International trade is very important for the Belgian economy. Approximately 70 percent of the nation’s economy is dependent on international trade. Disruptions in global trade such as recessions can cause unwilling problems in Belgium’s economy. Fortunately, Belgium has many trade partners. Thanks to the export diversity, economic problems can have only significant impact on Belgium.
The nation’s main trade partners are in the EU. Also most of Belgium’s imports come from the EU, these provide 71 percent of Belgium’s imported products. The United States is a major trading partner of Belgium. In the opposite way, Belgium is the ninth largest trading partner of the United States. About half of Belgium's imports from the United States are processed and re-exported to other markets.
Imports from EU nations enter Belgium without any tariffs or duties. Goods and products from nations outside of the EU enter Belgium with import duties and a value added tax (VAT). The amount of these taxes depends on the product to an average of 5/6 percent of the total value of the product. Goods from outside the EU face a price disadvantage.
Since Belgium is headquartered as home of the EU, the nation has a unique perspective on world trade and global markets. Therefore Belgium has significant influence on trade.
I know Belgium aims strongly to be an open economy. Because Belgium’s economy is dependent on international trade, it’s very important to anticipate unwilling problems in global trade. I’m not surprised that trade is one of the most important activities in Belgium. With its central position in Europe, Belgium has become the headquarter of the EU. Trade is important when a country needs resources, it can't provide for itself, or because it's cheaper to import than to produce locally. Trading helps other nations to get what they need, while making money by selling what they don’t need. This makes it possible to develop as country. People can get food, clothes and other necessities by trading.
Source : http://www.nationsencyclopedia.com/economies/Europe/Belgium-INTERNATIONAL-TRADE.html
Today I'm proud that I'm a Belgian.
ReplyDeleteOf course not for our political disputes but only for our trade policy and our unique central position in Europe. I’m glad that were are a part of the European Union and that we play a very important role in this society.
Trade is for us a unique chance to enlarge our product range and also to let the world know that we have also very important products, like chocolate , diamonds , beer , ... . Our large ports , like Antwerp , Zeebrugge , Gent , ... definitely contribute to our strategic position in Europe and our export economy.
Without our trade Belgium would be a country without all our advantages of today.
That’s why trade is so important for us , and of course also for the world.