REGIONAL INTEGRATION AS THE FACTOR OF NATIONAL ECONOMIES'S DEVELOPMENT UNDER THE CONDITIONS OF GLOBALIZATION (THE CASE OF THE EURASIAN ECONOMIC UNION)

The functioning of a modern economy shows that globalization leads to social, economic, political, technological differentiation while an integrated supranational associations conduct a more sophisticated economic, social, structural policy, which allows to offset the negative effects of globalization, as well as improve the competitiveness of its members. From the formal execution of the commitments related to the removal of tariff barriers in mutual trade, countries have moved to deeper integration, aimed not only at the growth of mutual trade, and to a greater extent on the development of national economies, increasing production in the framework of regional production systems, promoting the development of human capital. The analysis of trends in the development of regional economic integration (the Eurasian Economic Union (EEU)) in the context of globalization allows valid conclusions about the impact of integration processes on the development of national economies. The analysis of the globalization's indexes dynamics (the KOF Index of Globalization, the DHL Global Connectedness Index (GCI)) as the country engagement metrics into global economic processes shows that the low level of regional economic integration and the mismatch of economic cycles and balance of payments impose on the process of serious constraints. Economic studies show that the EEU members do not receive economic benefits from international integration because of many reasons, especially economic and political instability makes barriers for future prosperity of the EEU. Based on its review of the results of practical research regional integration problems the authors analyze the ways to improve situations and offer their own solutions for the specific problems.