Opportunities to help businesses that are small across the UK conquer obstacles to transatlantic swap and development have been outlined in a brand new report produced by top US-UK trade association BritishAmerican Business (BAB).
BAB, within partnership using the Department for International Trade, hosted four virtual roundtables bringing together leaders from more than sixty tiny and moderate enterprises (SMEs) across London as well as the South of England, the Midlands, the North of Scotland and England, to hear their success stories and help tackle the difficulties they face.
The resulting article, entitled’ Making a Difference’, today exposes 3 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 buy by aligning regulations and standards.
Resolve trade disputes and allow easier business travel across the Atlantic.
Boost on-the-ground, practical support to businesses, like sourcing trusted vendors or navigating complex tax requirements.
Making up ninety nine % of all businesses in the UK, generating £2.2 trillion of income and employing 16.6 million people, SMEs are the backbone of your UK economy. As the article shows, nonetheless, they are oftentimes hit probably the hardest by reddish 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, despite facing small domestic competitors in the US. TradingHub, a data analytics tight of London, revealed finishing tax registration was excessively intricate, expensive and time-consuming, especially when operating in a lot more than one US state.
The UK government is actually focused on creating far more opportunities for SMEs to trade with partners around the world as it moves ahead with its independent trade policy agenda, as well as negotiations are by now underway together with the US, Australia and New Zealand. Besides ongoing trade negotiations, DIT has a system of support all set to aid SMEs use the guidance they need:
A network of around 300 International Trade Advisors supports UK businesses to export and expand their business internationally.
In December 2020 DIT create a £38m Internationalisation Fund for SMEs in England to help 7,600 organizations grow the overseas trading of theirs.
UK Export Finance also has a network throughout the UK which provide specialized support on trade as well as export finance, particularly SMEs.
Negotiations on a trade package with the US are recurring, and each of those sides have now reached wide agreement on a small and medium-sized enterprise (SME) chapter. A UK-US SME chapter is going to provide extra assistance by boosting transparency and making it easier for SMEs to trade, for instance by establishing brand new methods on info sharing.
SMEs can also benefit from measures throughout the rest of an UK US FTA, on traditions as well as swap facilitation, company mobility, and digital trade, for instance, and we’re currently being focused 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 trade agenda as it moves ahead as an impartial trading nation. We’ve actually made progress that is good on an UK US swap deal, – the committed SME chapter is going to make it easier for them to sell off items to the US and create the best value of transatlantic potentials.
From Stoke-on-Trent Ceramics, via planet top medical treatment technology offered by Huddersfield, to Isle of Wight lifejackets – we’re committed to a deal that functions for UK producers as well as customers, and ensuring it works to the advantageous asset of SMEs long time into the future.
Right after a tough 2020 I would like to thank the SMEs who took part in this research and gave us this sort of invaluable insight into exactly how we are able to use our impartial trade policy to make certain we build again better as a result of the economic effect of Coronavirus.
BritishAmerican Business Chief Executive Duncan Edwards said:
BAB is actually satisfied to be working closely in partnership with Minister Hands as well as the colleagues of ours on the Department for International Trade to provide this roadshow as well as the Making a Difference report. The feedback we received from companies which are small throughout the UK on what they would love to see from a future UK-U.S. Free Trade Agreement echoes the chances the transatlantic economic corridor offers, and also the deep rooted strength of UK-US relations.
BritishAmerican Business Project Lead Emanuel Adam said: This initiative represents a continuation of yearlong work made by BAB as well as policy makers to put the needs as well as interests of developing organizations at the heart of trade policy. The report not only showcases just how government is able to put this into action; additionally, it echoes that the UK Government has already welcomed the’ triangle of action as well as support’ that the article recommends. We congratulate the UK Government in the approach of its and expect doing the part of ours so that even more companies are able to turn their transatlantic ambitions into truth.