Opportunities to help businesses that are small across the UK overcome hurdles to transatlantic swap as well as growth have been reported in a new report produced by top US-UK trade association BritishAmerican Business (BAB).
BAB, in partnership while using the Department for International Trade, hosted 4 virtual roundtables bringing together leaders from over 60 tiny and moderate enterprises (SMEs) across London and also 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’, currently uncovers 3 top priority areas where the government is able to work with SMEs to inspire 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 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 assistance to businesses, such as sourcing trusted suppliers or even navigating complicated tax demands.
Making up ninety nine % of all organizations 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 report shows, nevertheless, they are oftentimes hit the hardest by red colored tape and substantial 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 small domestic competitors in the US. TradingHub, a data analytics tight in London, revealed finishing tax registration was constantly intricate, time-consuming and expensive, particularly when operating in a lot more than one US state.
The UK government is committed to generating far more possibilities for SMEs to trade with partners throughout the world as it moves forward with its impartial trade policy agenda, and negotiations are currently underway along with the US, Australia and New Zealand. Besides ongoing swap negotiations, DIT has a system of support prepared to assist SMEs access the help and advice they need:
A network of around 300 International Trade Advisors supports UK organizations to export and grow their business worldwide.
In December 2020 DIT build a £38m Internationalisation Fund for SMEs contained England to help 7,600 businesses grow their overseas trading.
UK Export Finance also has a network across the UK which supply qualified help on trade and export finance, especially SMEs.
Negotiations on a trade deal with the US are actually recurring, and both sides have recently reached broad agreement on a small and medium-sized business (SME) chapter. A UK US SME chapter will provide extra support by boosting transparency and making it a lot easier for SMEs to swap, for instance by creating brand new methods on info sharing.
SMEs could also benefit from measures throughout the remainder of a UK-US FTA, on customs and change facilitation, company mobility, and digital swap, for instance, and we are now being focused on SME-friendly provisions across the agreement.
Minister of State for Trade Policy Greg Hands said: businesses that are Small are at the center of the government’s change agenda as it moves forward as an impartial trading nation. We have already made progress that is good on an UK US trade deal, – the committed SME chapter will make it easier for them to offer goods to the US and create the best value of transatlantic opportunities.
From Stoke-on-Trent Ceramics, by way of planet leading medical treatment engineering from Huddersfield, to Isle of Wight lifejackets – we are devoted to a deal that functions for UK producers as well as customers, and ensuring it truly does work to the advantageous asset of SMEs long time into the future.
After a hard 2020 I wish to thank the SMEs which took part in this particular research and gave us such invaluable insight into exactly how we can use our independent trade policy to make certain we build again better as a result of the economic effect of Coronavirus.
BritishAmerican Business Chief Executive Duncan Edwards said:
BAB is actually proud to be working closely around partnership with Minister Hands as well as the colleagues of ours on the Department for International Trade to give this roadshow and also the Making a Difference report. The feedback we received from companies which are small across the UK on what they’d like to see from a later 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 place the needs and interests of cultivating companies at the heart of trade policy. The report not just showcases just how government is able to put this into motion; what’s more, it reflects that the UK Government has already followed the’ triangle of activity as well as support’ that the report recommends. We congratulate the UK Government inside the approach of its and look ahead to doing the part of ours so that even more corporations can turn their transatlantic ambitions into truth.