Economy Minister David Clarinval (MR) has proposed rewriting a chapter of the Federal Government agreement to boost competitiveness in the context of Trump's trade war.
The chapter, currently titled 'Make 2030', aims to stimulate the economy and reindustralise the country.
In light of US President Donald Trump's imposition of tariffs on most of the world's countries, Belgium is concerned about the impact on its own economy: ING bank estimates that a trade war with the US could reduce economic growth by 0.11% in the first year, and by 0.69% in the long term.
Clarinval has therefore proposed transforming 'Make 2030' from a long-term plan into a short-term one, renaming it 'Make 2025-2030'.
"The ambition is clear: it is a boost in raising awareness of the economic difficulties" and a way to "show that we are taking the full measure of the shock caused by the increase in customs duties and the ensuing trade war," the Economy Ministry told Le Soir.
Working groups
The revised plan consists in "very quickly" setting up working groups between federal, regional and community representatives and business leaders.
The working groups will produce "concrete measures" focusing on corporate taxation, employers' contributions, administrative simplification for entrepreneurs, legal certainty, the cost of energy, labour market adaptation, strategic investment and research and development.
The working groups will take place over "a period of six months to a year at most, whereas, as you will have realised, we had initially planned to give ourselves several years."
There will also be discussion of "countermeasures" at the European level to "show that we are taking the full measure of the shock caused by the increase in customs duties and the ensuing trade war."
Prime Minister Bart De Wever (N-VA) is expected to validate the proposal ahead of the Ministerial Council on Friday.
