Opportunities to help businesses which are small throughout the UK overcome hurdles to transatlantic trade as well as development have been outlined in the latest report made by leading US UK trade connection BritishAmerican Business (BAB).
BAB, within partnership using the Department for International Trade, hosted 4 virtual roundtables taking together leaders from more than 60 small and medium 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 difficulties they face.
The ensuing report, entitled’ Making a Difference’, today uncovers 3 priority areas in which the government can work with SMEs to inspire superior transatlantic trade as well as investment as a part of its ongoing work to support 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 traveling across the Atlantic.
Boost on-the-ground, practical assistance to businesses, such as sourcing trusted suppliers or navigating complicated tax demands.
Making up 99 % of all businesses in the UK, producing £2.2 trillion of earnings and employing 16.6 million people, SMEs are actually the backbone on the UK economy. As the report shows, nevertheless, they are frequently hit probably the hardest by red tape as well as high operating costs.
For example, Stoke-on-Trent-based ceramics manufacturer Steelite International presently faces 25.5 % tariffs on its US exports, in spite of facing little domestic competitors in the US. TradingHub, a details analytics tight in London, revealed finishing tax registration was constantly complex, time-consuming and expensive, especially when operating in more than a single US state.
The UK government is actually committed to generating far more opportunities for SMEs to exchange with partners throughout the world as it moves ahead with its impartial trade policy agenda, and negotiations are already underway together with the US, Australia and New Zealand. Besides ongoing trade negotiations, DIT has a process of support prepared to aid SMEs print on the guidance they need:
A network of around 300 International Trade Advisors supports UK businesses to export and expand the business of theirs internationally.
In December 2020 DIT build a £38m Internationalisation Fund for SMEs found England to assist 7,600 businesses grow their overseas trading.
UK Export Finance also offers a network across the UK which provide qualified assistance on trade and export finance, especially SMEs.
Negotiations on a trade deal with the US are ongoing, and the two sides have recently reached wide 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 easier for SMEs to swap, for instance by establishing brand new methods on information sharing.
SMEs may also benefit from measures throughout the remainder of a UK-US FTA, on practices and swap facilitation, company mobility, and digital trade, for example, and we are currently concentrating on SME friendly provisions across the agreement.
Minister of State for Trade Policy Greg Hands said: businesses which are Small are actually at the heart of the government’s change agenda as it moves forward as an independent trading nation. We’ve actually made good progress on a UK-US swap deal, – the dedicated SME chapter will make it easier for these people to offer for sale items to the US and produce the best value of transatlantic opportunities.
Out of Stoke-on-Trent Ceramics, via planet reputable health-related therapy technology offered by Huddersfield, to Isle of Wight lifejackets – we’re devoted to a deal that functions for UK producers and consumers, and ensuring it really works to the advantage of SMEs long into the future.
Right after a difficult 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 can use our independent trade policy to make sure we build back better from the economic effect of Coronavirus.
BritishAmerican Business Chief Executive Duncan Edwards said:
BAB is proud to be working closely doing 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 report. The feedback we received from businesses which are small throughout the UK on what they would like to see through a future UK-U.S. Free Trade Agreement reflects the chances 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 manufactured by BAB as well as policy makers to put the needs as well as interests of growing organizations at the center of trade policy. The report not just showcases just how government is able to put this into motion; it also reflects that the UK Government has already followed the’ triangle of activity as well as support’ that the article suggests. We congratulate the UK Government in the approach of its and anticipate doing our part so that even more businesses are able to turn the transatlantic ambitions of theirs into reality.