The Prosperity of Trade Relations
The constitution of Belgium dates from the year 1831. This made them one of the oldest constitutions in effect today, together with that of the United States. It has royal kingdoms with the traditional successions exclusively reserved to the male line. Belgium's economy is extremely open and fully integrated with the economies of surrounding countries. The few opportunities for natural resources as well as the very small domestic markets led to the need to have the United States support them in their international trade. Before, foreign trade was somehow secluded to the members of the Belgium Luxembourg Economic Union (BLEU). This paved the way for Belgium to at least be recognized in world trade. Brussels, its key city, has become Europe's financial center, thus contributing largely to the Belgian economy. In the year 1993, Belgium found itself soaked in debt thus hindering their ability to trade in the world scene. They were lead to a very serious loan scenario and the deficit was too hard to handle on their own. The World Bank have helped them rollback but the European economy seem to be bothered as well thus, extending to problems on unemployment and the volume of their trade significantly reduced. United States was just behind to support this global trade partner. Belgium had considered the United States as its 5th partner with regards to trade while the US ranked the former as its 18th world trade comrade. They have evidenced their relations with exports and imports of various goods from chemical products, machinery and equipment, minerals, metals, textiles and the very basic food products. They have increased their business capacities through time and have never left any of the other party behind. It was such an entire support system that worked well for the benefit of the trading partners. US-Belgium Major Exports and Imports The felt need to stand side-by-side was seen in both US and Belgium. They wanted their products to expand by means of importing and exporting in both ways. They have strengthened the depth of their friendship with all their products considered in the trading scene. Their financial statures in the world were improved due to their perseverance of helping each other. With the continued growth of the imports and exports, they have stretched their friendship to more than just alliance. Belgian's prime commodities entering the United States and other countries include food products, machinery and equipment, chemicals, diamonds and other precious metals. The United States on the other hand exports pharmaceutical needs, transportation equipment and oil products. For the year 2007, the leading products in their trade included the following:
It is a known fact that each country has several pertinent issues that govern income taxation. Sometimes, it causes conflicts on governance and tax rules. In order to solve this scenario between the United States and Belgium, a proposed Income Tax Treaty was formulated. A joint committee on taxation studied the proposals. In order to understand briefly what this treaty has to say, let us take note of the following: · Its principal purpose is to eliminate double taxation in both countries. The burden on foreign trade is the fact that the two-to-tango and symbiotic relationships could be forgotten. Income taxes are collected in order for one's economy to prosper. However, with lapses on the income reporting on both sides of these countries, there might be possibilities that one will tax the already levied commodities and the other does the same.
Aside from the income tax aspect of the trade, other issues may come in. Accounting principles could affect the statistics of each country involved. There is a necessity to at least understand what causes the conflict between the United States and Belgium so that all may end well. Let us discuss the possibilities of addressing the disparities on trade on a per subject basis.
The changes in times may affect the positioning of world trade partners. For foreign trade between Belgium and US, it is essential to take care of what they have already started. They have built a strong foundation and the only way to continue is to strengthen what they have already built and say no to jealous associations that could break the conspiracy between them. There is no guarantee about what the future brings, but at least, they could protect each other in ways that no other people or groups could falter. One good way that started to make the bond grow is presented in the International Freedom Report of 2008 which have tackled religious issues. The United States dealt with the religious platform of Belgium. They found it good enough to grant the wish of rejecting racial discriminations as well as promoting religious freedom in the area. The US Religious Demography shows a lot of religions inhabiting the land and because of this, impartiality was totally eliminated. The growth of trade between the two countries is deemed to be flourishing. What matters now is to at least follow the rules, give way for better opportunities, trigger economic stabilization and to become one in all areas of society. The United States and Belgium should go beyond the friendship which began in their constitutional establishment. References
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