Opportunities to assist businesses which are small throughout the UK conquer obstacles to transatlantic swap as well as development have been reported in a new report created by leading US UK trade connection BritishAmerican Business (BAB).
BAB, within partnership using the Department for International Trade, hosted four virtual roundtables taking together leaders from over sixty small and moderate enterprises (SMEs) throughout London and the South of England, the Midlands, the North of Scotland and England, to hear the success stories of theirs and help deal with the difficulties they face.
The ensuing report, entitled’ Making a Difference’, nowadays reveals three top priority areas in which the government is able to work with SMEs to motivate improved transatlantic trade and investment as a part of its ongoing work to help SMEs across the UK:
Lower barriers to trade and buy by aligning standards and regulations.
Resolve trade disputes and allow easier business traveling across the Atlantic.
Boost on-the-ground, practical assistance to businesses, including sourcing trusted suppliers or perhaps navigating complex tax requirements.
Making up 99 % of all businesses in the UK, producing £2.2 trillion of earnings and employing 16.6 million people, SMEs are the backbone of the UK economy. As the report shows, nonetheless, they are often hit the hardest by reddish tape as well as high operating expenses.
For instance, Stoke-on-Trent-based ceramics brand name Steelite International currently faces 25.5 % tariffs on its US exports, in spite of facing small domestic competitors inside the US. TradingHub, a data analytics firm of London, revealed finishing tax registration was excessively intricate, time-consuming and expensive, especially when operating in more than a single US state.
The UK government is actually focused on generating more possibilities for SMEs to trade with partners throughout the world as it moves forward with its independent trade policy agenda, and negotiations are by now underway with the US, Australia and New Zealand. In addition to constant trade negotiations, DIT has a process of support prepared to aid SMEs access the advice they need:
A network of around 300 International Trade Advisors supports UK companies to export and expand the business of theirs internationally.
In December 2020 DIT build a £38m Internationalisation Fund for SMEs in England to help 7,600 companies grow their overseas trading.
UK Export Finance also offers a network throughout the UK which provide specialist support on trade and export finance, especially SMEs.
Negotiations on a trade package with the US are actually ongoing, and each of those sides have finally reached broad agreement on a medium-sized and small enterprise (SME) chapter. A UK-US SME chapter is going to provide extra assistance by boosting transparency and making it easier for SMEs to swap, for instance by establishing brand new measures on information sharing.
SMEs can also benefit from measures across the majority of an UK US FTA, on practices and swap facilitation, company mobility, and digital trade, for example, and we are currently concentrating on SME-friendly provisions across the agreement.
Minister of State for Trade Policy Greg Hands said: businesses that are Small are at the center of the government’s trade agenda as it moves ahead as an unbiased trading nation. We have actually made good progress on a UK-US change deal, – the committed SME chapter is going to make it easier to them to sell off items to the US and create the most of transatlantic opportunities.
From Stoke-on-Trent Ceramics, via earth top health-related therapy technology from Huddersfield, to Isle of Wight lifejackets – we are devoted to a deal that functions for UK producers and consumers, and ensuring it really works to the benefit of SMEs long time into the future.
After a tough 2020 I wish to thank the SMEs who took part in this particular exploration and gave us such valuable insight into exactly how we are able to use our independent trade policy to make certain we build again better from the economic effect of Coronavirus.
BritishAmerican Business Chief Executive Duncan Edwards said:
BAB is proud to be working closely doing partnership with Minister Hands and our colleagues on the Department for International Trade to give this roadshow and the Making a Difference report. The feedback we got from businesses that are small throughout the UK on what they would like to see from 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 initiative belongs to a continuation of yearlong work manufactured by BAB as well as policy makers to put the needs as well as interests of cultivating organizations at the center of trade policy. The report not only showcases how government is able to put this into action; in addition, it echoes that the UK Government has already adopted the’ triangle of activity as well as support’ that the report recommends. We congratulate the UK Government inside the approach of its and anticipate doing our part so that more businesses can turn the transatlantic ambitions of theirs into truth.