Opportunities to assist small businesses throughout the UK overcome hurdles to transatlantic swap and development have been outlined in the latest report produced by leading US-UK trade association BritishAmerican Business (BAB).
BAB, inside partnership using the Department for International Trade, hosted 4 virtual roundtables bringing together leaders from more than 60 small and moderate enterprises (SMEs) across London and also the South of England, the Midlands, the North of Scotland and England, to hear their success stories and help address the challenges they face.
The resulting report, entitled’ Making a Difference’, currently exposes three priority areas in which the government can work with SMEs to inspire superior transatlantic trade and investment as a part of its ongoing work to help SMEs across the UK:
Lower barriers to trade and purchase by aligning standards and regulations.
Solve trade disputes and allow easier business travel across the Atlantic.
Increase on-the-ground, practical assistance to businesses, like sourcing trusted vendors or even navigating complex tax demands.
Making up 99 % of all organizations in the UK, generating £2.2 trillion of income and employing 16.6 million people, SMEs are the backbone of your UK economy. As the article shows, nevertheless, they’re often hit probably the hardest by red colored tape as well as high operating expenses.
For instance, Stoke-on-Trent-based ceramics company 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 in London, revealed finishing tax registration was excessively complex, time-consuming and expensive, especially when operating in a lot more than one US state.
The UK government is focused on creating 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 currently underway along with the US, New Zealand and Australia. In addition to constant trade negotiations, DIT has a program of support all set to assist SMEs print on the help and advice they need:
A network of about 300 International Trade Advisors supports UK companies to export and expand their business worldwide.
With regard to December 2020 DIT build a £38m Internationalisation Fund for SMEs found England to help 7,600 businesses grow their overseas trading.
UK Export Finance even offers a network throughout the UK who supply specialist support on trade as well as export finance, particularly SMEs.
Negotiations on a trade package with the US are ongoing, and both sides have recently reached wide agreement on a medium-sized and small venture (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 instance by creating new actions on info sharing.
SMEs could also benefit from measures throughout the majority of an UK US FTA, on customs and swap facilitation, business 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 that are Small are at the center of the government’s change agenda as it moves forward as an unbiased trading nation. We’ve by now made progress that is good on an UK US swap deal, – the committed SME chapter is going to make it easier for them to offer goods to the US and make the best value of transatlantic opportunities.
Out of Stoke-on-Trent Ceramics, via world reputable medical therapy engineering offered by Huddersfield, to Isle of Wight lifejackets – we’re committed to a deal that functions for UK producers and customers, and ensuring it truly does work to the benefit of SMEs long into the future.
Right after a hard 2020 I wish to thank the SMEs which took part in this exploration and gave us this kind of invaluable insight into how we are able to use our independent trade policy to ensure we build again better as a result of the economic result of Coronavirus.
BritishAmerican Business Chief Executive Duncan Edwards said:
BAB is actually proud to be working strongly around partnership with Minister Hands as well as the colleagues of ours at the Department for International Trade to deliver this roadshow and also the Making a Difference article. The feedback we received from businesses that are small across the UK on what they would love to see through a future UK U.S. Free Trade Agreement echoes the opportunities 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 work created by BAB as well as policy makers to put the needs as well as interests of growing businesses at the heart of trade policy. The report not just showcases how government can put this into motion; what’s more, it reflects that the UK Government has already adopted the’ triangle of activity as well as support’ that the report recommends. We congratulate the UK Government inside its approach and look ahead to doing our part so that even more companies can turn their transatlantic ambitions into truth.