Opportunities to assist small businesses across the UK conquer hurdles to transatlantic trade and growth have been outlined in the latest report created by the best US-UK trade association BritishAmerican Business (BAB).
BAB, inside partnership with the Department for International Trade, hosted four virtual roundtables taking together leaders from over sixty little and moderate enterprises (SMEs) throughout London and the South of England, the Midlands, the North of England and Scotland, to hear the success stories of theirs and help deal with the challenges they face.
The ensuing report, entitled’ Making a Difference’, currently exposes 3 priority areas in which the government is able to work with SMEs to encourage improved transatlantic trade and investment as a part of its ongoing work to support SMEs across the UK:
Lower barriers to trade and purchase by aligning standards and regulations.
Resolve trade disputes and make it possible for easier business travel across the Atlantic.
Boost on-the-ground, useful support to businesses, like sourcing reliable suppliers or perhaps navigating complicated tax demands.
Making up 99 % of all companies in the UK, generating £2.2 trillion of income and employing 16.6 million people, SMEs are actually the backbone of your UK economy. As the article shows, nonetheless, they are oftentimes hit the hardest by reddish tape as well as huge operating expenses.
For instance, Stoke-on-Trent-based ceramics brand name Steelite International presently faces 25.5 % tariffs on its US exports, in spite of facing small domestic competitors in the US. TradingHub, an information analytics tight in London, revealed completing tax registration was constantly intricate, time-consuming and expensive, especially when operating in a lot more than one US state.
The UK government is actually committed to producing more possibilities for SMEs to trade with partners across the world as it moves forward with its independent trade policy agenda, as well as negotiations are already underway along with the US, Australia and New Zealand. Along with ongoing swap negotiations, DIT has a process of support prepared to assist SMEs access the help and advice they need:
A network of around 300 International Trade Advisors supports UK companies to export and expand the business of theirs internationally.
When it comes to December 2020 DIT create a £38m Internationalisation Fund for SMEs in England to help 7,600 businesses grow their overseas trading.
UK Export Finance also offers a network throughout the UK who provide specialized help on trade as well as export finance, particularly SMEs.
Negotiations on a trade deal with the US are ongoing, and each of those sides have now reached large agreement on a small and medium-sized business (SME) chapter. A UK-US SME chapter is going to provide additional support by improving transparency and making it easier for SMEs to exchange, for example by establishing new measures on info sharing.
SMEs could also benefit from measures throughout the remainder of a UK-US FTA, on customs as well as swap facilitation, company mobility, and digital trade, for example, and we’re now being focused on SME friendly provisions across the agreement.
Minister of State for Trade Policy Greg Hands said: Small enterprises are actually at the heart of the government’s swap agenda as it moves ahead as an unbiased trading nation. We have already made progress which is good on a UK-US trade deal, – the dedicated SME chapter will make it easier to them to offer goods to the US and produce the most of transatlantic potentials.
From Stoke-on-Trent Ceramics, by way of earth top medical treatment engineering from Huddersfield, to Isle of Wight lifejackets – we’re dedicated to a deal that works for UK producers and customers, and ensuring it works to the advantage of SMEs long time into the future.
Right after a hard 2020 I want to thank the SMEs which took part in this research and gave us this kind of valuable insight into just how we are able to use our independent trade policy to ensure we build again better from the economic result of Coronavirus.
BritishAmerican Business Chief Executive Duncan Edwards said:
BAB is proud to be working closely in partnership with Minister Hands as well as our colleagues at the Department for International Trade to give this roadshow as well as the Making a Difference article. The feedback we got from small companies throughout the UK on what they would like to see through a future UK-U.S. Free Trade Agreement mirrors the opportunities the transatlantic economic corridor offers, 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 efforts made by BAB and policy makers to put the needs as well as interests of cultivating organizations at the heart of trade policy. The report not just showcases how government is able to put this into action; additionally, it mirrors that the UK Government has already followed the’ triangle of activity and support’ that the report recommends. We congratulate the UK Government inside its approach and anticipate doing our part so that more corporations are able to turn their transatlantic ambitions into reality.