Opportunities to help businesses that are small across the UK overcome hurdles to transatlantic swap and growth have been reported in the latest report produced by the best US UK trade connection BritishAmerican Business (BAB).
BAB, within partnership using the Department for International Trade, hosted four virtual roundtables bringing together leaders from more than 60 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 tackle the challenges they face.
The resulting report, entitled’ Making a Difference’, today exposes three top priority areas where the government can work with SMEs to inspire improved transatlantic trade as well as investment as a part of its ongoing work to help SMEs across the UK:
Lower barriers to trade and investment by aligning regulations and standards.
Resolve trade disputes and make it possible for easier business traveling across the Atlantic.
Increase on-the-ground, practical assistance to businesses, like sourcing reliable vendors or even navigating complicated tax requirements.
Making up 99 % of all businesses in the UK, producing £2.2 trillion of earnings and employing 16.6 million people, SMEs are actually the backbone of the UK economy. As the article shows, nevertheless, they’re often hit probably the hardest by cherry red tape as well as high operating expenses.
For instance, Stoke-on-Trent-based ceramics company Steelite International currently faces 25.5 % tariffs on its US exports, despite facing small domestic competition within the US. TradingHub, a details analytics tight in London, revealed completing tax registration was excessively intricate, time-consuming and expensive, especially when operating in more than a single US state.
The UK government is actually committed to generating more possibilities for SMEs to swap with partners around the world as it moves ahead with its independent trade policy agenda, as well as negotiations are already underway with the US, Australia and New Zealand. Along with constant trade negotiations, DIT has a program of support prepared to help SMEs use the guidance they need:
A network of around 300 International Trade Advisors supports UK organizations to export and expand their business worldwide.
In December 2020 DIT set up a £38m Internationalisation Fund for SMEs found England to help 7,600 organizations grow their overseas trading.
UK Export Finance also has a network across the UK that supply specialized assistance on trade as well as export finance, especially SMEs.
Negotiations on a trade deal with the US are recurring, and the two sides have finally reached broad agreement on a small and medium-sized business (SME) chapter. A UK-US SME chapter is going to provide additional support by boosting transparency and making it a lot easier for SMEs to swap, for example by building brand new actions on info sharing.
SMEs could also benefit from measures across the remainder of an UK US FTA, on practices and trade facilitation, business mobility, and digital swap, for example, and we are currently concentrating on SME-friendly provisions across the agreement.
Minister of State for Trade Policy Greg Hands said: Small businesses are at the center of the government’s trade agenda as it moves forward as an independent trading nation. We’ve actually made good progress on a UK-US trade deal, – the committed SME chapter will make it easier for these people to sell goods to the US and produce the best value of transatlantic potentials.
From Stoke-on-Trent Ceramics, via earth reputable health-related treatment engineering offered by Huddersfield, to Isle of Wight lifejackets – we’re committed to a deal that works for UK producers and consumers, 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 such invaluable insight into exactly how we can use our impartial trade policy to make sure we build again better as a result of the economic effect of Coronavirus.
BritishAmerican Business Chief Executive Duncan Edwards said:
BAB is proud to be working closely doing partnership with Minister Hands as well as the colleagues of ours at the Department for International Trade to provide this roadshow and the Making a Difference report. The feedback we got from companies which are small across the UK on what they would like to see from a later UK-U.S. Free Trade Agreement reflects the chances the transatlantic economic corridor provides, as well as 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 as well as policy makers to put the needs and interests of cultivating businesses at the center of trade policy. The report not just showcases how government is able to put this into motion; additionally, it echoes that the UK Government has already followed the’ triangle of action as well as support’ that the article recommends. We congratulate the UK Government in its approach and expect doing the part of ours so that even more corporations can turn their transatlantic ambitions into truth.