Opportunities to help small businesses across the UK conquer barriers to transatlantic swap and development have been outlined in the latest report produced by leading US-UK trade connection BritishAmerican Business (BAB).
BAB, in partnership 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 article, entitled’ Making a Difference’, nowadays exposes 3 priority areas in which the government can work with SMEs to motivate better transatlantic trade as well as investment as part of its ongoing work to support SMEs across the UK:
Lower barriers to trade and purchase by aligning regulations and standards.
Resolve trade disputes and make it possible for easier business traveling across the Atlantic.
Boost on-the-ground, practical support to businesses, like sourcing trusted suppliers or even navigating complex tax requirements.
Making up ninety nine % of all companies in the UK, generating £2.2 trillion of earnings and employing 16.6 million individuals, SMEs are actually the backbone of the UK economy. As the article shows, however, they’re often hit the hardest by reddish tape as well as high operating expenses.
For example, Stoke-on-Trent-based ceramics company Steelite International presently faces 25.5 % tariffs on its US exports, despite facing small domestic competition in the US. TradingHub, an information analytics tight in London, revealed completing tax registration was constantly intricate, time-consuming and expensive, particularly when operating in a lot more than one US state.
The UK government is focused on producing more possibilities for SMEs to swap with partners across the world as it moves forward with its impartial trade policy agenda, as well as negotiations are by now underway with the US, Australia and New Zealand. Along with constant swap negotiations, DIT has a system of support ready to aid SMEs use the guidance they need:
A network of around 300 International Trade Advisors supports UK companies to export and grow the business of theirs internationally.
When it comes to December 2020 DIT build a £38m Internationalisation Fund for SMEs in England to assist 7,600 companies grow their overseas trading.
UK Export Finance also has a network throughout the UK which provide specialized help on trade and export finance, especially SMEs.
Negotiations on a trade package with the US are ongoing, and the two sides have recently reached large agreement on a small and medium-sized business (SME) chapter. A UK-US SME chapter is going to provide additional assistance by boosting transparency and making it easier for SMEs to exchange, for example by creating brand new actions on info sharing.
SMEs may also benefit from measures throughout the majority of a UK-US FTA, on traditions as well as change facilitation, company mobility, and digital swap, for example, and we’re currently concentrating on SME friendly provisions throughout the agreement.
Minister of State for Trade Policy Greg Hands said: businesses which are Small are at the heart of the government’s change agenda as it moves ahead as an unbiased trading nation. We’ve actually made good progress on an UK US change deal, – the committed SME chapter is going to make it easier for these people to sell items to the US and make the most of transatlantic opportunities.
From Stoke-on-Trent Ceramics, by way of world reputable health-related therapy engineering offered by Huddersfield, to Isle of Wight lifejackets – we’re dedicated to a deal that operates for UK producers as well as customers, and ensuring it works to the advantage of SMEs long time into the future.
Right after a hard 2020 I would like to thank the SMEs which took part in this research and gave us such invaluable insight into the way we can use our impartial trade policy to ensure we build back better as a result of the economic impact of Coronavirus.
BritishAmerican Business Chief Executive Duncan Edwards said:
BAB is proud to be working closely doing partnership with Minister Hands and the colleagues of ours on the Department for International Trade to deliver this roadshow as well as the Making a Difference report. The feedback we received from businesses which are small across the UK on what they would like to see through a future UK U.S. Free Trade Agreement reflects the chances the transatlantic economic corridor provides, and the deep rooted strength of UK-US relations.
BritishAmerican Business Project Lead Emanuel Adam said: This initiative belongs to a continuation of yearlong work created by BAB as well as policy makers to place the needs as well as interests of cultivating companies at the heart of trade policy. The report not only showcases how government is able to put this into motion; furthermore, it mirrors that the UK Government has already welcomed the’ triangle of activity as well as support’ that the article suggests. We congratulate the UK Government inside the approach of its and anticipate doing the part of ours so that even more companies are able to turn their transatlantic ambitions into truth.