Opportunities to help small businesses across the UK conquer obstacles to transatlantic swap and growth have been reported in a new report produced by top US UK trade connection BritishAmerican Business (BAB).
BAB, in partnership while using the Department for International Trade, hosted 4 virtual roundtables taking together leaders from over sixty little and moderate enterprises (SMEs) across London and the South of England, the Midlands, the North of England and Scotland, to hear their success stories and help address the difficulties they face.
The resulting article, entitled’ Making a Difference’, nowadays exposes three top priority areas where the government can work with SMEs to encourage greater transatlantic trade as well as investment as part of its ongoing work to support SMEs across the UK:
Lower barriers to trade and purchase by aligning standards and regulations.
Solve trade disputes and make it possible for easier business travel across the Atlantic.
Increase on-the-ground, useful support to businesses, such as sourcing trusted vendors or perhaps navigating complicated tax demands.
Making up ninety nine % of all businesses in the UK, generating £2.2 trillion of income and employing 16.6 million individuals, SMEs are actually the backbone of your UK economy. As the report shows, nonetheless, they are oftentimes hit probably the hardest by red tape and high operating costs.
For instance, Stoke-on-Trent-based ceramics brand name Steelite International currently faces 25.5 % tariffs on its US exports, despite facing little domestic competition within the US. TradingHub, a details analytics firm of London, revealed finishing tax registration was constantly intricate, time-consuming and expensive, especially when operating in a lot more than one US state.
The UK government is focused on producing far more possibilities for SMEs to exchange with partners across the world as it moves ahead with its independent trade policy agenda, and negotiations are by now underway with the US, Australia and New Zealand. In addition to ongoing trade negotiations, DIT has a system of support prepared to assist SMEs use the guidance they need:
A network of around 300 International Trade Advisors supports UK companies to export and grow their business internationally.
In December 2020 DIT create a £38m Internationalisation Fund for SMEs in England to assist 7,600 companies grow the overseas trading of theirs.
UK Export Finance also has a network throughout the UK which provide qualified assistance on trade and export finance, particularly SMEs.
Negotiations on a trade deal with the US are actually recurring, and both sides have recently reached broad agreement on a medium-sized and small enterprise (SME) chapter. A UK US SME chapter is going to provide additional assistance by improving transparency and making it easier for SMEs to exchange, for instance by building brand new measures on info sharing.
SMEs may also benefit from measures across the remainder of a UK-US FTA, on traditions and change facilitation, business mobility, and digital swap, for instance, and we’re currently being focused on SME-friendly provisions across the agreement.
Minister of State for Trade Policy Greg Hands said: Small businesses are at the heart of the government’s change agenda as it moves ahead as an impartial trading nation. We have already made progress that is good on an UK US trade deal, – the committed SME chapter will make it easier for these people to offer goods to the US and produce the most of transatlantic potentials.
From Stoke-on-Trent Ceramics, via planet leading medical therapy technology offered by Huddersfield, to Isle of Wight lifejackets – we are committed to a deal that functions for UK producers and consumers, and ensuring it truly does work to the advantage of SMEs long time into the future.
Right after a tough 2020 I want to thank the SMEs who took part in this exploration and gave us this sort of valuable insight into just how we are able to use our impartial 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 closely in partnership with Minister Hands and our colleagues on the Department for International Trade to deliver this roadshow and the Making a Difference article. The feedback we received from companies that are small across the UK on what they would love to see through a later UK U.S. Free Trade Agreement mirrors 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 belongs to a continuation of yearlong work made by BAB and policy makers to place the needs as well as interests of developing organizations at the center of trade policy. The report not just showcases just how government can put this into action; in addition, it echoes that the UK Government has currently adopted the’ triangle of action and support’ that the article suggests. We congratulate the UK Government in its approach and expect doing our part so that even more corporations can turn their transatlantic ambitions into reality.