Opportunities to assist businesses that are small throughout the UK conquer hurdles to transatlantic trade and growth have been outlined in the latest report created by leading US-UK trade association BritishAmerican Business (BAB).
BAB, within partnership using the Department for International Trade, hosted four virtual roundtables bringing together leaders from more than sixty little and moderate enterprises (SMEs) across London and also the South of England, the Midlands, the North of Scotland and England, to hear the success stories of theirs and help tackle the difficulties they face.
The resulting article, entitled’ Making a Difference’, nowadays exposes 3 top priority areas in which the government is able to work with SMEs to encourage superior transatlantic trade and investment as a part of its ongoing work to help SMEs across the UK:
Lower barriers to trade and purchase by aligning regulations and standards.
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 requirements.
Making up 99 % of all businesses in the UK, generating £2.2 trillion of earnings and employing 16.6 million individuals, SMEs are the backbone of the UK economy. As the article shows, nonetheless, they’re oftentimes hit probably the hardest by reddish tape and high operating expenses.
For example, Stoke-on-Trent-based ceramics manufacturer Steelite International presently faces 25.5 % tariffs on its US exports, in spite of facing small domestic competition within the US. TradingHub, a data analytics firm in London, revealed completing tax registration was constantly intricate, expensive and time-consuming, specifically when operating in a lot more than a single US state.
The UK government is actually focused on producing more possibilities for SMEs to swap with partners throughout the world as it moves forward with its independent trade policy agenda, and negotiations are already underway with the US, New Zealand and Australia. Along with ongoing trade negotiations, DIT has a system of support prepared to assist SMEs use the guidance they need:
A network of about 300 International Trade Advisors supports UK businesses to export and expand their business worldwide.
When it comes to December 2020 DIT build a £38m Internationalisation Fund for SMEs found England to assist 7,600 organizations grow their overseas trading.
UK Export Finance also has a network throughout the UK that provide specialist help on trade as well as export finance, particularly SMEs.
Negotiations on a trade deal with the US are recurring, and both sides have finally reached broad agreement on a small and medium-sized business (SME) chapter. A UK US SME chapter will provide additional support by boosting transparency and making it easier for SMEs to swap, for example by building brand new methods on information sharing.
SMEs could also benefit from measures across the remainder of an UK US FTA, on customs as well as swap facilitation, business mobility, and digital swap, for instance, and we are currently focusing on SME-friendly provisions throughout the agreement.
Minister of State for Trade Policy Greg Hands said: businesses that are Small are actually at the center of the government’s change agenda as it moves ahead as an unbiased trading nation. We have by now made progress that is good on a UK-US change deal, – the committed SME chapter is going to make it easier for them to sell items to the US and make the best value of transatlantic opportunities.
Out of Stoke-on-Trent Ceramics, through earth top health-related therapy engineering offered by Huddersfield, to Isle of Wight lifejackets – we’re devoted to a deal that works for UK producers as well as customers, and ensuring it truly does work to the advantage of SMEs long time into the future.
After a hard 2020 I wish to thank the SMEs which took part in this exploration and gave us such invaluable insight into just how we are able to use our impartial trade policy to ensure we build back better as a result of the economic impact of Coronavirus.
BritishAmerican Business Chief Executive Duncan Edwards said:
BAB is actually proud to be working closely in partnership with Minister Hands as well as our colleagues at the Department for International Trade to give this roadshow and the Making a Difference article. The feedback we got from small companies across the UK on what they would like to see from a later UK U.S. Free Trade Agreement mirrors the opportunities the transatlantic economic corridor offers, 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 created by BAB as well as policy makers to place the needs and interests of cultivating businesses at the center of trade policy. The report not simply showcases just how government can put this into motion; what’s more, it mirrors that the UK Government has currently adopted the’ triangle of action and support’ that the report recommends. We congratulate the UK Government inside the approach of its and anticipate doing the part of ours so that more businesses can turn the transatlantic ambitions of theirs into truth.