Opportunities to help businesses which are small throughout the UK conquer barriers to transatlantic swap as well as growth have been reported in a new report produced by the best US UK trade association BritishAmerican Business (BAB).
BAB, within partnership with the Department for International Trade, hosted four virtual roundtables bringing together leaders from more than 60 small and moderate enterprises (SMEs) throughout London and also the South of England, the Midlands, the North of England and Scotland, to hear their success stories and help deal with the challenges they face.
The ensuing report, entitled’ Making a Difference’, nowadays exposes 3 top priority areas where the government is able to work with SMEs to inspire superior transatlantic trade as well as investment as a part of its ongoing work to help SMEs across the UK:
Lower barriers to trade and investment by aligning standards and regulations.
Solve trade disputes and make it possible for easier business travel across the Atlantic.
Boost on-the-ground, practical support to businesses, such as sourcing reliable suppliers or perhaps navigating complex tax requirements.
Making up 99 % of all companies in the UK, generating £2.2 trillion of earnings and employing 16.6 million individuals, SMEs are the backbone on the UK economy. As the report shows, nevertheless, they are often hit the hardest by cherry red tape as well as high operating costs.
For instance, Stoke-on-Trent-based ceramics company Steelite International currently faces 25.5 % tariffs on its US exports, despite facing little domestic competitors within the US. TradingHub, a data analytics firm in London, revealed finishing tax registration was constantly complex, expensive and time-consuming, especially when operating in a lot more than a single US state.
The UK government is focused on generating more possibilities for SMEs to swap with partners around the world as it moves ahead with its independent trade policy agenda, and negotiations are currently underway with the US, New Zealand and Australia. In addition to constant trade negotiations, DIT has a program of support prepared to assist SMEs use the guidance they need:
A network of about 300 International Trade Advisors supports UK businesses to export and expand their business internationally.
In December 2020 DIT create a £38m Internationalisation Fund for SMEs contained England to help 7,600 organizations grow their overseas trading.
UK Export Finance also offers a network throughout the UK which provide qualified help on trade as well as export finance, particularly SMEs.
Negotiations on a trade deal with the US are recurring, and the two sides have now reached broad agreement on a small and medium-sized venture (SME) chapter. A UK US SME chapter is going to provide extra assistance by boosting transparency and making it easier for SMEs to trade, for instance by building new actions on info sharing.
SMEs can also benefit from measures throughout the majority of an UK US FTA, on customs as well as trade facilitation, business 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 heart of the government’s change agenda as it moves ahead as an unbiased trading nation. We’ve by now made progress that is good on a UK-US trade deal, – the committed SME chapter will make it easier for them to sell items to the US and produce the most of transatlantic potentials.
From Stoke-on-Trent Ceramics, by way of earth top health-related treatment technology offered by Huddersfield, to Isle of Wight lifejackets – we’re committed to a deal that functions for UK producers as well as customers, and ensuring it works to the benefit of SMEs long time into the future.
After a difficult 2020 I want to thank the SMEs which took part in this particular research and gave us such invaluable insight into just how we are able to use our independent trade policy to make sure we build again better from the economic impact of Coronavirus.
BritishAmerican Business Chief Executive Duncan Edwards said:
BAB is proud to be working closely in partnership with Minister Hands as well as the colleagues of ours at the Department for International Trade to give this roadshow and the Making a Difference article. The feedback we got from small businesses throughout the UK on what they’d like to see through a future UK U.S. Free Trade Agreement echoes the opportunities the transatlantic economic corridor provides, as well as the deep rooted strength of UK-US relations.
BritishAmerican Business Project Lead Emanuel Adam said: This first step represents a continuation of yearlong work made 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 only showcases how government is able to put this into action; in addition, it reflects that the UK Government has presently followed the’ triangle of action as well as support’ that the article recommends. We congratulate the UK Government in the approach of its and anticipate doing the part of ours so that even more companies can turn their transatlantic ambitions into reality.