Opportunities to assist small businesses throughout the UK overcome barriers to transatlantic swap as well as development have been reported in a brand new report made by leading US UK trade association BritishAmerican Business (BAB).
BAB, within partnership with the Department for International Trade, hosted four virtual roundtables taking together leaders from more than 60 tiny and medium enterprises (SMEs) throughout London and the South of England, the Midlands, the North of England and Scotland, to hear their success stories and help deal with the difficulties they face.
The ensuing report, entitled’ Making a Difference’, currently reveals 3 priority areas where the government can work with SMEs to inspire greater transatlantic trade and investment as a part of its ongoing work to support SMEs across the UK:
Lower barriers to trade and investment by aligning standards and regulations.
Solve trade disputes and allow easier business travel across the Atlantic.
Boost on-the-ground, practical support to businesses, like sourcing reliable vendors or perhaps navigating complicated tax demands.
Making up ninety nine % of all companies in the UK, producing £2.2 trillion of earnings and employing 16.6 million individuals, SMEs are actually the backbone of the UK economy. As the article shows, nonetheless, they’re oftentimes hit the hardest by red tape and high operating expenses.
For example, Stoke-on-Trent-based ceramics brand name Steelite International presently faces 25.5 % tariffs on its US exports, in spite of facing little domestic competition within the US. TradingHub, an information analytics tight in London, revealed finishing tax registration was constantly intricate, expensive and time-consuming, especially when operating in a lot more than one US state.
The UK government is dedicated to creating more possibilities for SMEs to exchange with partners across the world as it moves ahead with its independent trade policy agenda, and negotiations are already underway with the US, New Zealand and Australia. Besides constant trade negotiations, DIT has a program of support prepared to assist SMEs use the advice they need:
A network of about 300 International Trade Advisors supports UK organizations to export and grow the business of theirs internationally.
In December 2020 DIT set up a £38m Internationalisation Fund for SMEs in England to help 7,600 businesses grow the overseas trading of theirs.
UK Export Finance also has a network across the UK which provide qualified help on trade and export finance, especially SMEs.
Negotiations on a trade offer with the US are actually ongoing, and both sides have finally reached broad agreement on a medium-sized and small venture (SME) chapter. A UK-US SME chapter is going to provide additional assistance by improving transparency and making it easier for SMEs to swap, for example by building new actions on info sharing.
SMEs could also benefit from measures across the rest of a UK-US FTA, on practices as well as swap facilitation, company mobility, and digital swap, for example, and we are currently focusing on SME friendly provisions throughout the agreement.
Minister of State for Trade Policy Greg Hands said: businesses which are Small are actually at the center of the government’s swap agenda as it moves forward as an impartial trading nation. We have actually made progress which is good on an UK US swap deal, – the dedicated SME chapter will make it easier for them to offer for sale goods to the US and create the best value of transatlantic potentials.
Out of Stoke-on-Trent Ceramics, through earth leading health-related therapy engineering from Huddersfield, to Isle of Wight lifejackets – we’re committed to a deal that functions for UK producers and consumers, and ensuring it truly does work to the benefit of SMEs long into the future.
Right after a hard 2020 I want to thank the SMEs who took part in this research and gave us such valuable insight into exactly how we are able to use our independent trade policy to ensure we build again better from the economic impact of Coronavirus.
BritishAmerican Business Chief Executive Duncan Edwards said:
BAB is proud to be working strongly in partnership with Minister Hands and our colleagues at the Department for International Trade to provide this roadshow as well as the Making a Difference report. The feedback we received from companies that are small throughout the UK on what they would like to see from a future UK U.S. Free Trade Agreement mirrors 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 first step represents a continuation of yearlong work made by BAB as well as policy makers to place the needs and interests of cultivating organizations at the heart of trade policy. The report not simply showcases just how government can put this into motion; furthermore, it mirrors that the UK Government has currently embraced the’ triangle of activity as well as support’ that the report recommends. We congratulate the UK Government in its approach and expect doing the part of ours so that more companies are able to turn the transatlantic ambitions of theirs into truth.