The first Belgian trade mission post-corona leaves for London
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Loading... - Maxime Jacobs
- 09 May 2022
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Since the UK left the European Union on 1 January 2021, there have been tensions between London and Brussels. These have centred on issues such as fishing rights and the Northern Ireland Brexit protocol. Despite these ongoing tensions, Belgium is keen to revive the once close economic ties with with our neighbours on the other side of the North Sea.
At the end of November last year the Federal Prime Minister Alexander De Croo (Flemish liberal) visited London and met with the UK Prime Minister Boris Johnson. At the end of the meeting both Prime Ministers signed a declaration that stressed the importance of the relations between our two countries, particularly in areas such as sustainable energy transition, health, biopharmaceuticals and security.
In addition to Princess Astrid and the Flemish PM Jambon, the Federal Energy Minister Tinne Van der Straeten (Flemish green) will be in London representing the Federal Foreign Minister Sophie Wilmès (Francophone liberal). The Flemish Economy Minister Hilde Crevits (Christian democrat), The Walloon Economy and Foreign Trade Minister Willy Borsus (liberal) and the Brussels Secretary of State responsible for European and International Affairs and Foreign Trade Pascal Smet (Flemish socialist) will also take part in the trade mission.
Historical ties
For historical reasons, the British have always been an important trading partner for Belgium. Currently, the United Kingdom is Belgium’s biggest trading partner outside the EU. With exports to the UK from Belgium worth 26.2 billion euro per annum, the country is Belgium’s 5th biggest export market. Imports into Belgium from the UK are worth 15.5 billion euro per annum, putting the UK in 15th place when it comes to the list of countries from which Belgium imports goods. Last but not least, the UK is among the top 5 countries investing in Belgium.
Corona and Brexit
The coronavirus pandemic and Brexit have had a considerable impact on the economy in Belgium. Exports in particular have suffered. Last year Belgian exports to the UK were down 7%. This compares with a global increase in the value of exports to the UK from the EU as a whole.
Meanwhile, imports from the United Kingdom to Belgium increased by 9.8% last year thus reducing our country’s trade surplus with the UK. Read More...
