Opportunities to help businesses that are small throughout the UK conquer hurdles to transatlantic swap as well as development have been reported in a new report created by top US UK trade connection BritishAmerican Business (BAB).
BAB, within partnership while using the Department for International Trade, hosted four virtual roundtables bringing together leaders from over 60 tiny and moderate enterprises (SMEs) throughout London and the South of England, the Midlands, the North of England and Scotland, to hear their success stories and help tackle the challenges they face.
The resulting article, entitled’ Making a Difference’, currently exposes 3 top priority areas in which the government is able to work with SMEs to inspire better transatlantic trade as well as investment as a part of its ongoing work to help SMEs across the UK:
Lower hurdles to trade and buy by aligning regulations and standards.
Resolve trade disputes and make it possible for easier business travel across the Atlantic.
Boost on-the-ground, practical support to businesses, like sourcing trusted suppliers or even navigating complex tax demands.
Making up 99 % of all companies in the UK, producing £2.2 trillion of earnings and employing 16.6 million people, SMEs are actually the backbone of your UK economy. As the report shows, however, they’re frequently hit probably the hardest by red tape as well as huge operating expenses.
For example, Stoke-on-Trent-based ceramics manufacturer Steelite International currently faces 25.5 % tariffs on its US exports, in spite of facing small domestic competition in the US. TradingHub, an information analytics tight in London, revealed completing tax registration was constantly complex, time-consuming and expensive, particularly when operating in a lot more than one US state.
The UK government is focused on generating far more possibilities for SMEs to trade with partners across 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. Along with ongoing swap negotiations, DIT has a process of support all set to aid SMEs access the help and advice they need:
A network of about 300 International Trade Advisors supports UK businesses to export and grow their business worldwide.
In December 2020 DIT set up a £38m Internationalisation Fund for SMEs contained England to help 7,600 companies grow their overseas trading.
UK Export Finance even offers a network throughout the UK who provide specialist assistance on trade as well as export finance, especially SMEs.
Negotiations on a trade package with the US are actually recurring, and the two sides have finally reached wide agreement on a medium-sized and small enterprise (SME) chapter. A UK-US SME chapter will provide additional assistance by boosting transparency and making it a lot easier for SMEs to exchange, for instance by establishing brand new methods on information sharing.
SMEs could also benefit from measures across the rest of an UK US FTA, on customs and trade facilitation, company mobility, and digital swap, for instance, and we’re now concentrating on SME friendly provisions across the agreement.
Minister of State for Trade Policy Greg Hands said: businesses that are Small are actually at the center of the government’s trade agenda as it moves ahead as an independent trading nation. We’ve already made progress which is good on a UK-US trade deal, – the dedicated SME chapter is going to make it easier to them to sell items to the US and create the most of transatlantic potentials.
Out of Stoke-on-Trent Ceramics, by way of earth reputable health-related therapy technology from Huddersfield, to Isle of Wight lifejackets – we’re committed to a deal that works for UK producers and customers, and ensuring it works to the advantageous asset of SMEs long time into the future.
After a hard 2020 I wish to thank the SMEs which took part in this particular exploration and gave us this sort of invaluable insight into just how we are able to use our independent 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 proud to be working strongly doing partnership with Minister Hands and the colleagues of ours on the Department for International Trade to deliver this roadshow as well as the Making a Difference article. The feedback we got from small businesses throughout the UK on what they would like to see through a later UK U.S. Free Trade Agreement reflects the opportunities 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 efforts manufactured by BAB and policy makers to put the needs and interests of developing organizations at the center of trade policy. The report not only showcases just how government is able to put this into motion; in addition, it echoes that the UK Government has currently followed the’ triangle of activity and support’ that the article suggests. We congratulate the UK Government in the approach of its and look ahead to doing the part of ours so that more corporations are able to turn the transatlantic ambitions of theirs into truth.