A difficult and uncertain context for trade was created by Brexit, but investments and policies from higher up have helped Brussels-based companies to strengthen their commercial ties with the UK market.
Brexit resulted in the EU and the UK becoming two separate markets working in two separate regulatory and legal areas from 1 January 2021. While this has created barriers to trade in goods and services, the UK is still the fourth-largest importer of Belgian services in Europe and the fifth-largest in the world.
"With a 187% increase in exports in 2022, to a total of €595.8 million, we are again reaching the levels of 2016 and 2017. This results in a positive trade balance, accounting for a record €292.1 million," noted Brussels State Secretary for Foreign Trade Ans Persoons, who visited London this week. "Brussels companies are doing very well in the UK market, definitively turning the page on Brexit."
She noted that Brussels is reaping the benefits of the investments and policies implemented, such as the €10.7 million it received from the EU in 2020, under the 'Brexit Adjustment Fund'. These "enabled Brussels companies to strengthen their commercial ties with the UK market and increase their exports."
Shining internationally
Persoons also pointed to hub.brussels as a key player in ensuring that the Belgian capital can continue to develop internationally. Brussels companies can count on this permanent office in London to help them export but also attract British investment to Brussels. By 2023, the hub completed 150 individual counselling sessions for Brussels exports.
Under the commercial name 'Brussels Boutique', the hub also sets up Brussels pop-up stores in London, a showcase for Brussels products and expertise. "This temporary project has allowed Brussels companies to test out the UK market," said Samuel Servaes, Economic and Trade Advisor at hub.brussels. So far, 70 Brussels businesses have tested out the UK market by exhibiting and selling their creations there.
Inside the Brussels Boutique. Credit: hub.brussels
From July to December 2023, a series of three themed pop-up stores opened up shop in London. In July, 25 Brussels food and drink companies showcased their produce, and from September to October, it was the turn of fashion and design companies. In December, 18 Brussels arts and crafts companies will present their work.
During her visit to the capital, Persoons inaugurated the hub's 'Arts and Crafts' section on London's iconic Regent Street, at No. 52. The Brussels Boutique is also available to Brussels companies for B2B meetings, private visits and events in the UK's capital.
