Opportunities to assist businesses which are small throughout the UK conquer barriers to transatlantic trade and development have been outlined in a new report produced by the best US-UK trade connection BritishAmerican Business (BAB).
BAB, in partnership using the Department for International Trade, hosted four virtual roundtables taking together leaders from more than sixty little and moderate enterprises (SMEs) throughout London as well as the South of England, the Midlands, the North of Scotland and England, to hear the success stories of theirs and help tackle the challenges they face.
The resulting article, entitled’ Making a Difference’, today reveals 3 priority areas in which the government can work with SMEs to inspire better transatlantic trade as well as investment as part of its ongoing work to support SMEs across the UK:
Lower barriers to trade and buy by aligning regulations and standards.
Solve trade disputes and allow easier business travel across the Atlantic.
Boost on-the-ground, useful support to businesses, including sourcing reliable vendors or even navigating complicated tax requirements.
Making up ninety nine % of all companies in the UK, producing £2.2 trillion of earnings and employing 16.6 million individuals, SMEs are the backbone of your UK economy. As the article shows, however, they’re frequently hit probably the hardest by red colored tape and substantial operating expenses.
For instance, Stoke-on-Trent-based ceramics manufacturer Steelite International currently faces 25.5 % tariffs on its US exports, despite facing small domestic competitors within the US. TradingHub, a data analytics firm in London, revealed completing tax registration was excessively complex, time-consuming and expensive, specifically when operating in more than one US state.
The UK government is focused on producing far more possibilities for SMEs to exchange with partners throughout the world as it moves ahead with its impartial trade policy agenda, and negotiations are already underway together with the US, New Zealand and Australia. In addition to ongoing trade negotiations, DIT has a process of support prepared to help SMEs use the advice they need:
A network of about 300 International Trade Advisors supports UK organizations to export and expand their business internationally.
In December 2020 DIT set up a £38m Internationalisation Fund for SMEs in England to help 7,600 businesses grow their overseas trading.
UK Export Finance even offers a network across the UK which supply qualified assistance on trade and export finance, especially SMEs.
Negotiations on a trade offer with the US are actually recurring, and the two sides have recently reached large agreement on a small and medium-sized venture (SME) chapter. A UK-US SME chapter is going to provide additional assistance by improving transparency and making it a lot easier for SMEs to trade, for example by establishing brand new actions on info sharing.
SMEs can also benefit from measures across the remainder of an UK US FTA, on practices and trade facilitation, company mobility, and digital trade, for instance, and we are currently focusing 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 swap agenda as it moves ahead as an impartial trading nation. We’ve actually made progress that is good on a UK-US trade deal, – the dedicated SME chapter is going to make it easier to them to sell off goods to the US and produce the best value of transatlantic opportunities.
From Stoke-on-Trent Ceramics, by way of world leading medical treatment engineering offered by Huddersfield, to Isle of Wight lifejackets – we are committed to a deal that functions for UK producers as well as customers, and ensuring it works to the advantageous asset of SMEs long time into the future.
Right after a challenging 2020 I would like to thank the SMEs that took part in this particular research and gave us this sort 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 the colleagues of ours at the Department for International Trade to deliver this roadshow and the Making a Difference report. The feedback we received from small businesses across the UK on what they’d love to see through a future 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 initiative represents a continuation of yearlong efforts created by BAB as well as policy makers to place the needs and interests of developing companies at the center 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 currently embraced the’ triangle of action and support’ that the report suggests. We congratulate the UK Government inside the approach of its and anticipate doing the part of ours so that more companies can turn the transatlantic ambitions of theirs into reality.