Opportunities to help small businesses across the UK conquer obstacles to transatlantic swap as well as growth have been outlined in a new report made by leading US-UK trade association BritishAmerican Business (BAB).
BAB, inside partnership using the Department for International Trade, hosted 4 virtual roundtables taking together leaders from more than sixty small 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 address the difficulties they face.
The resulting report, entitled’ Making a Difference’, today exposes three top priority areas in which the government can work with SMEs to encourage improved transatlantic trade as well as investment as a part of its ongoing work to help SMEs across the UK:
Lower barriers to trade and buy by aligning regulations and standards.
Solve trade disputes and enable easier business traveling across the Atlantic.
Increase on-the-ground, useful support to businesses, such as sourcing trusted suppliers or navigating complex tax requirements.
Making up 99 % of all businesses in the UK, generating £2.2 trillion of income and employing 16.6 million individuals, SMEs are the backbone of the UK economy. As the article shows, nonetheless, they’re oftentimes hit probably the hardest by cherry red tape as well as huge operating costs.
For instance, Stoke-on-Trent-based ceramics company Steelite International presently faces 25.5 % tariffs on its US exports, in spite of facing small domestic competitors within the US. TradingHub, a details analytics firm of London, revealed completing tax registration was excessively complex, time-consuming and expensive, especially when operating in more than a single US state.
The UK government is actually focused on producing far more possibilities for SMEs to exchange with partners throughout the world as it moves forward with its independent trade policy agenda, as well as negotiations are by now underway with the US, Australia and New Zealand. Along with ongoing trade negotiations, DIT has a program of support all set to help SMEs use the advice they need:
A network of around 300 International Trade Advisors supports UK organizations to export and expand their business worldwide.
When it comes to December 2020 DIT create a £38m Internationalisation Fund for SMEs contained England to assist 7,600 businesses grow their overseas trading.
UK Export Finance even offers a network across the UK that supply qualified support on trade and export finance, particularly SMEs.
Negotiations on a trade offer with the US are actually ongoing, and both sides have finally reached wide agreement on a medium-sized and small venture (SME) chapter. A UK-US SME chapter will provide additional assistance by improving transparency and making it a lot easier for SMEs to swap, for example by building new methods on info sharing.
SMEs can also benefit from measures across the majority of a UK-US FTA, on traditions as well as trade facilitation, business mobility, and digital swap, for example, and we’re currently focusing on SME-friendly provisions throughout the agreement.
Minister of State for Trade Policy Greg Hands said: businesses that are Small are at the heart of the government’s trade agenda as it moves ahead as an impartial trading nation. We have by now made progress which is good on an UK US trade deal, – the dedicated SME chapter is going to make it easier for these people to sell goods to the US and make the best value of transatlantic potentials.
From Stoke-on-Trent Ceramics, by way of planet leading health-related therapy technology offered by Huddersfield, to Isle of Wight lifejackets – we’re dedicated to a deal that functions for UK producers and customers, and ensuring it truly does work to the advantage of SMEs long time into the future.
Right after a difficult 2020 I wish to thank the SMEs which took part in this particular research and gave us this kind of invaluable insight into exactly how we can use our impartial trade policy to make sure we build again better from the economic impact of Coronavirus.
BritishAmerican Business Chief Executive Duncan Edwards said:
BAB is actually satisfied 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 as well as the Making a Difference report. The feedback we received from small businesses throughout the UK on what they would like 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 initiative belongs to a continuation of yearlong efforts created by BAB as well as policy makers to put the needs as well as interests of developing organizations at the heart of trade policy. The report not just showcases just how government can put this into action; furthermore, it mirrors that the UK Government has currently embraced the’ triangle of action as well as 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.