Regional Formation and Development Studies

The article deals with the problem of “ultra small region”, which being the independent subject of the West European countries, istheir territorial, political and economic part, possessing constitutional independence. The initial factors of such regions special statusare national-cultural ethos type and geopolitical position. The goal of the article is the identification of ultra-small territories, revealingfeatures of their economic development and the modern trade status in a world and European trade system context. Ultra-smalltrade is diversified geographically and the main trading partners of these autonomous areas are the large highly developed countries,except for the four neighboring countries of Northern Europe. The main summing up conclusion is that Ålands and Faeroes island’sultra-small autonomous territories are converting nowadays into the business bridges between different European regions and countries,into the “competitive sub-peripheries” areas and points out the role of their trade in this conversion.