make up
around half of all Chinese imports, but the
volume will increase in the near future due to the
effects of the new oil pipeline and the gas
agreement. If the two states continue down this
partnership road, it could challenge the future
balance of world power, and eventually result in
the change of the world order (Soong, 2014).
When Russia annexed Crimea, the move was
considered by the United Nations as an invasion
on a sovereign country and sanctions were put
into place that have had a devastating effect on
the Russian economy. The West cut purchases of
Russian oil and gas extensively, and in response,
Russia turned its focus onto the east to sell their
natural resources. Meanwhile, the deal benefits
ost of its
fuel supplies come through the strategic
Economist Intelligence Unit N.A., Inc. 2014).
needs filter through the Strait and should
relations between the East and West
deteriorated, the strategic chokepoint could be
cut off by the West. Security for the nation would
not be in Chinese hands, but rather would be
vulnerable to outside influences, something that
is unacceptable to the Chinese government.
Second, the
away from burning so much coal that pollutes
Intelligence Unit N.A., Inc. 2014). Cities like
Beijing, Chongqing, Urumqi, and Lanzhou are so
polluted and the smog so thick, that you cannot
see the sun even at its highest point in the day. In
these areas, children and the elder population are
at the most risk from complications from the

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pollution. This is a current health hazard that
China must address or the result will be an
unhealthy population that will overwhelm the
health care system in China. This deal in part,
addresses this issue. In addition, both China and
Russia, being new members of WTO still possess
a strong lack of democratic deficit, fairness,
openness, and transparencies in decision-making
improvements according to WTO regulations
(Giannakarou, 2014).
ANALYSIS AND APPLICATION OF PRINCIPLES
oil ($20.2 billion), wood ($3.1 billion), nickel, fish,
ash, fertilizers, wood pulp, copper, inorganic
chemicals and machinery ($390.6 million). This
amounted to $33.2 billion which is 2.2% of its
exports to Russia in 2015 included: electronic
equipment ($8.6 billion), machinery, footwear,
clothing, plastics, vehicles, toys, knit clothing,
iron/steel products, and organic chemicals
($796.4 million). This amounted to $34.1 billion
which is 19.2% of its overall imports (Sidorenko,
2011).
Figure 3. Federal Customs Service of Russia (2016 China-Russia Business Seminar)
Energy makes up the bulk of the trade, with
two thirds of Russian exports to China amongst
the energy sector. On May 21, 2014 a 30-year gas
supply contract was signed between Russia and
China. This contract is a $400 billion natural gas
supply, which will be sent yearly to China
through the pipeline until 2044. This volume will
have a large impact for China. As a result of this
deal, China will provide $20 billion for a gas
development and infrastructure. The new
pipeline where gas will be transported linked
centers (Nakano, 2014).
China has been in a fast developing economic
environment since the Economic Reform that
started in the 1970s. In 2010, China turned into
rapid growth has made it the world largest
energy consumer. Russia, on the other hand, is
theref
In January 2011, an oil pipeline linking Daqing in
Russian city, officially began operation. It was
expected to transport 15 million tons of crude oil
per year, with a 30-million tons per year
benchmark set for the immediate future. Bilateral
ties have been strong for quite a while, and will
likely only get stronger (Soong, 2014). In 2014, it
became the largest economic entity, with a gross
domestic product (GDP) of $17.63 trillion. This
shows over ten times increase in its GDP since
1978 (Chaturvedi, 2016).
The China-Russia trade relationship is not the
result of the market economy, but is more
inclined to the political cooperation. China has
had a mixed economy since it started the
Economic Reform in 1979. Under the socialist
market economy, with the hybrid regulations by
plans and by the market, Chinese government

