Opportunities to help small businesses throughout the UK conquer hurdles to transatlantic swap and development have been reported in a new report made by leading US-UK trade association BritishAmerican Business (BAB).
BAB, within partnership using the Department for International Trade, hosted four virtual roundtables bringing together leaders from over sixty little and medium enterprises (SMEs) across London and the South of England, the Midlands, the North of Scotland and England, to hear the success stories of theirs and help deal with the challenges they face.
The resulting report, entitled’ Making a Difference’, nowadays exposes three priority areas where the government is able to work with SMEs to encourage improved transatlantic trade and investment as part of its ongoing work to help SMEs across the UK:
Lower barriers to trade and buy by aligning regulations and standards.
Resolve trade disputes and make it possible for easier business travel across the Atlantic.
Increase on-the-ground, practical assistance to businesses, including sourcing trusted vendors or perhaps navigating complicated tax demands.
Making up 99 % of all businesses in the UK, generating £2.2 trillion of earnings and employing 16.6 million people, SMEs are actually the backbone on the UK economy. As the article shows, nevertheless, they’re oftentimes hit the hardest by reddish tape as well as high operating expenses.
For example, Stoke-on-Trent-based ceramics manufacturer Steelite International currently faces 25.5 % tariffs on its US exports, despite facing small domestic competition within the US. TradingHub, an information analytics tight in London, revealed completing tax registration was excessively intricate, time-consuming and expensive, particularly when operating in more than a single US state.
The UK government is actually focused on producing more possibilities for SMEs to trade with partners across the world as it moves forward with its impartial trade policy agenda, as well as negotiations are currently underway together with the US, Australia and New Zealand. Besides ongoing trade negotiations, DIT has a system of support all set to assist SMEs access the advice they need:
A network of about 300 International Trade Advisors supports UK companies to export and expand the business of theirs internationally.
In December 2020 DIT set up a £38m Internationalisation Fund for SMEs in England to assist 7,600 organizations 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 deal with the US are actually ongoing, and the two sides have recently reached broad agreement on a medium-sized and small enterprise (SME) chapter. A UK US SME chapter is going to provide extra support by boosting transparency and making it a lot easier for SMEs to swap, for instance by creating new methods on information sharing.
SMEs could also benefit from measures throughout the majority of a UK-US FTA, on customs and swap facilitation, company mobility, and digital swap, for instance, 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 have by now made progress that is good on a UK-US swap deal, – the dedicated SME chapter will make it easier for these people to sell off goods to the US and create the most of transatlantic potentials.
From Stoke-on-Trent Ceramics, by way of earth top medical treatment technology from Huddersfield, to Isle of Wight lifejackets – we are devoted to a deal that functions for UK producers as well as customers, and ensuring it works to the benefit of SMEs long into the future.
Right after a tough 2020 I wish to thank the SMEs that took part in this exploration and gave us this kind of invaluable insight into the way we are able to use our impartial trade policy to make certain we build back better as a result of the economic result of Coronavirus.
BritishAmerican Business Chief Executive Duncan Edwards said:
BAB is actually satisfied to be working closely in partnership with Minister Hands as well as the colleagues of ours on 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 throughout the UK on what they’d love to see through a later UK-U.S. Free Trade Agreement reflects 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 first step represents a continuation of yearlong work manufactured by BAB as well as policy makers to put the needs as well as interests of cultivating companies at the center of trade policy. The report not only showcases just how government is able to put this into action; what’s more, it mirrors that the UK Government has currently followed the’ triangle of activity as well as support’ that the article recommends. We congratulate the UK Government inside the approach of its and look ahead to doing our part so that more businesses are able to turn their transatlantic ambitions into reality.