ЗАЩИТНЫЙ ЭФФЕКТ ВНУТРЕННИХ РЫНКОВ ИНТЕГРАЦИОННЫХ ОБЪЕДИНЕНИЙ НА ВЗАИМНЫЕ ИНВЕСТИЦИИ НА ФОНЕ ФРАГМЕНТАЦИИ ГЛОБАЛЬНОЙ ЭКОНОМИКИ: ОПЫТ ЕС И ЕАЭС

Abstract:
The article examines how the internal markets of integration associations mitigate the negative impact of geo-economic fragmentation on mutual direct investment using the example of the EU and the EAEU. With the weakening of globalization and the growth of political and economic risks, investors’ demand for a safe location for FDI is becoming more relevant, which increases the role of the investment space of domestic markets with standardized regulation and lower barriers. The purpose of the study is to identify the extent to which domestic integration markets can perform a protective function for mutual investments, based on a comparative analysis of the experience of several integration projects at different maturity levels. As a hypothesis, it is suggested that the higher the degree of regionalization of FDI, the capacity of the domestic market and the institutional maturity of supranational regulation, the greater its protective effect against the background of external uncertainty. A comprehensive approach to assessing the protective potential of domestic markets has been developed and applied, combining indicators of the regionalization of FDI, the development of supranational institutions and capital control mechanisms in strategic industries. The study is based on a comparative analysis of statistical data from international organizations, integration associations and individual countries. It is shown that the high level of regionalization of FDI and developed regional value chains enhance the protective role of the EU internal market, while the low share of mutual FDI, commodity specialization and regulatory fragmentation limit the potential of the EAEU. The evaluation criteria are formulated and the directions of reforming the integration investment space are determined to strengthen regional value chains and increase autonomy in the context of fragmentation of the global economy. As a promising direction for further study of the problem, it is proposed to conduct a study of the protective effect of the internal integration market at the level of individual industries and companies.