Opportunities to assist businesses that are small across the UK conquer obstacles to transatlantic trade and development have been reported in a new report made by top US-UK trade association BritishAmerican Business (BAB).
BAB, within partnership while using the Department for International Trade, hosted four virtual roundtables bringing together leaders from more than 60 little and medium 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 tackle the difficulties they face.
The resulting report, entitled’ Making a Difference’, currently reveals three priority areas where the government can work with SMEs to motivate better transatlantic trade as well as investment as part of its ongoing work to support SMEs across the UK:
Lower barriers to trade and purchase by aligning standards and regulations.
Solve trade disputes and make it possible for easier business traveling across the Atlantic.
Increase on-the-ground, useful assistance to businesses, such as sourcing reliable vendors or perhaps navigating complicated tax requirements.
Making up ninety nine % of all organizations in the UK, generating £2.2 trillion of earnings and employing 16.6 million individuals, SMEs are actually the backbone of your UK economy. As the report shows, nonetheless, they are oftentimes hit the hardest by cherry red tape and huge operating costs.
For example, Stoke-on-Trent-based ceramics company Steelite International presently faces 25.5 % tariffs on its US exports, despite facing small domestic competitors within the US. TradingHub, an information analytics firm of London, revealed completing tax registration was excessively intricate, time-consuming and expensive, particularly when operating in a lot more than a single US state.
The UK government is committed to creating more possibilities for SMEs to trade with partners around the world as it moves forward with its impartial trade policy agenda, and negotiations are currently underway along with the US, Australia and New Zealand. In addition to constant trade negotiations, DIT has a system of support prepared to aid SMEs access the help and advice they need:
A network of around 300 International Trade Advisors supports UK businesses to export and grow their business internationally.
With regard to December 2020 DIT create a £38m Internationalisation Fund for SMEs found England to assist 7,600 companies grow the overseas trading of theirs.
UK Export Finance also offers a network across the UK that supply qualified support on trade and export finance, especially SMEs.
Negotiations on a trade offer 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 additional support by improving transparency and making it a lot easier for SMEs to exchange, for example by creating new measures on information sharing.
SMEs could also benefit from measures throughout the rest of an UK US FTA, on traditions as well as trade facilitation, business mobility, and digital swap, for instance, and we’re currently being focused on SME friendly provisions across the agreement.
Minister of State for Trade Policy Greg Hands said: Small businesses are at the heart of the government’s swap agenda as it moves forward as an impartial trading nation. We’ve actually made progress which is good on an UK US change deal, – the committed SME chapter will make it easier for these people to sell off items to the US and make the best value of transatlantic opportunities.
From Stoke-on-Trent Ceramics, by way of world leading medical therapy technology offered by Huddersfield, to Isle of Wight lifejackets – we are devoted to a deal that works for UK producers as well as consumers, and ensuring it truly does work to the benefit of SMEs long time into the future.
Right after a difficult 2020 I want to thank the SMEs who took part in this exploration and gave us this kind of valuable insight into just how we can use our impartial trade policy to make sure we build again better from the economic result of Coronavirus.
BritishAmerican Business Chief Executive Duncan Edwards said:
BAB is actually proud to be working strongly in partnership with Minister Hands as well as our colleagues on the Department for International Trade to provide this roadshow as well as the Making a Difference article. The feedback we got from businesses that are small across the UK on what they would like to see through a future UK-U.S. Free Trade Agreement echoes the chances the transatlantic economic corridor offers, 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 and policy makers to place the needs as well as interests of growing companies at the heart of trade policy. The report not just showcases how government can put this into motion; in addition, it mirrors that the UK Government has already followed the’ triangle of activity as well as support’ that the report recommends. We congratulate the UK Government in its approach and expect doing our part so that even more companies are able to turn their transatlantic ambitions into reality.