Now as much of 7.8 percentage of Belgian exports are sent to the UK and just more than 5% of imports traveling in the opposite way. Britain is Belgium’s fourth-largest export marketplace with two-way trade value 22billion, of, although Belgium is the UK’s sixth-largest export market, worth 10billion a year.
As a result, while the UK’s withdrawal from the EU could have a huge impact on Belgium.
Beverages and the country’s food, administration, and textiles sectors are the ones to job losses that are Brexit-related.
According to economics professor Hylke Vandenbussche, collapse from the EU and Downing Street to reach a trade agreement could cause the reduction of 42,000 jobs in Belgium.
Her study suggested that if a ‘tender Brexit’ is secured,10,000 jobs could still be lost.
Asked last week by Euractiv how ready Belgium was for Brexit, MS Vandenbussche said: “Not very much.”
She pointed to a survey initiated by the government of companies in 2018, which demonstrated that only 25 percent were ready for Brexit “and I am guessing that these were mostly the bigger companies, so it’s in the interests of everybody to postpone, to delay, to delay”.
In March last year, as Belgium prepared for the scheduled departure of Britain, the country received a prediction that was worrying for post-Brexit life.
He explained: “The optimistic situation provides a loss in purchasing power of 0.4 percent. The pessimistic scenario gives a loss in purchasing power of 2.5 percent.
“This really is the cost Belgians will pay for a decision of the British people to leave the only industry.”
Belgium does a lot of its commerce off the North Sea at Antwerp and Zeebrugge, where a lot of its commerce with Britain passes.
Prime Minister Charles Michel, at the time, told a news conference that the government pushed ahead with preparations for a ‘no deal’ Brexit.
He said: “But I also say clearly that I know we’ll face difficulties. It will not be a walk in the park.
The newest Prime Minister — Sophie Wilmes — has predicted on an agreement between London and Brussels that permits for the transaction.
She also said Europe’s leaders must get behind the EU’s Chief Negotiator — Michel Barnier.
After Boris Johnson’s election victory in December, she said: “I think that what is very significant is that after the transition period we’ll be in the scenario that we’ll be able to trade with the United Kingdom.
“You know that Belgium for instance, is very much implicated in commerce with the United Kingdom, however we ought to speak as one voice, one voice for Europe and for that reason we have to give a clear mandate to Michel Barnier to negotiate exactly what our new relationship will be as one voice again.”