Opportunities to help businesses that are small across the UK overcome hurdles to transatlantic trade as well as development have been reported in the latest report created by leading US-UK trade connection BritishAmerican Business (BAB).
BAB, in partnership using the Department for International Trade, hosted 4 virtual roundtables bringing together leaders from more than 60 little and moderate enterprises (SMEs) across 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 ensuing report, entitled’ Making a Difference’, today uncovers 3 top priority areas where the government can work with SMEs to motivate better transatlantic trade as well as investment as a part of its ongoing work to help SMEs across the UK:
Lower barriers to trade and purchase by aligning standards and regulations.
Solve trade disputes and make it possible for easier business traveling across the Atlantic.
Boost on-the-ground, practical support to businesses, such as sourcing reliable vendors or navigating complex tax requirements.
Making up 99 % of all organizations in the UK, generating £2.2 trillion of income and employing 16.6 million people, SMEs are actually the backbone on the UK economy. As the article shows, nonetheless, they’re oftentimes hit probably the hardest by reddish tape and high operating expenses.
For example, Stoke-on-Trent-based ceramics company Steelite International currently faces 25.5 % tariffs on its US exports, despite facing small domestic competitors within the US. TradingHub, an information analytics tight of London, revealed completing tax registration was excessively complex, time-consuming and expensive, specifically when operating in a lot more than one US state.
The UK government is actually committed to creating far more opportunities for SMEs to trade with partners around the world as it moves ahead with its independent trade policy agenda, and negotiations are already underway along with the US, Australia and New Zealand. Along with constant swap negotiations, DIT has a system of support ready to help SMEs print on the guidance they need:
A network of around 300 International Trade Advisors supports UK companies to export and expand the business of theirs internationally.
In December 2020 DIT create a £38m Internationalisation Fund for SMEs found England to assist 7,600 organizations grow their overseas trading.
UK Export Finance even offers a network throughout the UK who provide qualified assistance on trade as well as export finance, especially SMEs.
Negotiations on a trade deal with the US are recurring, and each of those sides have now reached wide agreement on a medium-sized and small venture (SME) chapter. A UK US SME chapter is going to provide extra assistance by improving transparency and making it a lot easier for SMEs to exchange, for example by establishing brand new measures on information sharing.
SMEs could also benefit from measures throughout the rest of an UK US FTA, on practices as well as swap facilitation, company mobility, and digital swap, for example, and we are currently being focused 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 unbiased trading nation. We’ve actually made progress that is good on an UK US swap deal, – the committed SME chapter will make it easier to them to offer for sale items to the US and make the most of transatlantic potentials.
Out of Stoke-on-Trent Ceramics, through earth leading medical treatment technology offered by Huddersfield, to Isle of Wight lifejackets – we are dedicated to a deal that works for UK producers as well as consumers, and ensuring it works to the advantage of SMEs long into the future.
Right after a hard 2020 I wish to thank the SMEs that took part in this particular research and gave us such invaluable insight into just how we can use our impartial trade policy to make certain we build again better from the economic effect of Coronavirus.
BritishAmerican Business Chief Executive Duncan Edwards said:
BAB is actually satisfied to be working closely doing partnership with Minister Hands and our colleagues at the Department for International Trade to give this roadshow and the Making a Difference report. The feedback we received from companies that are small across the UK on what they’d like to see from 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 first step represents a continuation of yearlong work made by BAB as well as policy makers to place the needs and interests of growing companies at the heart of trade policy. The report not just showcases how government can put this into motion; it also reflects that the UK Government has already embraced the’ triangle of activity and support’ that the article recommends. We congratulate the UK Government in the approach of its and look ahead to doing the part of ours so that more companies can turn the transatlantic ambitions of theirs into truth.