Opportunities to help businesses that are small across the UK conquer barriers to transatlantic trade and growth have been outlined in a brand new report created by the best US-UK trade association BritishAmerican Business (BAB).
BAB, in partnership while using the Department for International Trade, hosted four virtual roundtables taking together leaders from over 60 tiny and medium enterprises (SMEs) throughout London as well as the South of England, the Midlands, the North of England and Scotland, to hear their success stories and help address the difficulties they face.
The ensuing article, entitled’ Making a Difference’, nowadays uncovers 3 priority areas where the government is able to work with SMEs to encourage better 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 enable easier business traveling across the Atlantic.
Boost on-the-ground, practical assistance to businesses, including sourcing trusted suppliers or perhaps navigating complex tax demands.
Making up ninety nine % of all businesses in the UK, producing £2.2 trillion of earnings and employing 16.6 million individuals, SMEs are actually the backbone of your UK economy. As the report shows, nevertheless, they’re frequently hit probably the hardest by cherry red tape and huge operating expenses.
For example, Stoke-on-Trent-based ceramics company Steelite International presently faces 25.5 % tariffs on its US exports, in spite of facing little domestic competitors within the US. TradingHub, a data analytics tight in London, revealed finishing tax registration was constantly intricate, expensive and time-consuming, particularly when operating in more than a single US state.
The UK government is focused on producing more opportunities for SMEs to swap with partners around the world as it moves ahead with its independent trade policy agenda, as well as negotiations are by now underway together with the US, New Zealand and Australia. In addition to ongoing trade negotiations, DIT has a system of support all set to aid SMEs print on the guidance they need:
A network of around 300 International Trade Advisors supports UK companies to export and grow the business of theirs worldwide.
When it comes to December 2020 DIT build a £38m Internationalisation Fund for SMEs contained England to help 7,600 companies grow their overseas trading.
UK Export Finance also offers a network across the UK that provide qualified help on trade and export finance, particularly SMEs.
Negotiations on a trade deal with the US are actually recurring, and each of those sides have finally reached wide agreement on a small and medium-sized business (SME) chapter. A UK-US SME chapter is going to provide extra support by improving transparency and making it easier for SMEs to exchange, for instance by building brand new actions on information sharing.
SMEs can also benefit from measures across the majority of a UK-US FTA, on customs as well as swap facilitation, company mobility, and digital swap, for instance, and we are currently concentrating on SME-friendly provisions throughout the agreement.
Minister of State for Trade Policy Greg Hands said: businesses that are Small are at the heart of the government’s swap agenda as it moves ahead as an unbiased trading nation. We’ve already made good progress on a UK-US change deal, – the dedicated SME chapter will make it easier to them to offer items to the US and make the best value of transatlantic potentials.
From Stoke-on-Trent Ceramics, by way of planet reputable health-related therapy technology from Huddersfield, to Isle of Wight lifejackets – we are committed to a deal that operates for UK producers and consumers, and ensuring it works to the benefit of SMEs long time into the future.
After a hard 2020 I want to thank the SMEs which took part in this particular research and gave us this sort of valuable insight into exactly how we are able to use our impartial trade policy to make certain we build back better from the economic result of Coronavirus.
BritishAmerican Business Chief Executive Duncan Edwards said:
BAB is proud to be working closely around partnership with Minister Hands and the colleagues of ours at the Department for International Trade to provide this roadshow and also the Making a Difference report. The feedback we received from companies which are small across the UK on what they would like to see from a later UK U.S. Free Trade Agreement echoes the opportunities the transatlantic economic corridor offers, as well as the deep rooted strength of UK-US relations.
BritishAmerican Business Project Lead Emanuel Adam said: This first step belongs to a continuation of yearlong efforts made by BAB as well as policy makers to put the needs as well as interests of developing businesses at the heart of trade policy. The report not just showcases how government can put this into action; additionally, it echoes that the UK Government has already followed the’ triangle of activity as well as support’ that the article suggests. We congratulate the UK Government in its approach and look forward to doing our part so that even more businesses can turn the transatlantic ambitions of theirs into reality.