THE IMPACT OF THE EUROPEAN UNION’S FOREIGN TRADE POLICY ON THE COMPETITIVENESS OF BALTIC COUNTRIES’ PRODUCTS ON WORLD MARKETS

The article examines the impact of the European Union's foreign trade policy on the competitiveness of the Baltic States' products on world markets. The theoretical aspects of determining the impact of the European Union's foreign trade policy on the competitiveness of products of Estonia, Latvia and Lithuania are disclosed. As a result, the main factors influencing the competitiveness of products, their essence and features are obtained. It is determined which of these factors are most closely related to the foreign trade policy of the European Union. The main advantages in the competitiveness of the Baltic countries are identified and their essence is revealed. The main problematic issues of competitiveness of the Baltic countries are considered and their essence and consequences are investigated. The impact of the European Union's foreign trade policy on the competitiveness of the Baltic States is determined. The main positive and negative aspects of the impact of the European Union's foreign trade policy on the competitiveness of the Baltic States are presented. The main positive aspects of the impact of the European Union's foreign trade policy on the competitiveness of the Baltic States are: access to the European Union's common market; participation in the European Union's trade agreements with third countries; support from European funds and programs. The negative aspects are as follows: increased competition in the domestic market; strict requirements for product standards and quality; dependence on the common foreign trade policy of the European Union. The author proposes the following strategies for improving the competitiveness of the Baltic States' products: innovative development and technological investments to improve the competitiveness of the Baltic States' products; diversification of sales markets; professional development and human capital development; support for small and medium-sized businesses. The author examines the essence, features and ways of implementing these main strategies for improving the competitiveness of the Baltic States' products.