Global value chains as a factor in modern economic development.

Abstract

The article describes the global value chains, as a factor in modern economic development of the countries, identified new tasks of government economic policy in the modern realities of foreign economic cooperation. There is a growing influence of global value chains on the nature of international trade, competitiveness and economic growth of countries. It is concluded that the global value chains reinforce the interdependence of countries and, consequently, the need for cooperation in the field of economic policy. Getting benefits from participation in global value chains requires a structured approach, covering a large number of policy options, including a broad concept of development, including aimed at supporting private sector development, the creation of favorable investment conditions and the creation of capacities for local business, ensuring consistency in trade and investment strategies.