Opportunities to help businesses that are small across the UK overcome obstacles to transatlantic trade as well as development have been reported in the latest report created by leading US-UK trade connection BritishAmerican Business (BAB).
BAB, in partnership with the Department for International Trade, hosted four virtual roundtables taking together leaders from more than 60 small and medium enterprises (SMEs) across London and the South of England, the Midlands, the North of England and Scotland, to hear their success stories and help deal with the difficulties they face.
The resulting report, entitled’ Making a Difference’, nowadays uncovers 3 priority areas where the government is able to work with SMEs to encourage greater transatlantic trade and investment as a part of its ongoing work to support SMEs across the UK:
Lower barriers to trade and purchase by aligning regulations and standards.
Solve trade disputes and allow easier business travel across the Atlantic.
Boost on-the-ground, practical support to businesses, including sourcing trusted vendors or even navigating complex tax requirements.
Making up 99 % of all organizations in the UK, generating £2.2 trillion of income and employing 16.6 million individuals, SMEs are actually the backbone on the UK economy. As the report shows, nonetheless, they’re oftentimes hit the hardest by red tape as well as huge operating expenses.
For example, Stoke-on-Trent-based ceramics manufacturer Steelite International presently faces 25.5 % tariffs on its US exports, in spite of facing little domestic competitors within the US. TradingHub, a data analytics tight of London, revealed finishing tax registration was excessively complex, expensive and time-consuming, specifically when operating in a lot more than a single US state.
The UK government is dedicated to creating far more possibilities for SMEs to swap with partners throughout the world as it moves ahead with its impartial trade policy agenda, as well as negotiations are already underway along with the US, Australia and New Zealand. In addition to constant swap negotiations, DIT has a system of support all set to assist SMEs access the guidance they need:
A network of around 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 assist 7,600 organizations grow their overseas trading.
UK Export Finance also has a network across the UK that supply qualified assistance on trade as well as export finance, especially SMEs.
Negotiations on a trade deal with the US are actually recurring, and each of those sides have now reached broad agreement on a small and medium-sized business (SME) chapter. A UK-US SME chapter is going to provide extra support by boosting transparency and making it a lot easier for SMEs to exchange, for instance by building new actions on info sharing.
SMEs can also benefit from measures throughout the rest of a UK-US FTA, on customs as well as change 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 which are Small are actually at the center of the government’s trade agenda as it moves ahead as an independent trading nation. We have already made good progress on a UK-US change deal, – the dedicated SME chapter is going to make it easier for them to sell off items to the US and produce the most of transatlantic opportunities.
From Stoke-on-Trent Ceramics, by way of world top medical treatment technology from Huddersfield, to Isle of Wight lifejackets – we are devoted to a deal that operates for UK producers and consumers, and ensuring it works to the benefit of SMEs long time into the future.
After a challenging 2020 I would like to thank the SMEs who took part in this research and gave us this sort of invaluable insight into just how we can use our independent trade policy to make sure we build again better from the economic result of Coronavirus.
BritishAmerican Business Chief Executive Duncan Edwards said:
BAB is actually satisfied to be working strongly doing partnership with Minister Hands and the colleagues of ours at the Department for International Trade to provide this roadshow and the Making a Difference article. The feedback we received from businesses that are small across the UK on what they would love to see from a later UK U.S. Free Trade Agreement reflects the chances the transatlantic economic corridor provides, and the deep rooted strength of UK US relations.
BritishAmerican Business Project Lead Emanuel Adam said: This first step belongs to a continuation of yearlong efforts made by BAB and policy makers to place the needs and interests of developing businesses at the heart of trade policy. The report not just showcases just how government can put this into motion; in addition, it echoes that the UK Government has presently adopted the’ triangle of action as well as support’ that the report suggests. We congratulate the UK Government inside its approach and look ahead to doing our part so that even more corporations are able to turn their transatlantic ambitions into truth.