Opportunities to help businesses which are small throughout the UK conquer obstacles to transatlantic trade and growth have been outlined in the latest report made by the best 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 sixty little and moderate enterprises (SMEs) across London and also 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’, today uncovers three top priority areas in which the government is able to work with SMEs to inspire improved 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 make it possible for easier business traveling across the Atlantic.
Increase on-the-ground, practical support to businesses, such as sourcing trusted suppliers or perhaps navigating complex tax requirements.
Making up ninety nine % of all companies 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 article shows, nevertheless, they are oftentimes hit probably the hardest by reddish tape and high operating expenses.
For example, Stoke-on-Trent-based ceramics company Steelite International currently faces 25.5 % tariffs on its US exports, despite facing small domestic competition inside the US. TradingHub, a details analytics firm of London, revealed finishing tax registration was constantly intricate, time-consuming and expensive, especially when operating in a lot more than a single US state.
The UK government is dedicated to producing more opportunities 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. Besides constant swap negotiations, DIT has a system of support all set to help SMEs print on the guidance they need:
A network of around 300 International Trade Advisors supports UK organizations to export and grow the business of theirs internationally.
In December 2020 DIT create a £38m Internationalisation Fund for SMEs found England to assist 7,600 companies grow their overseas trading.
UK Export Finance even offers a network throughout the UK which provide qualified help on trade as well as export finance, especially SMEs.
Negotiations on a trade deal with the US are actually recurring, and both sides have recently reached large agreement on a medium-sized and small business (SME) chapter. A UK-US SME chapter is going to provide additional support by boosting transparency and making it easier for SMEs to trade, for example by establishing brand new measures on information sharing.
SMEs may also benefit from measures across the rest of an UK US FTA, on traditions as well as trade facilitation, business mobility, and digital swap, for example, and we are now focusing on SME-friendly provisions across the agreement.
Minister of State for Trade Policy Greg Hands said: businesses which are Small are actually at the center of the government’s change agenda as it moves forward as an impartial trading nation. We’ve already made good progress on a UK-US trade deal, – the committed SME chapter will make it easier for them to sell off goods to the US and create the most of transatlantic opportunities.
From Stoke-on-Trent Ceramics, via earth top health-related therapy technology offered by Huddersfield, to Isle of Wight lifejackets – we are devoted to a deal that functions for UK producers and consumers, and ensuring it truly does work to the benefit of SMEs long time into the future.
Right after a hard 2020 I wish to thank the SMEs who took part in this particular research and gave us such valuable insight into just how we can use our independent trade policy to make sure we build again better as a result of 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 and our colleagues at the Department for International Trade to deliver this roadshow as well as the Making a Difference article. The feedback we received from small businesses across the UK on what they would love to see from a later UK U.S. Free Trade Agreement echoes 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 represents a continuation of yearlong work manufactured by BAB and policy makers to put the needs and interests of developing businesses at the heart of trade policy. The report not simply showcases just how government can put this into motion; it also reflects that the UK Government has presently embraced the’ triangle of activity as well as support’ that the article suggests. We congratulate the UK Government in its approach and look forward to doing our part so that even more corporations are able to turn the transatlantic ambitions of theirs into reality.