With ten and 15 million inhabitants, respectively, Belgium and the Netherlands are two of the smaller members of the European Union. Bordering on Germany and hosting the two largest seaports and one of the largest airports, they are transit economies. Imports and exports make up three-quarters or more of GDP. Small domestic markets encourage trade liberalisation and a search for competitive advantage through product specialisation and economies of scale in export markets. As the oldest industrial nation of continental Europe, Belgium developed a strong position in the production of raw material, coal and steel, and related industrial products, until decline began in the 1960s. Since then, the economic axis has shifted to light industry and services, with a strong impact on the port of Antwerp and the inward investment of multinational, mainly US, firms. The Netherlands industrialised late and never became an industrial nation, despite its post-1945 efforts. The Dutch economy is specialised in transport and logistics, international finance, business services, agro-industry and foreign trade. The country is home to large indigenous and Anglo-Dutch multinational firms, like Philips, Unilever, Shell, Heineken and some of Europe’s largest banks.