Opportunities to assist businesses that are small across the UK conquer barriers to transatlantic trade and growth have been reported in the latest report made by top US UK trade connection BritishAmerican Business (BAB).
BAB, inside partnership with the Department for International Trade, hosted 4 virtual roundtables bringing together leaders from more than sixty little and medium enterprises (SMEs) throughout London and also the South of England, the Midlands, the North of Scotland and England, to hear the success stories of theirs and help address the difficulties they face.
The resulting article, entitled’ Making a Difference’, currently exposes three priority areas where the government can work with SMEs to encourage improved transatlantic trade and investment as part of its ongoing work to help SMEs across the UK:
Lower hurdles to trade and investment by aligning standards and regulations.
Resolve trade disputes and make it possible for easier business traveling across the Atlantic.
Increase on-the-ground, practical support to businesses, including sourcing trusted vendors or perhaps navigating complicated tax requirements.
Making up 99 % of all businesses in the UK, producing £2.2 trillion of earnings and employing 16.6 million people, SMEs are the backbone of the UK economy. As the article shows, however, they’re oftentimes hit probably the hardest by reddish tape and high operating costs.
For instance, Stoke-on-Trent-based ceramics brand name Steelite International currently faces 25.5 % tariffs on its US exports, in spite of facing little domestic competitors inside the US. TradingHub, an information analytics tight in London, revealed finishing tax registration was excessively complex, expensive and time-consuming, specifically when operating in more than a single US state.
The UK government is committed to producing more opportunities for SMEs to trade with partners around the world as it moves ahead with its independent trade policy agenda, as well as negotiations are currently underway with the US, Australia and New Zealand. In addition to constant trade negotiations, DIT has a system of support ready to help SMEs access the help and advice they need:
A network of around 300 International Trade Advisors supports UK companies to export and expand their business worldwide.
When it comes to December 2020 DIT build a £38m Internationalisation Fund for SMEs contained England to help 7,600 organizations grow the overseas trading of theirs.
UK Export Finance also has a network across the UK that provide qualified assistance on trade as well as export finance, especially SMEs.
Negotiations on a trade deal with the US are actually recurring, and both sides have finally reached wide agreement on a medium-sized and small business (SME) chapter. A UK-US SME chapter is going to provide extra assistance by boosting transparency and making it a lot easier for SMEs to trade, for example by creating new actions on info sharing.
SMEs may also benefit from measures across the rest of a UK-US FTA, on customs and trade facilitation, company mobility, and digital trade, for example, and we are currently focusing on SME friendly provisions throughout the agreement.
Minister of State for Trade Policy Greg Hands said: businesses that are Small are at the center of the government’s trade agenda as it moves ahead as an impartial trading nation. We have actually made progress which is good on a UK-US swap deal, – the committed SME chapter will make it easier for them to offer for sale items to the US and create the most of transatlantic potentials.
From Stoke-on-Trent Ceramics, by way of planet reputable medical therapy technology offered by Huddersfield, to Isle of Wight lifejackets – we’re committed to a deal that works for UK producers as well as customers, and ensuring it truly does work to the advantage of SMEs long into the future.
Right after a tough 2020 I want to thank the SMEs which took part in this particular research and gave us this sort of valuable insight into how we can use our impartial trade policy to make sure we build back better from the economic effect of Coronavirus.
BritishAmerican Business Chief Executive Duncan Edwards said:
BAB is actually proud to be working closely in partnership with Minister Hands and the colleagues of ours at the Department for International Trade to deliver this roadshow and the Making a Difference report. The feedback we got from companies which are small throughout the UK on what they would love to see through a later UK U.S. Free Trade Agreement mirrors the opportunities the transatlantic economic corridor offers, and the deep rooted strength of UK-US relations.
BritishAmerican Business Project Lead Emanuel Adam said: This initiative belongs to a continuation of yearlong efforts created by BAB and policy makers to place the needs as well as interests of growing businesses at the center of trade policy. The report not only showcases how government can put this into motion; it also mirrors that the UK Government has presently followed the’ triangle of action and support’ that the report recommends. We congratulate the UK Government inside its approach and expect doing our part so that even more businesses can turn the transatlantic ambitions of theirs into reality.