Legal Regulation of the Performance of Foreign Economic Contracts in the Digital Environment

Abstract

This article analyzes the legal regulation of the execution of foreign economic contracts in the context of total digitalization. The study’s relevance stems from the fact that the digitalization of international trade, including electronic document management (EDM), blockchain, and smart contracts, generates a number of legal challenges, such as determining the legal validity of electronic evidence and the urgent need to harmonize legislation with European standards (eIDAS). The study aims to analyze the current international and national legal framework for the execution of foreign economic contracts in the context of digitalization and to develop scientifically sound proposals for its improvement, taking into account innovative technologies.
The article explores three fundamental legal principles governing the execution of obligations in the digital environment: the principle of functional equivalence, the dematerialization of documents (which is critical for electronic bills of lading and logistics), and the automation of performance via smart contracts.
The paper highlights the key advantages of digitization: acceleration of circulation, reduction of transaction costs, and increased transparency of supply chains. It is emphasized that the effective implementation of these innovations is impossible without proper legal regulation. It examines the legal challenges posed by automated execution, including issues of legal liability for code errors (“bugs”), the application of force majeure provisions in smart contracts, and conflicts of jurisdiction in cross-border blockchain systems.
Particular attention is paid to the importance of these issues for Ukraine’s agricultural sector, which is a strategic export priority and requires reliable legal guarantees. The need to implement international standards (MLETR) and improve the rules of evidence is highlighted. The article also offers recommendations on the need to develop new legal instruments that integrate technological mechanisms (code) into the existing legal framework (contract law). It concludes that a comprehensive legal, technical, and institutional approach is necessary to ensure the stability and effectiveness of Ukraine’s international trade.