Opportunities to assist businesses which are small throughout the UK overcome obstacles to transatlantic trade and development have been reported in a new report made by leading US-UK trade association BritishAmerican Business (BAB).
BAB, inside partnership while using the Department for International Trade, hosted four virtual roundtables bringing together leaders from over 60 tiny and medium enterprises (SMEs) throughout London and the South of England, the Midlands, the North of Scotland and England, to hear their success stories and help deal with the difficulties they face.
The resulting report, entitled’ Making a Difference’, nowadays uncovers three priority areas in which the government can work with SMEs to motivate greater transatlantic trade as well as investment as a part of its ongoing work to support SMEs across the UK:
Lower barriers to trade and purchase by aligning regulations and standards.
Solve trade disputes and enable easier business travel across the Atlantic.
Boost on-the-ground, practical assistance to businesses, like sourcing trusted vendors or navigating complicated tax demands.
Making up 99 % of all businesses in the UK, generating £2.2 trillion of income and employing 16.6 million individuals, SMEs are actually the backbone of your UK economy. As the report shows, nonetheless, they’re oftentimes hit probably the hardest by reddish tape and huge operating expenses.
For example, Stoke-on-Trent-based ceramics company Steelite International currently faces 25.5 % tariffs on its US exports, in spite of facing small domestic competition in the US. TradingHub, a details analytics tight of London, revealed completing tax registration was excessively intricate, time-consuming and expensive, especially when operating in a lot more than one US state.
The UK government is dedicated to generating more opportunities for SMEs to trade with partners throughout the world as it moves forward with its impartial trade policy agenda, and negotiations are already underway along with the US, Australia and New Zealand. Along with constant swap negotiations, DIT has a program of support all set to help SMEs use the help and advice they need:
A network of around 300 International Trade Advisors supports UK organizations to export and expand the business of theirs internationally.
In December 2020 DIT create a £38m Internationalisation Fund for SMEs found England to help 7,600 businesses grow the overseas trading of theirs.
UK Export Finance even offers a network throughout the UK that supply qualified support on trade and export finance, particularly SMEs.
Negotiations on a trade deal with the US are ongoing, and each of those sides have recently reached wide agreement on a medium-sized and small business (SME) chapter. A UK US SME chapter will provide additional assistance by improving transparency and making it a lot easier for SMEs to trade, for instance by establishing brand new measures on info sharing.
SMEs could also benefit from measures throughout the remainder of an UK US FTA, on customs and trade facilitation, business mobility, and digital swap, for instance, and we are currently concentrating on SME-friendly provisions across the agreement.
Minister of State for Trade Policy Greg Hands said: businesses that are Small are actually at the heart of the government’s swap agenda as it moves forward as an unbiased trading nation. We have by now made progress which is good on a UK-US swap deal, – the committed SME chapter will make it easier for them to offer for sale goods to the US and create the most of transatlantic potentials.
Out of Stoke-on-Trent Ceramics, via planet top health-related therapy technology from Huddersfield, to Isle of Wight lifejackets – we are committed to a deal that operates for UK producers as well as customers, and ensuring it really works to the advantageous asset of SMEs long time into the future.
After a tough 2020 I want to thank the SMEs which took part in this particular research and gave us this sort of invaluable insight into just how we are able to use our impartial trade policy to make certain we build again better as a result of the economic result of Coronavirus.
BritishAmerican Business Chief Executive Duncan Edwards said:
BAB is proud to be working closely around partnership with Minister Hands and our colleagues on the Department for International Trade to provide this roadshow and also the Making a Difference report. The feedback we got from small businesses across the UK on what they would love to see from a future UK U.S. Free Trade Agreement mirrors the opportunities the transatlantic economic corridor provides, and also 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 manufactured by BAB and policy makers to place the needs as well as interests of developing companies at the heart of trade policy. The report not simply showcases how government can put this into action; furthermore, it echoes that the UK Government has presently embraced the’ triangle of activity as well as support’ that the report suggests. We congratulate the UK Government inside the approach of its and look ahead to doing our part so that more corporations can turn their transatlantic ambitions into reality.