Let us look into the trading relationships Belgium has established with other countries
Belgium – US
Following Belgium’s declaration of independence from the Netherlands in 1832, the United States established diplomatic ties with the country. Belgium, as an outward-looking country, collaborates closely with the United States on bilateral and multilateral levels, as well as in international and regional organizations, to promote economic and political cooperation and development assistance to developing countries.
Belgium is a member of the European Union (EU) that is looking to diversify and grow its trade prospects with non-EU countries. Hundreds of American companies have set up shop in Belgium, with many of them having their European headquarters there. Chemical businesses, automotive assembly, petroleum refining, and pharmaceutical companies are also significantly represented in investments. Banks, law companies, public relations, accountancy, and executive search firms are among the U.S. service businesses that have benefited from these expenditures. Belgium is a member of the Visa Waiver Program, which allows citizens of participating countries to visit the United States for up to 90 days without acquiring a visa for certain business or tourism purposes.
The Benelux Economic Union
Luxembourg, a former Zollverein member, signed the Brussels Convention with Belgium in 1921, establishing the Belgium–Luxembourg Economic Union. Since 1921, Belgium and Luxembourg have shared a common customs tariff and a single balance of payments.
After WWII, the union was expanded to include the Netherlands. Most import duties within the Benelux area were abolished at the start of 1948, and a unified external tariff was implemented. Exceptions were established for a few agricultural items, and it was also thought necessary to implement a quota system.
Belgium – Poland
The entry of Belgian capital into the Polish market has significantly increased in recent years. In Poland, there are around 700 enterprises with Belgian capital. Small and medium-sized businesses account for the majority of Belgian investors. Financial insurance, energy, food, building materials, agricultural machinery, and municipal services are the primary industries in which these businesses invest. In terms of imports, Belgium was Poland’s 13th largest export market and 9th largest importer in 2018. According to figures from the Central Statistical Office of Poland, Polish exports to Belgium were 5.15 billion euros in 2018, while imports from Belgium totaled 5,6 billion euros.
The great concentration of Polish-Belgian trade in the Flemish Region is a distinguishing trait. Flanders accounts for around 85% of total turnover between Poland and Belgium, followed by the Walloon Region at 13% and the Brussels-Capital Region at 2%. In trade with Flanders and the Walloon Region, Poland has a negative trade balance, while trade with the Brussels-Capital Region has a surplus.
Belgium – Russia
Belgium and Russia began high-level interactions in the early 18th century when Peter the Great visited the Southern Netherlands in 1717. Brussels and Spa were two of the cities he visited. Peter made his imprint in Spa by constructing a building with a portico over the mainspring, which the people christened Pouhon Pierre-le-Grand in his honor. Belgium and the Russian Empire established diplomatic ties in 1853 when Mikhail Irineyevich Khreptovich was appointed as the Russian Empire’s first envoy in Brussels on March 19, 1853.
In 2004, bilateral commerce between the two nations totaled €4.75 billion, up €1.18 billion from the previous year, with Russia having a €1.51 billion trade surplus. Minerals (37 percent), precious and semi-precious stones (22 percent), ferrous and non-ferrous metals (17 percent), and chemical goods were the most common Russian exports to Belgium (8 percent ). Industrial equipment accounted for 25% of Russian imports from Belgium, followed by chemicals and pharmaceuticals (18%), plastics and rubber (9%), food (8%), and transportation (8%). (8 percent ). Belgium bought 30% of its oil and natural gas from Russia in 2004, primarily on the spot market. Aeroflot and Brussels Airlines provide flights between Moscow and Brussels, providing a link between the two countries.
