Opportunities to help small businesses throughout the UK overcome obstacles to transatlantic trade and growth have been reported in the latest report created by leading US UK trade association BritishAmerican Business (BAB).
BAB, in partnership with the Department for International Trade, hosted 4 virtual roundtables bringing together leaders from over sixty small and moderate enterprises (SMEs) across London and also the South of England, the Midlands, the North of Scotland and England, to hear their success stories and help deal with the challenges they face.
The ensuing report, entitled’ Making a Difference’, currently exposes 3 priority areas in which the government can work with SMEs to inspire improved transatlantic trade as well as investment as a part of its ongoing work to support SMEs across the UK:
Lower barriers to trade and buy by aligning standards and regulations.
Solve trade disputes and make it possible for easier business travel across the Atlantic.
Increase on-the-ground, practical assistance to businesses, including sourcing trusted vendors or navigating complicated tax demands.
Making up ninety nine % of all companies in the UK, generating £2.2 trillion of income and employing 16.6 million individuals, SMEs are actually the backbone on the UK economy. As the article shows, nonetheless, they are often hit probably the hardest by red colored tape and high operating expenses.
For example, Stoke-on-Trent-based ceramics manufacturer Steelite International currently faces 25.5 % tariffs on its US exports, despite facing little domestic competitors within the US. TradingHub, an information analytics firm in London, revealed completing tax registration was constantly intricate, time-consuming and expensive, particularly when operating in a lot more than one US state.
The UK government is focused on creating far more opportunities for SMEs to swap with partners throughout the world as it moves forward with its impartial trade policy agenda, and negotiations are already underway with the US, Australia and New Zealand. Besides ongoing trade negotiations, DIT has a program of support ready to help SMEs use the help and advice they need:
A network of about 300 International Trade Advisors supports UK companies to export and grow their business worldwide.
With regard to December 2020 DIT create a £38m Internationalisation Fund for SMEs found England to assist 7,600 companies grow their overseas trading.
UK Export Finance also offers a network across the UK who provide specialist support on trade as well as export finance, particularly SMEs.
Negotiations on a trade package with the US are ongoing, and the two sides have now reached wide agreement on a medium-sized and small business (SME) chapter. A UK-US SME chapter will provide extra assistance by boosting transparency and making it a lot easier for SMEs to swap, for instance by building new actions on info sharing.
SMEs could also benefit from measures throughout the rest of an UK US FTA, on customs as well as trade facilitation, company mobility, and digital trade, for instance, and we’re now concentrating on SME friendly provisions across the agreement.
Minister of State for Trade Policy Greg Hands said: Small enterprises are actually at the heart of the government’s swap agenda as it moves ahead as an impartial trading nation. We have by now made progress that is good on a UK-US change deal, – the committed SME chapter will make it easier for them to sell off goods to the US and produce the most of transatlantic potentials.
Out of Stoke-on-Trent Ceramics, via planet reputable health-related treatment technology from Huddersfield, to Isle of Wight lifejackets – we are devoted to a deal that works for UK producers and customers, and ensuring it truly does work to the advantage of SMEs long into the future.
After a tough 2020 I would like to thank the SMEs which took part in this particular research and gave us this kind of valuable 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 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 also the Making a Difference report. The feedback we received from companies which are small across the UK on what they’d like to see from a later UK-U.S. Free Trade Agreement reflects the opportunities the transatlantic economic corridor provides, as well as the deep rooted strength of UK US relations.
BritishAmerican Business Project Lead Emanuel Adam said: This initiative represents a continuation of yearlong efforts made by BAB as well as policy makers to place the needs and interests of developing businesses at the heart of trade policy. The report not only showcases just how government can put this into motion; additionally, it mirrors that the UK Government has presently followed the’ triangle of action as well as support’ that the article recommends. We congratulate the UK Government inside the approach of its and expect doing our part so that more corporations are able to turn the transatlantic ambitions of theirs into truth.