Opportunities to assist small businesses across the UK overcome barriers to transatlantic swap and development have been reported in the latest report made by leading US-UK trade connection BritishAmerican Business (BAB).
BAB, in partnership using the Department for International Trade, hosted 4 virtual roundtables taking together leaders from more than 60 small and medium enterprises (SMEs) throughout London as well as 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 resulting report, entitled’ Making a Difference’, today uncovers three priority areas where the government can work with SMEs to motivate superior transatlantic trade and investment as part of its ongoing work to support SMEs across the UK:
Lower barriers to trade and buy by aligning regulations and standards.
Solve trade disputes and allow easier business traveling across the Atlantic.
Increase on-the-ground, useful assistance to businesses, including sourcing trusted vendors or even navigating complex tax demands.
Making up ninety nine % of all organizations 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 article shows, nonetheless, they are oftentimes hit the hardest by red tape as well as high operating expenses.
For instance, Stoke-on-Trent-based ceramics company Steelite International presently faces 25.5 % tariffs on its US exports, in spite of facing little domestic competition within the US. TradingHub, an information analytics firm in London, revealed finishing tax registration was constantly complex, expensive and time-consuming, especially when operating in a lot more than one US state.
The UK government is actually focused on creating more possibilities for SMEs to exchange with partners around the world as it moves forward with its impartial trade policy agenda, and negotiations are already underway together with the US, Australia and New Zealand. In addition to ongoing swap negotiations, DIT has a system of support prepared to aid SMEs use the guidance they need:
A network of around 300 International Trade Advisors supports UK companies to export and expand their business worldwide.
With regard to December 2020 DIT build a £38m Internationalisation Fund for SMEs found England to help 7,600 companies grow their overseas trading.
UK Export Finance also has a network throughout the UK that supply specialized support on trade as well as export finance, particularly SMEs.
Negotiations on a trade deal with the US are recurring, and both sides have finally reached large agreement on a small and medium-sized business (SME) chapter. A UK US SME chapter will provide extra support by improving transparency and making it easier for SMEs to swap, for example by establishing new measures on info sharing.
SMEs may also benefit from measures across the rest of a UK-US FTA, on customs and change facilitation, business mobility, and digital swap, for example, and we’re now focusing on SME-friendly provisions across the agreement.
Minister of State for Trade Policy Greg Hands said: businesses that are Small are at the center of the government’s change agenda as it moves forward as an unbiased trading nation. We’ve already made progress which is good on a UK-US trade deal, – the committed SME chapter will make it easier to them to offer goods to the US and make the most of transatlantic potentials.
Out of Stoke-on-Trent Ceramics, by way of planet top medical treatment technology offered by Huddersfield, to Isle of Wight lifejackets – we are dedicated to a deal that functions for UK producers and consumers, and ensuring it truly does work to the advantageous asset of SMEs long into the future.
Right after a hard 2020 I wish to thank the SMEs which took part in this exploration and gave us such invaluable insight into how we are able to use our impartial trade policy to make sure we build back better from the economic result of Coronavirus.
BritishAmerican Business Chief Executive Duncan Edwards said:
BAB is actually satisfied to be working strongly around partnership with Minister Hands as well as our colleagues on the Department for International Trade to give this roadshow as well as the Making a Difference article. The feedback we received from businesses that are small across the UK on what they would love to see from a later UK U.S. Free Trade Agreement reflects the opportunities the transatlantic economic corridor offers, and also 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 put the needs and interests of cultivating organizations at the heart of trade policy. The report not only showcases just how government is able to put this into action; what’s more, it reflects that the UK Government has currently embraced the’ triangle of activity as well as support’ that the article suggests. We congratulate the UK Government inside its approach and anticipate doing our part so that even more businesses can turn the transatlantic ambitions of theirs into truth.