Opportunities to help 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 top US-UK trade connection BritishAmerican Business (BAB).
BAB, in partnership while using the Department for International Trade, hosted 4 virtual roundtables bringing together leaders from more than sixty tiny and medium enterprises (SMEs) throughout London and the South of England, the Midlands, the North of Scotland and England, to hear their success stories and help address the challenges they face.
The ensuing article, entitled’ Making a Difference’, currently exposes 3 top priority areas in which the government is able to work with SMEs to encourage improved transatlantic trade as well as investment as a part of its ongoing work to support SMEs across the UK:
Lower hurdles to trade and purchase by aligning regulations and standards.
Solve trade disputes and make it possible for easier business traveling across the Atlantic.
Increase on-the-ground, practical support to businesses, including sourcing trusted vendors or navigating complex tax demands.
Making up ninety nine % of all organizations in the UK, generating £2.2 trillion of earnings and employing 16.6 million individuals, SMEs are actually the backbone of your UK economy. As the article shows, nevertheless, they are frequently hit the hardest by red colored tape as well as huge operating costs.
For example, Stoke-on-Trent-based ceramics company Steelite International presently faces 25.5 % tariffs on its US exports, in spite of facing little domestic competition within the US. TradingHub, an information analytics tight in London, revealed finishing tax registration was excessively intricate, time-consuming and expensive, specifically when operating in more than one US state.
The UK government is actually focused on creating more opportunities for SMEs to swap with partners around the world as it moves forward with its impartial trade policy agenda, and negotiations are currently underway along with the US, Australia and New Zealand. In addition to ongoing swap negotiations, DIT has a process of support all set to aid SMEs use the help and advice they need:
A network of about 300 International Trade Advisors supports UK businesses to export and grow the business of theirs internationally.
In December 2020 DIT create a £38m Internationalisation Fund for SMEs in England to help 7,600 companies grow their overseas trading.
UK Export Finance even offers a network across the UK which supply specialist help on trade and export finance, especially SMEs.
Negotiations on a trade deal with the US are ongoing, and both sides have now reached broad agreement on a small and medium-sized enterprise (SME) chapter. A UK US SME chapter will provide extra assistance by improving transparency and making it a lot easier for SMEs to trade, for example by building new actions on info sharing.
SMEs may also benefit from measures throughout the rest of an UK US FTA, on practices as well as swap facilitation, company mobility, and digital trade, for example, and we are now concentrating on SME-friendly provisions across the agreement.
Minister of State for Trade Policy Greg Hands said: businesses which are Small are actually at the heart of the government’s change agenda as it moves ahead as an impartial trading nation. We’ve actually made good progress on an UK US change deal, – the committed SME chapter is going to make it easier to them to offer for sale items to the US and produce the most of transatlantic potentials.
From Stoke-on-Trent Ceramics, via world reputable medical therapy engineering from Huddersfield, to Isle of Wight lifejackets – we are committed to a deal that operates for UK producers as well as consumers, and ensuring it really works to the advantage of SMEs long time into the future.
After a challenging 2020 I would like to thank the SMEs who took part in this particular exploration and gave us this sort of valuable insight into the way we are able to use our impartial trade policy to ensure we build again better as a result of the economic result of Coronavirus.
BritishAmerican Business Chief Executive Duncan Edwards said:
BAB is actually satisfied to be working closely around partnership with Minister Hands as well as our colleagues at the Department for International Trade to deliver this roadshow and the Making a Difference report. The feedback we got from small businesses throughout the UK on what they would love to see from a later UK-U.S. Free Trade Agreement echoes the chances the transatlantic economic corridor provides, and also the deep rooted strength of UK US relations.
BritishAmerican Business Project Lead Emanuel Adam said: This first step belongs to a continuation of yearlong work manufactured by BAB and policy makers to place the needs as well as interests of cultivating companies at the heart of trade policy. The report not simply showcases just how government is able to put this into action; in addition, it reflects that the UK Government has presently followed the’ triangle of activity as well as support’ that the report suggests. We congratulate the UK Government in its approach and anticipate doing the part of ours so that even more corporations are able to turn their transatlantic ambitions into truth.