Opportunities to assist businesses that are small across the UK conquer obstacles to transatlantic swap as well as growth have been outlined in the latest report produced by the best US-UK trade connection BritishAmerican Business (BAB).
BAB, within partnership while using 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 England and Scotland, to hear their success stories and help address the challenges they face.
The ensuing article, entitled’ Making a Difference’, currently reveals 3 top priority areas where the government can work with SMEs to inspire greater transatlantic trade as well as investment as a part of its ongoing work to help SMEs across the UK:
Lower hurdles 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, useful support to businesses, such as sourcing reliable suppliers or navigating complicated tax demands.
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 on the UK economy. As the article shows, however, they’re oftentimes hit probably the hardest by reddish tape as well as huge operating costs.
For instance, Stoke-on-Trent-based ceramics manufacturer Steelite International currently faces 25.5 % tariffs on its US exports, in spite of facing small domestic competitors within the US. TradingHub, a data analytics firm of London, revealed completing tax registration was excessively intricate, time-consuming and expensive, specifically when operating in a lot more than a single US state.
The UK government is focused on generating far more possibilities for SMEs to trade with partners across the world as it moves forward with its impartial trade policy agenda, and negotiations are currently underway together with the US, New Zealand and Australia. Along with constant swap negotiations, DIT has a program of support all set to help SMEs use the advice they need:
A network of about 300 International Trade Advisors supports UK companies to export and expand the business of theirs worldwide.
In December 2020 DIT set up a £38m Internationalisation Fund for SMEs contained England to help 7,600 businesses grow their overseas trading.
UK Export Finance also offers a network across the UK who provide qualified support on trade and export finance, particularly SMEs.
Negotiations on a trade offer with the US are ongoing, and the two sides have finally reached broad agreement on a medium-sized and small enterprise (SME) chapter. A UK-US SME chapter will provide extra support by improving transparency and making it a lot easier for SMEs to swap, for instance by establishing brand new methods on info sharing.
SMEs can also benefit from measures throughout the remainder of an UK US FTA, on traditions and trade facilitation, company mobility, and digital swap, for example, and we’re now focusing on SME friendly provisions throughout the agreement.
Minister of State for Trade Policy Greg Hands said: Small businesses are actually at the center of the government’s trade agenda as it moves ahead as an unbiased trading nation. We have by now made good progress on an UK US change deal, – the dedicated SME chapter is going to make it easier for them to sell off items to the US and produce the most of transatlantic potentials.
Out of Stoke-on-Trent Ceramics, through earth reputable medical therapy technology offered by Huddersfield, to Isle of Wight lifejackets – we’re dedicated to a deal that functions for UK producers and consumers, and ensuring it really works to the benefit of SMEs long into the future.
After a difficult 2020 I wish to thank the SMEs who took part in this particular exploration and gave us such valuable insight into exactly how we can use our impartial trade policy to ensure we build back better from the economic effect of Coronavirus.
BritishAmerican Business Chief Executive Duncan Edwards said:
BAB is proud to be working closely in partnership with Minister Hands as well as the colleagues of ours on the Department for International Trade to give this roadshow and also the Making a Difference article. The feedback we got from companies that are small across the UK on what they would love to see through a later UK-U.S. Free Trade Agreement echoes the opportunities the transatlantic economic corridor provides, and the deep rooted strength of UK-US relations.
BritishAmerican Business Project Lead Emanuel Adam said: This first step represents a continuation of yearlong work manufactured by BAB as well as policy makers to put the needs as well as interests of developing companies at the center of trade policy. The report not only showcases how government can put this into motion; it also reflects that the UK Government has currently welcomed the’ triangle of action and support’ that the report suggests. We congratulate the UK Government in its approach and look ahead to doing the part of ours so that even more corporations can turn their transatlantic ambitions into reality.