Opportunities to help businesses which are small throughout the UK overcome hurdles to transatlantic trade and growth have been outlined in a new report created by leading US-UK trade association BritishAmerican Business (BAB).
BAB, within partnership while using the Department for International Trade, hosted four virtual roundtables taking together leaders from over 60 little and moderate 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 tackle the challenges they face.
The resulting report, entitled’ Making a Difference’, currently uncovers 3 priority areas in which the government is able to work with SMEs to motivate superior transatlantic trade as well as investment as a part of its ongoing work to support SMEs across the UK:
Lower hurdles to trade and investment by aligning standards and regulations.
Solve trade disputes and make it possible for easier business traveling across the Atlantic.
Increase on-the-ground, useful assistance to businesses, including 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 individuals, SMEs are actually the backbone on the UK economy. As the report shows, nonetheless, they’re often hit probably the hardest by reddish tape as well as high operating costs.
For example, Stoke-on-Trent-based ceramics company Steelite International currently faces 25.5 % tariffs on its US exports, despite facing small domestic competitors in the US. TradingHub, an information analytics tight in London, revealed finishing tax registration was excessively complex, time-consuming and expensive, especially when operating in a lot more than a single US state.
The UK government is dedicated to generating far more opportunities for SMEs to trade with partners around the world as it moves forward with its independent trade policy agenda, as well as negotiations are by now underway together with the US, Australia and New Zealand. Along with ongoing trade negotiations, DIT has a system of support prepared to assist SMEs use the help and 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 in England to assist 7,600 businesses grow the overseas trading of theirs.
UK Export Finance also offers a network across the UK which supply specialized support on trade as well as export finance, especially SMEs.
Negotiations on a trade offer with the US are actually ongoing, and both sides have now reached broad agreement on a small and medium-sized business (SME) chapter. A UK-US SME chapter is going to provide additional support by improving transparency and making it a lot easier for SMEs to swap, for example by establishing brand new methods on info sharing.
SMEs could also benefit from measures throughout the rest of an UK US FTA, on customs as well as swap facilitation, business mobility, and digital swap, for example, and we are now being focused 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 change agenda as it moves forward as an unbiased trading nation. We’ve by now made good progress on an UK US trade deal, – the committed SME chapter will make it easier to them to sell off goods to the US and create the best value of transatlantic potentials.
From Stoke-on-Trent Ceramics, through earth top medical treatment engineering offered by Huddersfield, to Isle of Wight lifejackets – we are dedicated to a deal that operates 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 tough 2020 I wish to thank the SMEs who took part in this particular exploration and gave us this kind of valuable insight into how we are able to use our independent 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 strongly around partnership with Minister Hands and the colleagues of ours at the Department for International Trade to provide this roadshow as well as the Making a Difference article. The feedback we received from businesses that are small across the UK on what they’d like to see through a later UK-U.S. Free Trade Agreement reflects 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 initiative represents a continuation of yearlong work manufactured by BAB and policy makers to place the needs and interests of growing 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 echoes that the UK Government has currently embraced the’ triangle of action as well as support’ that the report suggests. We congratulate the UK Government inside the approach of its and expect doing the part of ours so that even more companies are able to turn the transatlantic ambitions of theirs into truth.