Enhancing the Regulation of International Trade amid the Transition to a Green Economy

Abstract

The article examines key current and prospective directions in the development of international trade within the context of the transition to a “green economy.” An analysis of the current state of this transition reveals that, despite a substantial body of research and theoretical work, two key issues remain unresolved. First, it is still unclear which products should be classified as “eco-friendly goods,” which form the basis of “green” trade. Second, no effective measures have yet been implemented to establish rules or frameworks for regulating international trade during the transition to a green economy. The author posits that categorizing products from an ecological perspective is necessary for more effective regulation of international trade under contemporary conditions. The Harmonized System of Description and Coding of Goods is presented as the most universal and effective tool for regulating of international trade. The study aims to develop proposals and recommendations for improving foreign trade regulation amid the shift to a green economy, illustrated through the modernization of the Harmonized System of Description and Coding of Goods. Practical suggestions are offered for integrating key principles of the green economy into customs activities. The article’s conclusions have theoretical significance in that they propose a general approach to revising of the Harmonized System strategically. They also hold practical value by offering recommendations for incorporating relevant terms and definitions into the Harmonized System of Description and Coding of Goods and other international trade documents.