Opportunities to assist businesses that are small throughout the UK overcome obstacles to transatlantic swap as well as development have been reported in a brand new report produced by the best US UK trade association BritishAmerican Business (BAB).
BAB, within partnership using the Department for International Trade, hosted four virtual roundtables bringing together leaders from over sixty tiny and medium enterprises (SMEs) throughout London as well as the South of England, the Midlands, the North of England and Scotland, to hear their success stories and help tackle the difficulties they face.
The resulting article, entitled’ Making a Difference’, nowadays uncovers 3 priority areas in which 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 hurdles to trade and purchase by aligning standards and regulations.
Solve trade disputes and make it possible for easier business travel across the Atlantic.
Boost on-the-ground, useful assistance to businesses, like sourcing reliable suppliers or navigating complex tax demands.
Making up ninety nine % of all businesses in the UK, generating £2.2 trillion of earnings and employing 16.6 million individuals, SMEs are actually the backbone on the UK economy. As the article shows, nonetheless, they’re often hit probably the hardest by cherry red tape as well as high operating costs.
For example, Stoke-on-Trent-based ceramics manufacturer Steelite International presently faces 25.5 % tariffs on its US exports, despite facing small domestic competition inside the US. TradingHub, a details analytics tight in London, revealed completing tax registration was excessively complex, time-consuming and expensive, specifically when operating in more than one US state.
The UK government is actually dedicated to creating more opportunities for SMEs to swap with partners across the world as it moves forward with its independent trade policy agenda, and negotiations are currently underway together with the US, Australia and New Zealand. In addition to constant trade negotiations, DIT has a process of support all set to help SMEs print on the guidance they need:
A network of around 300 International Trade Advisors supports UK organizations to export and grow the business of theirs internationally.
When it comes to December 2020 DIT set up a £38m Internationalisation Fund for SMEs contained England to help 7,600 companies grow the overseas trading of theirs.
UK Export Finance even offers a network across the UK that provide specialist support on trade and export finance, particularly SMEs.
Negotiations on a trade deal with the US are recurring, and both sides have recently reached broad agreement on a medium-sized and small enterprise (SME) chapter. A UK US SME chapter will provide extra support by boosting transparency and making it a lot easier for SMEs to trade, for example by establishing new actions on info sharing.
SMEs can also benefit from measures across the rest of an UK US FTA, on customs and trade facilitation, company mobility, and digital trade, for example, and we are currently being focused on SME-friendly provisions across the agreement.
Minister of State for Trade Policy Greg Hands said: Small companies are at the center of the government’s trade agenda as it moves forward as an unbiased trading nation. We’ve actually made progress which is good on a UK-US change deal, – the committed SME chapter is going to make it easier for these people to sell goods to the US and produce the best value of transatlantic potentials.
From Stoke-on-Trent Ceramics, by way of world leading medical treatment technology from Huddersfield, to Isle of Wight lifejackets – we are devoted to a deal that operates for UK producers as well as consumers, and ensuring it truly does work to the advantageous asset of SMEs long into the future.
After a difficult 2020 I would like to thank the SMEs who took part in this particular research and gave us such valuable insight into just how we are able to use our impartial trade policy to ensure we build again better from the economic result of Coronavirus.
BritishAmerican Business Chief Executive Duncan Edwards said:
BAB is satisfied to be working strongly around partnership with Minister Hands and the colleagues of ours at the Department for International Trade to provide this roadshow as well as the Making a Difference report. The feedback we got from businesses which are small across the UK on what they would love to see through a later UK U.S. Free Trade Agreement echoes the chances 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 represents a continuation of yearlong work made by BAB and policy makers to place the needs as well as interests of cultivating organizations at the center of trade policy. The report not just showcases how government is able to put this into motion; it also reflects that the UK Government has already adopted the’ triangle of action and support’ that the article recommends. We congratulate the UK Government inside its approach and expect doing the part of ours so that more companies are able to turn the transatlantic ambitions of theirs into reality.