Opportunities to help businesses which are small throughout the UK overcome obstacles to transatlantic swap and development have been reported in a brand new report made by leading US-UK trade association BritishAmerican Business (BAB).
BAB, within partnership while using the Department for International Trade, hosted four virtual roundtables taking together leaders from over 60 small and medium enterprises (SMEs) across London as well as the South of England, the Midlands, the North of England and Scotland, to hear the success stories of theirs and help deal with the difficulties they face.
The resulting article, entitled’ Making a Difference’, today uncovers three top priority areas in which the government is able to work with SMEs to motivate greater transatlantic trade and investment as a part of its ongoing work to support SMEs across the UK:
Lower barriers to trade and investment by aligning regulations and standards.
Solve trade disputes and allow easier business travel across the Atlantic.
Increase on-the-ground, useful support to businesses, like sourcing reliable 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 the backbone of the UK economy. As the article shows, nevertheless, they are often hit the hardest by red colored tape and huge operating costs.
For instance, Stoke-on-Trent-based ceramics manufacturer Steelite International currently faces 25.5 % tariffs on its US exports, in spite of facing small domestic competition inside the US. TradingHub, a details analytics tight in London, revealed finishing tax registration was constantly intricate, time-consuming and expensive, particularly when operating in a lot more than one US state.
The UK government is committed to creating far more possibilities for SMEs to trade with partners throughout the world as it moves ahead with its impartial trade policy agenda, as well as negotiations are by now underway with the US, New Zealand and Australia. In addition to ongoing swap negotiations, DIT has a system of support ready to aid SMEs print on the guidance they need:
A network of around 300 International Trade Advisors supports UK companies to export and grow their business internationally.
In December 2020 DIT build a £38m Internationalisation Fund for SMEs contained England to help 7,600 companies grow their overseas trading.
UK Export Finance also has a network throughout the UK which provide qualified assistance on trade as well as export finance, especially SMEs.
Negotiations on a trade deal with the US are ongoing, and both sides have recently reached broad agreement on a medium-sized and small business (SME) chapter. A UK-US SME chapter will provide additional support by improving transparency and making it easier for SMEs to swap, for example by building brand new measures on info sharing.
SMEs could also benefit from measures throughout the majority of an UK US FTA, on traditions and trade facilitation, company mobility, and digital swap, for example, and we are now concentrating 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 swap agenda as it moves forward as an independent trading nation. We have already made progress which is good on an UK US trade deal, – the dedicated SME chapter will make it easier for these people to offer items to the US and make the best value of transatlantic potentials.
Out of Stoke-on-Trent Ceramics, via earth top health-related therapy engineering from Huddersfield, to Isle of Wight lifejackets – we are devoted to a deal that works for UK producers and consumers, and ensuring it really works to the advantageous asset of SMEs long time into the future.
Right after a tough 2020 I wish to thank the SMEs who took part in this exploration and gave us such valuable insight into how we are able to use our independent trade policy to ensure we build again better from the economic effect of Coronavirus.
BritishAmerican Business Chief Executive Duncan Edwards said:
BAB is proud to be working strongly doing partnership with Minister Hands as well as our colleagues at the Department for International Trade to provide this roadshow as well as the Making a Difference report. The feedback we got from small businesses throughout the UK on what they’d love to see from a later UK-U.S. Free Trade Agreement reflects the chances the transatlantic economic corridor provides, as well as the deep rooted strength of UK-US relations.
BritishAmerican Business Project Lead Emanuel Adam said: This initiative belongs to a continuation of yearlong efforts manufactured by BAB and policy makers to place the needs as well as interests of growing businesses at the heart of trade policy. The report not simply showcases how government is able to put this into motion; what’s more, it mirrors that the UK Government has presently adopted the’ triangle of action and support’ that the report recommends. We congratulate the UK Government in the approach of its and look forward to doing our part so that more companies can turn their transatlantic ambitions into truth.