A nnexure-V- Cover Page for Academic Tasks

Course Code: MGN802 Course Title: Export And Import Management

Course Instructor: Dr. Sheetal

Academic Task No.: CA2 Academic Task Title: Assignment 1

Date of Allotment: 16/03/2020 Date of submission: 06/04/2020

Student’s Roll no: A11 Student’s Reg. no: 11907206

Evaluation Parameters:

Learning Outcomes:

Learnt about the trade policy of Belgium, its trade relations with India and
dominating trade sector between India-Belgium trade.

D eclaration:

Student’s Signature: Rishav Kumar Chaudhary

Evaluator’s comments (For Instructor’s use only)

General Observations Suggestions for Improvement Best part of assignment

Evaluator’s Signature and Date:

Marks Obtained: Max. Marks:

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 TABLE OF CONTENTS

Topics Page. No
1. BACKGROUND 3

2. ECONOMY OF BELGIUM 4

3. BELGIUM’S ECONOMIC DIMENSIONS 4

4. BELGIUM INDIA TRADE RELATION 6

5. PHARMACEUTICAL TRADE OF INDIA AND BELGIUM 9

6. ASSISTANCE OF BELGIUM IN EU (EUROPEAN UNION) 10

7. THE TRADE POLICY OF BELGIUM 13

8. EXCHANGE RATES 14

9. THE TRADE BARRIERS OF BELGIUM 15

10. BELGIUM’S TOP IMPORTING PARTNERS 17

11. REFERENCES 18

pg. 2
 1. BACKGROUND
Belgium is a allied state with three cultural various locales: Flanders,
Wallonia, and the capital city of Brussels, which is likewise the home
office of NATO and the European Union.
Belgium held allied, regional, and European elections in may 2019.
In this allied elections, Center-right New Flemish Alliance won most of
the seats in the
Parliament. The Belgium Party increased their support in Wallonia.
Neighboring nations have solid political and financial effect in Belgium,
and the administrations division has an enormous part on nations GDP
and in the export driven economy.
Belgium also boasts their network of railways and roazdways and
second- busiest port in Europe’s, Antwerp.

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 2. ECONOMY OF BELGIUM
Belgium’s economic score is 68.9, making the economy the 48 th position
in the 2020 Index.
Its Total score has increased by 1.6 points, which led by increase in the
government score.
Belgium ranked is 26th among 45 countries in Europe region, and overall
score matches almost the regional average and well above world
average.
Belgium economy has caught in the modestly class for 10 years almost,
GDP development for as long as five years has been comparatively
lackluster.
To return the ranks of mostly free the government must guide there
long-term high and unsustainable government spending. These will
increase the possibility for successful implementation of its economic
policy and agenda, which aims at boosting job creation, strengthening
competitiveness and combine public finances.

3. BELGIUM’S ECONOMIC DIMENSIONS

Exhibit 1: Belgium Economic Freedom

pg. 4
 Exhibit 2:- Belgium economic growth rate 2017-2020

Exhibit 3: Belgium in Global Trade Union Membership

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 4. BELGIUM INDIA TRADE RELATION

Both India and Belgium have strong trade and democratic ties that is enforced
by the mutual shared, since India’s Joint Commission meeting with the
Belgium-Luxemborg Economic Union (India-BLEU JCM): Estd in 1997.
Its main objective is to discuss the economic and commercial issues.
The both the nation have equally participated in each other’s affairs.
India is the 2nd largest export destination of Belgium and 4 th largest trade
partner beside EU. Trade between India and Belgium stood € 11.95 Billion,
during Jan-Dec 2015 and the major exports were in the sectors of gems &
jewelry, textiles, chemicals Products. The FDI inflows from April 2000 to March
2017 amounting to US $ 896.09 million, which make Belgium as a 22 nd largest
investor in india.
Indian companies also been investing in Belgium mostly in IT and software
sectors, such as Infosys,TCS, HCL, and Tech Mahindra.

pg. 6
 To promote the world’s largest seafood trade event- India participates in the
“Seafood Expo Global”. The expo started in 2016 from 26-28 April and has the
theme ‘ Incredible Seafood from Incredible India’.
There is a MoU signed between Ministry of Shipping of India and the Antwerp
Port of Belgium, on 12th February 2015. A Letter of Intent implementation the
MoU in Shipping was signed on May 2, 2016.

Figure:1 shows Top Products Imported from Belgium And Exported to Belgium

pg. 7
 Figure: 2 Graphical Representation

pg. 8
 Belgium’s top Customers and Suppliers

pg. 9
 5. PHARMACEUTICAL TRADE OF INDIA AND BELGIUM

Belgium Exports to India of Pharmaceutical items was US$270.43 Million

during 2019, as indicated by the United Nations COMTRADE database on
global exchange. Belgium Exports to India of Pharmaceutical items. The
EP(Pharma) Division manages with export advancement matters identifying
with Pharmaceutical items. The regulatory issues relating to the Export
Promotion Council for Pharma viz. Pharmaceutical Export Promotion
committee of India (Pharmexcil) are additionally managed. The division
delivers issues identifying with wares of Pharma segment and advancing fares
of wares of this part while the Imports identifying with Pharmaceutical wares
are additionally assessed.

