Opportunities to help businesses that are small throughout the UK overcome obstacles to transatlantic swap and growth have been outlined in the latest report created by top US UK trade association BritishAmerican Business (BAB).
BAB, within partnership while using the Department for International Trade, hosted four virtual roundtables taking together leaders from more than 60 little and medium enterprises (SMEs) throughout London and the South of England, the Midlands, the North of England and Scotland, to hear the success stories of theirs and help tackle the difficulties they face.
The resulting report, entitled’ Making a Difference’, currently reveals 3 priority areas in which the government can work with SMEs to encourage better transatlantic trade and investment as a part of its ongoing work to help SMEs across the UK:
Lower hurdles to trade and buy by aligning standards and regulations.
Resolve trade disputes and make it possible for easier business travel across the Atlantic.
Boost on-the-ground, useful assistance to businesses, like sourcing trusted vendors or even 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 people, SMEs are the backbone of your UK economy. As the report shows, nevertheless, they are frequently hit probably the hardest by reddish tape as well as substantial operating expenses.
For instance, Stoke-on-Trent-based ceramics company Steelite International currently faces 25.5 % tariffs on its US exports, in spite of facing small domestic competition within the US. TradingHub, a data analytics tight of London, revealed finishing tax registration was excessively intricate, time-consuming and expensive, particularly when operating in more than a single US state.
The UK government is actually committed to generating far more possibilities for SMEs to trade with partners around the world as it moves forward with its independent trade policy agenda, and negotiations are by now underway together with the US, New Zealand and Australia. Along with ongoing trade negotiations, DIT has a program of support ready to aid SMEs print on the guidance they need:
A network of about 300 International Trade Advisors supports UK organizations to export and expand their business internationally.
In December 2020 DIT build a £38m Internationalisation Fund for SMEs contained England to assist 7,600 organizations grow their overseas trading.
UK Export Finance also offers a network throughout the UK who supply qualified support on trade as well as export finance, particularly SMEs.
Negotiations on a trade package with the US are actually ongoing, and each of those sides have now reached broad agreement on a medium-sized and small business (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 example by creating new measures on info sharing.
SMEs can also benefit from measures across the majority of a UK-US FTA, on practices as well as trade facilitation, company mobility, and digital trade, for instance, and we are now focusing on SME friendly provisions across the agreement.
Minister of State for Trade Policy Greg Hands said: Small enterprises are at the heart of the government’s swap agenda as it moves forward as an impartial trading nation. We’ve actually made good progress on an UK US change deal, – the committed SME chapter will make it easier to them to offer goods to the US and make the most of transatlantic potentials.
From Stoke-on-Trent Ceramics, through world top medical treatment technology offered by Huddersfield, to Isle of Wight lifejackets – we are devoted to a deal that operates for UK producers and consumers, and ensuring it really works to the benefit of SMEs long into the future.
Right after a difficult 2020 I would like to thank the SMEs which took part in this exploration and gave us this kind of valuable insight into the way we can use our independent trade policy to make sure we build back better as a result of 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 the colleagues of ours on the Department for International Trade to provide this roadshow as well as the Making a Difference report. The feedback we received from businesses which are small throughout the UK on what they would love to see from a future UK U.S. Free Trade Agreement mirrors the chances the transatlantic economic corridor offers, 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 manufactured by BAB and policy makers to place the needs and interests of cultivating businesses at the center of trade policy. The report not simply showcases how government can put this into motion; additionally, it reflects that the UK Government has already welcomed the’ triangle of action and support’ that the article suggests. We congratulate the UK Government inside the approach of its and expect doing our part so that even more corporations are able to turn their transatlantic ambitions into reality.