consider a country UKRAINE and answer following questions in 400-500 words 1.With whom does the nation...

consider a country UKRAINE and answer following questions in 400-500 words

1.With whom does the nation trade?

2.Is it dependent on any particular nation for trade, or does another nation depend on it? Explain any factors that support your response.

Solutions

Expert Solution

Ukraine is the country situated in Eastern Europe and it was the part of former USSR. It gained it independence after the dissolution of the USSR. The geographic location of Ukraine has strategic importance but historically it is known as the breadbasket of Europe. The rich fertile soil of Ukraine produces wheat which is highest in the Europe. The economy is largely dominated by agriculture but it also exports natural resources such as minerals and along with that capital goods.
Ukraine is also known for its defense industry which is 2nd only to Russia if we consider the former USSR. The country has a government owned conglomerate for this and Ukraine is in the top 10 countries of the world which exports arms and weapons.

Ukraine had Russia as its biggest trading partner. This was obvious since both were part of the former USSR and later they were of 'Commonwealth of Independent States'or CIS. CIS was the group of countries which were liberated after the dissolution of the USSR. Until 2012, Ukraine was heavily engaged with Russia and CIS for trade. However, its trade with the EU countries was also increasing in the meantime.

Russian annexation of Crimea had a very negative effect on the bilateral trade relations. The economy of Ukraine shrank as Russia was its largest trading partner and it was very much dependent on it. However, people preferred pro-EU government in the country and that has tilted Ukraine towards the European Union. Now, the EU is the largest trading partner of Ukraine which accounts for more than 1/3rd of trade.

Rahul Sunny answered 1 month ago

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