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 6. ASSISTANCE OF BELGIUM IN EU (EUROPEAN UNION)

The most significant segments of Belgium's economy in 2018 were public

organization, defence, education, human wellbeing and social work activities
(22.1%), discount and retail exchange, transport, settlement and nourishment
administrations (19.4%) and industry (16.7%).
 Intra-EU exchange represents 73% of Belgium's exports (Germany 18%,
France 14% and the Netherlands 12%), while outside the EU 5% go to
the United States and 2% to the two India and China.

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  As far as imports, 64% originate from EU Member States (the
Netherlands 18%, Germany 13% and France 9%), while outside the EU
7% originate from the United States and 4% from China.

 The EU spending plan doesn't expect to redistribute riches, yet rather

centers around the necessities of Europeans all in all.

 2018 figures for Belgium

 Complete EU spend in Belgium – € 8.514 billion

 (comparable to 1.86% of the Belgian economy)

 Complete commitment to EU spending plan – € 3.840 billion

 (identical to 0.84% of the Belgian economy)

pg. 12
pg. 13
 7. THE TRADE POLICY OF BELGIUM

 Trade instruments and policies

There are numerous trade policies and instruments and implemented
under the trade policy of Belgium, some of these major instruments
and policies are the following:
Tariff Barriers, Non-Tariff Barriers.
TRIMs(Trade Related Investment Measures).
Technicals Barriers.
Environmental Standards.

pg. 14
 8. Exchange Rates

Source: Exchange rates, National Bank of Belgium

pg. 15
 9. THE TRADE BARRIERS OF BELGIUM

There are trade barriers that restrict and govern the movement of goods and
services in and out, these regulationsor barriers have been formulated and
implemented to ensure that the domestic products are not overshadowed by
the global manufacturers. On the other `hand these regulations also help in
maintaining the environment parameters aswell as technical parameters, thus
allowing facilitation to be in harmony with the global trading standards. The
major Trade barriers are the following:

Non-Tariff Barriers
 Restrictions as per Trade protectection laws
Tariff Barriers
 Duties
 Taxation

Restrictions As Per The Trade Protection Laws

There are number of goods that are restricted as per trade policy, and
restricts there import into the nation the catogories of such goods are as per
follows:
Wepons, ammunition and military equipment.
Radio equipment that are not as per the defined
standards.
Chemicals Products
Industrial-scrap, metal, industrial waste(C.F.C.
chlorofluorocarbons)

pg. 16
Imports Duties
Merchandise imported from outside the EU are dependent upon an 'import
VAT' at the rate which would be pertinent on the off chance that they were
sold in Belgium (general pace of 21 percent anyway zero, six or of course 12
percent in respect of the recently referenced items). The obligation is
assembled by then and spot of section into the country, near to the
noteworthy import commitments. If there should be an occurrence of an
import deferral permit, the instalment of VAT on importation is moved to the
periodical VAT return (coming about in installment and reasoning at the same
time).

Customs Duties

Alongside import VAT, Customs Duties is imposed on products brought into

Belgium from outside the EU. The degree of obligation is dictated by the
Customs tax grouping and will fluctuate subject to what is being imported, the
worth and the starting point of the merchandise. At the point when the nation
of birthplace of the merchandise sent out to Belgium isn't a piece of the
European Association, customs obligations are determined Promotion Valorem
on the CIF estimation of the products, as per the Basic Customs Tariff (CCT).
Belgium has received the EU Basic External Tariff. Accordingly, any
merchandise brought into Belgium that have started in the EU will be liberated
from customs obligations.

pg. 17
 10.BELGIUM’S TOP IMPORTING PARTNERS
Exhibit : Belgium’s Top Importing partners

pg. 18
 11.REFERENCES
https://tradingeconomics.com/belgium/exports/india/pharmaceutical-
products
https://commerce.gov.in/InnerContent.aspx?Id=506
https://www.indianembassybrussels.gov.in/pages.php?id=5
https://europa.eu/european-union/about-eu/countries/member-
countries/belgium_en#belgium-in-the-eu
https://www.abh-
ace.be/sites/default/files/Statistics/Buitenl_handel_brochures/jan-
sept_2019/brochure_statistieken_bh_eng_com092019.pdf
https://tradingeconomics.com/belgium/foreign-exchange-reserves
https://www.nbb.be/en/about-national-bank/eurosystem/exchange-rates
https://www.nbb.be/en/about-national-bank/national-bank-belgium
https://www.nbb.be/en
https://en.wikipedia.org/wiki/National_Bank_of_Belgium
https://tradingeconomics.com/belgium/foreign-exchange-reserves
http://www.worldstopexports.com/belgiums-top-import-partners/

pg. 19