Abstract

This paper examines the economic relations of Estonia and trends in its exports and imports with the most important countries globally in 2008–2014, and presents its export and import transactions in the main commodity groups in 2009–2014.2 Considering the many different tensions that have appeared in world economy and in politics in the recent years, the aim of this paper is to describe their possible impacts on the Estonian economy. The research tasks set are studying of economic and trade relations with Ukraine as one of the largest countries in the EU Eastern Partnership Programme. Also the range of problems and developments related to signing the association agreement between Ukraine and the European Union, as well as the new complicated trade relations arising from economic policy, and developments both in the European context and that of other countries are examined. Also economic and trade relations with Russia are discussed. All this is treated on the background of the relations between Ukraine and Russia in the recent years and their impact on the behaviour of Estonia, the EU, USA and other Western countries. The above-mentioned issues are also viewed in relation to imposing economic sanctions due to relations between Ukraine and Russia.