Belgium has very close trade relations with the United Kingdom. For the export and import of goods and services, the country is our 4th and 5th largest trading partner. It goes without saying that a messy divorce - a so-called hard Brexit - would have a major impact on the operational functioning and/or sales figures of many companies.
We should not look too far for the reasons:
- volatile exchange rate fluctuations
- more customs formalities
- falling demand for products and services
- different future regulations
At present, there is no guarantee that a hard Brexit has been avoided. During the transition period that started on 1 February, a lot of political work will still have to be done to manage the divorce. Will we drift apart after 31 December 2020 or remain integrated?
Febelfin is closely following this process. We are in contact with other sector federations to monitor the consequences of Brexit at sector level and - if necessary - to discuss supporting measures.