Opportunities to help small businesses throughout the UK conquer barriers to transatlantic trade and growth have been outlined in the latest report produced by leading US-UK trade connection BritishAmerican Business (BAB).
BAB, inside partnership using the Department for International Trade, hosted 4 virtual roundtables taking together leaders from over 60 small and moderate enterprises (SMEs) throughout London and also the South of England, the Midlands, the North of Scotland and England, to hear their success stories and help deal with the challenges they face.
The ensuing report, entitled’ Making a Difference’, currently reveals three top priority areas in which the government can work with SMEs to encourage superior transatlantic trade and investment as a part of its ongoing work to help SMEs across the UK:
Lower barriers to trade and investment by aligning standards and regulations.
Solve trade disputes and enable easier business travel across the Atlantic.
Increase on-the-ground, practical assistance to businesses, such as sourcing reliable suppliers or perhaps navigating complicated tax requirements.
Making up ninety nine % of all organizations in the UK, generating £2.2 trillion of earnings and employing 16.6 million people, SMEs are actually the backbone of your UK economy. As the article shows, nonetheless, they are frequently hit the hardest by red colored tape and substantial operating expenses.
For instance, Stoke-on-Trent-based ceramics company Steelite International currently faces 25.5 % tariffs on its US exports, in spite of facing small domestic competition within the US. TradingHub, a data analytics tight of London, revealed completing tax registration was constantly complex, time-consuming and expensive, specifically when operating in a lot more than one US state.
The UK government is actually dedicated to creating more possibilities for SMEs to exchange with partners around the world as it moves ahead with its impartial trade policy agenda, as well as negotiations are currently underway with the US, Australia and New Zealand. Along with constant swap negotiations, DIT has a program of support prepared to help SMEs use the advice they need:
A network of around 300 International Trade Advisors supports UK organizations to export and expand their business worldwide.
In December 2020 DIT create a £38m Internationalisation Fund for SMEs contained England to help 7,600 businesses grow their overseas trading.
UK Export Finance also offers a network throughout the UK which provide specialized support on trade as well as export finance, especially SMEs.
Negotiations on a trade offer with the US are recurring, and the two sides have finally reached large agreement on a small and medium-sized venture (SME) chapter. A UK US SME chapter will provide additional assistance by boosting transparency and making it easier for SMEs to trade, for example by establishing new actions on information sharing.
SMEs can also benefit from measures throughout the majority of a UK-US FTA, on customs and swap facilitation, company mobility, and digital trade, for instance, and we’re currently focusing on SME friendly provisions across the agreement.
Minister of State for Trade Policy Greg Hands said: businesses that are Small are actually at the center of the government’s change agenda as it moves ahead as an impartial trading nation. We have by now made progress that is good on an UK US change deal, – the committed SME chapter will make it easier for these people to sell off goods to the US and create the best value of transatlantic potentials.
Out of Stoke-on-Trent Ceramics, via earth top medical therapy technology offered by Huddersfield, to Isle of Wight lifejackets – we’re devoted to a deal that operates for UK producers and consumers, and ensuring it really works to the advantageous asset of SMEs long into the future.
Right after a hard 2020 I want to thank the SMEs who took part in this exploration and gave us such valuable insight into the way we are able to use our independent trade policy to make certain we build again better as a result of the economic result of Coronavirus.
BritishAmerican Business Chief Executive Duncan Edwards said:
BAB is actually proud to be working strongly around partnership with Minister Hands as well as our colleagues at the Department for International Trade to deliver this roadshow as well as the Making a Difference report. The feedback we got from companies that are small throughout the UK on what they’d love to see from a later UK U.S. Free Trade Agreement mirrors the chances 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 made by BAB as well as policy makers to place the needs as well as interests of developing businesses at the center of trade policy. The report not just showcases how government can put this into motion; what’s more, it echoes 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 forward to doing our part so that more corporations can turn their transatlantic ambitions into truth.