Opportunities to help small businesses across the UK overcome obstacles to transatlantic trade as well as development have been outlined in a new report made by leading US-UK trade connection BritishAmerican Business (BAB).
BAB, inside partnership while using the Department for International Trade, hosted four virtual roundtables taking together leaders from over 60 small and moderate enterprises (SMEs) across London as well as the South of England, the Midlands, the North of Scotland and England, to hear their success stories and help tackle the challenges they face.
The resulting report, entitled’ Making a Difference’, currently uncovers 3 priority areas where the government is able to work with SMEs to inspire improved transatlantic trade and investment as part of its ongoing work to help SMEs across the UK:
Lower barriers to trade and investment by aligning standards and regulations.
Resolve trade disputes and make it possible for easier business travel across the Atlantic.
Boost on-the-ground, practical support to businesses, including sourcing reliable vendors or even navigating complex tax demands.
Making up ninety nine % of all companies in the UK, producing £2.2 trillion of income and employing 16.6 million people, SMEs are actually the backbone of the UK economy. As the report shows, nonetheless, they’re oftentimes hit probably the hardest by red tape as well as high operating expenses.
For instance, Stoke-on-Trent-based ceramics brand name Steelite International currently faces 25.5 % tariffs on its US exports, despite facing small domestic competitors within the US. TradingHub, a data analytics tight in London, revealed finishing tax registration was excessively intricate, time-consuming and expensive, specifically when operating in more than a single US state.
The UK government is committed to generating far more opportunities for SMEs to swap with partners across the world as it moves ahead with its impartial trade policy agenda, as well as negotiations are by now underway together with the US, Australia and New Zealand. Along with constant trade negotiations, DIT has a program of support prepared to aid SMEs use the advice they need:
A network of around 300 International Trade Advisors supports UK businesses to export and grow the business of theirs internationally.
In December 2020 DIT build a £38m Internationalisation Fund for SMEs in England to help 7,600 organizations grow their overseas trading.
UK Export Finance also offers a network throughout the UK which provide specialized support on trade and export finance, especially SMEs.
Negotiations on a trade deal with the US are ongoing, and each of those sides have recently reached wide agreement on a medium-sized and small business (SME) chapter. A UK US SME chapter will provide additional assistance by improving transparency and making it a lot easier for SMEs to exchange, for example by creating brand new measures on info sharing.
SMEs may also benefit from measures throughout the majority of an UK US FTA, on traditions as well as change facilitation, company mobility, and digital swap, for instance, and we’re now being focused on SME friendly provisions across the agreement.
Minister of State for Trade Policy Greg Hands said: businesses which are Small are actually at the heart of the government’s swap agenda as it moves ahead as an impartial trading nation. We’ve already made progress that is good on a UK-US swap deal, – the committed SME chapter is going to make it easier to them to offer items to the US and make the best value of transatlantic potentials.
From Stoke-on-Trent Ceramics, via world top medical therapy engineering offered by Huddersfield, to Isle of Wight lifejackets – we’re dedicated to a deal that operates for UK producers and customers, and ensuring it truly does work to the advantageous asset of SMEs long time into the future.
After a tough 2020 I would like to thank the SMEs that took part in this particular exploration and gave us this kind of invaluable insight into just how we are able to use our impartial trade policy to make certain we build back better from the economic effect of Coronavirus.
BritishAmerican Business Chief Executive Duncan Edwards said:
BAB is actually satisfied to be working strongly around partnership with Minister Hands and our colleagues on the Department for International Trade to deliver this roadshow and also the Making a Difference article. The feedback we received from companies that are small throughout the UK on what they would like to see from a future UK-U.S. Free Trade Agreement echoes the opportunities the transatlantic economic corridor offers, and also the deep rooted strength of UK-US relations.
BritishAmerican Business Project Lead Emanuel Adam said: This first step represents a continuation of yearlong work manufactured by BAB as well as policy makers to put the needs as well as interests of cultivating companies at the center of trade policy. The report not simply showcases just how government can put this into action; additionally, it echoes that the UK Government has presently followed the’ triangle of action as well as support’ that the article suggests. We congratulate the UK Government inside its approach and expect doing our part so that even more companies are able to turn the transatlantic ambitions of theirs into truth.