Opportunities to assist businesses which are small throughout the UK conquer hurdles to transatlantic trade and development have been outlined in a brand new report made by the best US UK trade association BritishAmerican Business (BAB).
BAB, in partnership while using the Department for International Trade, hosted four virtual roundtables bringing together leaders from over sixty tiny and medium enterprises (SMEs) throughout London as well as 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 resulting report, entitled’ Making a Difference’, currently uncovers three top priority areas in which the government can work with SMEs to encourage greater transatlantic trade and investment as a part of its ongoing work to help SMEs across the UK:
Lower hurdles to trade and purchase by aligning standards and regulations.
Resolve trade disputes and allow easier business traveling across the Atlantic.
Boost on-the-ground, useful support to businesses, like sourcing trusted vendors or navigating complicated tax requirements.
Making up ninety nine % of all companies in the UK, producing £2.2 trillion of income and employing 16.6 million people, SMEs are the backbone of your UK economy. As the report shows, nevertheless, they are often hit the hardest by red tape and huge operating expenses.
For instance, Stoke-on-Trent-based ceramics brand name Steelite International presently faces 25.5 % tariffs on its US exports, in spite of facing little domestic competition within the US. TradingHub, a details analytics tight of London, revealed finishing tax registration was constantly complex, expensive and time-consuming, particularly when operating in a lot more than a single US state.
The UK government is focused on producing more possibilities for SMEs to trade with partners across the world as it moves ahead with its impartial trade policy agenda, as well as negotiations are already underway together with the US, Australia and New Zealand. Besides constant swap negotiations, DIT has a process of support prepared to aid SMEs use the advice they need:
A network of about 300 International Trade Advisors supports UK organizations to export and grow the business of theirs internationally.
In December 2020 DIT build a £38m Internationalisation Fund for SMEs found England to help 7,600 businesses grow their overseas trading.
UK Export Finance also has a network throughout the UK who provide specialist help on trade as well as export finance, especially SMEs.
Negotiations on a trade deal with the US are actually ongoing, and both sides have finally reached wide agreement on a small and medium-sized enterprise (SME) chapter. A UK-US SME chapter is going to provide extra assistance by boosting transparency and making it a lot easier for SMEs to trade, for instance by building brand new measures on info sharing.
SMEs could also benefit from measures throughout the rest of a UK-US FTA, on traditions as well as change facilitation, business mobility, and digital swap, for example, and we’re now focusing on SME-friendly provisions throughout the agreement.
Minister of State for Trade Policy Greg Hands said: businesses which are Small are at the center of the government’s trade agenda as it moves forward as an unbiased trading nation. We have already made progress that is good on an UK US trade deal, – the dedicated SME chapter will make it easier for them to sell items to the US and produce the best value of transatlantic opportunities.
From Stoke-on-Trent Ceramics, through world top medical treatment technology offered by Huddersfield, to Isle of Wight lifejackets – we are devoted to a deal that operates for UK producers and consumers, and ensuring it really works to the advantage of SMEs long time into the future.
Right after a challenging 2020 I would like to thank the SMEs that took part in this research and gave us such invaluable insight into how we are able to use our impartial trade policy to make certain we build again better from the economic effect of Coronavirus.
BritishAmerican Business Chief Executive Duncan Edwards said:
BAB is satisfied to be working strongly 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 article. The feedback we got from small businesses across the UK on what they would like to see from a later UK U.S. Free Trade Agreement mirrors the chances the transatlantic economic corridor provides, and 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 created by BAB as well as policy makers to put the needs as well as interests of growing businesses at the center of trade policy. The report not only showcases just how government can put this into motion; furthermore, it mirrors that the UK Government has already embraced the’ triangle of action and support’ that the report recommends. We congratulate the UK Government inside its approach and expect doing the part of ours so that more companies are able to turn their transatlantic ambitions into reality.