Opportunities to help businesses which are small throughout the UK overcome barriers to transatlantic swap and development have been reported in the latest report created by the best US UK trade connection BritishAmerican Business (BAB).
BAB, in partnership with the Department for International Trade, hosted four virtual roundtables taking together leaders from over 60 tiny and medium enterprises (SMEs) throughout London and also the South of England, the Midlands, the North of Scotland and England, to hear the success stories of theirs and help address the challenges they face.
The resulting report, entitled’ Making a Difference’, currently reveals 3 top priority areas in which the government is able to work with SMEs to motivate greater 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 standards and regulations.
Solve trade disputes and make it possible for easier business traveling across the Atlantic.
Boost on-the-ground, useful assistance to businesses, such as sourcing reliable vendors or even navigating complicated tax requirements.
Making up ninety nine % of all companies in the UK, producing £2.2 trillion of earnings and employing 16.6 million individuals, SMEs are the backbone of the UK economy. As the report shows, nonetheless, they’re often hit the hardest by cherry red tape and huge operating expenses.
For instance, Stoke-on-Trent-based ceramics company Steelite International currently faces 25.5 % tariffs on its US exports, in spite of facing little domestic competitors within the US. TradingHub, a details analytics firm of London, revealed finishing tax registration was excessively intricate, time-consuming and expensive, especially when operating in a lot more than one US state.
The UK government is actually dedicated to creating far more possibilities for SMEs to trade with partners throughout the world as it moves forward with its impartial trade policy agenda, and negotiations are by now underway along with the US, New Zealand and Australia. Along with ongoing swap negotiations, DIT has a program of support all set to help SMEs print on the advice they need:
A network of around 300 International Trade Advisors supports UK organizations to export and expand the business of theirs internationally.
In December 2020 DIT create a £38m Internationalisation Fund for SMEs in England to assist 7,600 organizations grow their overseas trading.
UK Export Finance also has a network across the UK who supply specialized assistance on trade and export finance, particularly SMEs.
Negotiations on a trade package with the US are recurring, and each of those sides have now reached wide agreement on a small and medium-sized enterprise (SME) chapter. A UK US SME chapter is going to provide extra 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 may also benefit from measures throughout the rest of a UK-US FTA, on practices as well as trade facilitation, business mobility, and digital trade, for instance, and we are currently being focused 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 have already made good progress on a UK-US trade deal, – the dedicated SME chapter is going to make it easier for them to sell goods to the US and create the best value of transatlantic potentials.
Out of Stoke-on-Trent Ceramics, by way of planet leading health-related treatment technology offered by Huddersfield, to Isle of Wight lifejackets – we’re dedicated to a deal that functions for UK producers as well as customers, and ensuring it works to the advantage of SMEs long into the future.
Right after a hard 2020 I want to thank the SMEs that took part in this exploration and gave us such invaluable insight into just how we can use our independent trade policy to ensure we build back better from the economic result of Coronavirus.
BritishAmerican Business Chief Executive Duncan Edwards said:
BAB is actually satisfied to be working closely in partnership with Minister Hands and our colleagues on the Department for International Trade to provide this roadshow and the Making a Difference report. The feedback we received from companies that are small throughout the UK on what they’d love to see through a later UK-U.S. Free Trade Agreement echoes 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 first step represents a continuation of yearlong efforts manufactured by BAB and policy makers to place the needs and interests of cultivating companies at the center of trade policy. The report not simply showcases how government is able to put this into action; additionally, it mirrors that the UK Government has already adopted the’ triangle of action and support’ that the article suggests. We congratulate the UK Government in the approach of its and look forward to doing the part of ours so that even more businesses can turn their transatlantic ambitions into reality.