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has the power to connect the trading events with
the politics. That means to mobilize capital from
the market in exchange of political support from
Russia. To a considerable extent, Chinese
government promotes a stable business
environment. Seeking mutually beneficial
cooperation in trade, energy, transportation,
nuclear, science and technology, space industry,
etc., China-Russia relations are arguably better
today than they have been at any point since
World War II (Nanako, 2014). The two countries
are very asymmetric. In natural gas reserves,
Russia dominates. Of course, economically China
is much stronger than Russia. Hence China made
a concession on natural gas price.
Figure 4. Russia China Gas Pipeline (Nanako, 2014)
Working together amongst the world will be
the key in eliminating potential disasters such as
climate issues and economy issues. There are
many important topics that will not be addressed
if mutual respect is not agreed upon.
RECOMMENDATIONS
Russia
Russia should consider developing more
opportunities for innovation and
natural gas to be paramount strategic tools of its
products and services that the Russian Federation
could export in an effort to increase trade with
the world and thereby increase participation in
global markets and reduce political, economic
and legal fears other nations have in building
has vast resources both human and natural that
could be used to encourage creativity. One
solution could be to create a product or service
that will be needed in the world in the near
future. Water will be a scarce resource and Russia
has access to many bodies of water and scientists
that could develop desalination products,
techniques or services that could help literally
provide clean, drinking water to the whole world.
China
relationship with Russia does not delve into
something that can be misconstrued as a power
play on Western interests. Russia cannot shake
the corruption that has infected its government
from the top down and while willing to be a part

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of the global community. Russia will continue to
play by its own rules and will not be afraid to use
shady backroom deals to further its own
interests. Perception is reality and the China-
Russia relationship has already brought
have made common cause in geopolitics. China
abstained from a UN Security Council vote in
March, 2014, that would have rejected a
referendum that Russia backed in Crimea before
annexing it. China also joined Russia in vetoing
UN attempts to sanction the regime of Bashar
Assad fighting a civil wa
Economist Intelligence Unit N.A., Inc. 2014).
The United States -Russian
relationship, the one between Beijing and
Washington is wider and more complicated.
Combined, China and the United States account
for one-third of global GDP. In 2014, U.S.-Chinese
trade reached nearly $600 billion, and
accumulated mutual investment exceeding $120
-China relationship
is crucial to world stability, and the trade
relationship between the two remains important
to each. The United States needs to understand
that China will not accept bloc politics in Asia.
The TransPacific Partnership (TPP), championed
by the United States, is a 12-country agreement
that has excluded China because of their stance
on
being able to participate, the outcome of the TPP
could have a negative impact on China exports.
and elsewhere have suggested that if the United
States insists on imposing bloc politics on the
region, China and Russia should consider
responding by forming a bloc of their own. But
the Chinese leadership does not approve of such
arguments. China does not intend to form such a
bloc, either. China and Russia should stick to the
principle of partnership rather than build an
alliance. As for China and the United States, they
should continue pursuing a new model of major-
country relations and allow dialogue,
cooperation, and management of differences to
g, 2016).
CONCLUSION
China and Russia understand that their
dominance. This mindset will have lasting
impacts on the entire world that are not yet
understood and may ultimately be detrimental to
western ideology. In the event complications
arise because Russia and China form a de facto
bloc that results in minimizing United States
influence and devalues American currency, what
happens? It is in the interest of the United States,
who should monitor the relationship closely, that
China and Russia continue a healthy relationship
that benefits each country regional, rather than
globally. The United States, China and Russia
need to find mutually shared interests in travel,
free global trade, and cooperation against global
threats. This will encompass terrorism, climate
change and disease. Russia and China in theory
benefit equally from their trade relationship.
ACKNOWEDGEMENT
This article was prepared as a result of research
scholarship funded by the Webster University.
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The Impact of Russia-China Trade Relationship on the U.S. Economy Nikolay Megits
www.ieeca.org/journal 12
https://www.wto.org/english/res_e/statis_
e/its2015_e/its2015_e.pdf ABOUT THE AUTHORS
Nikolay Megits email:
nikolaymegits45@webster.edu
Dr. Nikolay Megits is an expert of global
economics, international trade, strategic
management, FDI in emerging markets, and
entrepreneurship, with a distinguished record
of academic achievement in lecturing and
scholarly research. He possesses over 25
years of international business experience
including strategic planning, sales, and
import/export practices. He holds MBA and a
Doctorate in Economics. Dr. Megits is an
Academic of the Ukrainian Academy of
Economic Sciences.

www.ieeca.org/journal 13