Opportunities to assist businesses which are small throughout the UK conquer obstacles to transatlantic trade as well as development have been reported in a new report produced by the best US-UK trade connection BritishAmerican Business (BAB).
BAB, within partnership with the Department for International Trade, hosted 4 virtual roundtables taking together leaders from more than sixty tiny and medium enterprises (SMEs) across London and also the South of England, the Midlands, the North of Scotland and England, to hear their success stories and help tackle the difficulties they face.
The resulting report, entitled’ Making a Difference’, nowadays exposes three top priority areas in which the government can work with SMEs to inspire superior transatlantic trade as well as investment as part of its ongoing work to support SMEs across the UK:
Lower barriers to trade and purchase by aligning regulations and standards.
Resolve trade disputes and make it possible for easier business travel across the Atlantic.
Increase on-the-ground, useful support to businesses, such as sourcing reliable suppliers or perhaps navigating complex tax requirements.
Making up 99 % of all companies in the UK, producing £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 often hit the hardest by red colored tape as well as high operating costs.
For instance, Stoke-on-Trent-based ceramics company Steelite International presently faces 25.5 % tariffs on its US exports, despite facing small domestic competitors in the US. TradingHub, an information analytics firm of London, revealed completing tax registration was excessively intricate, time-consuming and expensive, especially when operating in a lot more than a single US state.
The UK government is actually committed to creating far more opportunities for SMEs to swap with partners across the world as it moves ahead with its independent trade policy agenda, and negotiations are already underway with the US, Australia and New Zealand. Along with ongoing trade negotiations, DIT has a system of support prepared to help SMEs access the help and advice they need:
A network of around 300 International Trade Advisors supports UK businesses to export and expand the business of theirs worldwide.
When it comes to 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 that provide qualified assistance on trade and export finance, particularly SMEs.
Negotiations on a trade package with the US are actually recurring, and each of those sides have finally reached large agreement on a small and medium-sized business (SME) chapter. A UK US SME chapter will provide extra support by boosting transparency and making it easier for SMEs to exchange, for instance by building new methods on information sharing.
SMEs could also benefit from measures across the rest of an UK US FTA, on traditions and trade facilitation, company mobility, and digital swap, for example, and we’re currently being focused on SME friendly provisions across the agreement.
Minister of State for Trade Policy Greg Hands said: businesses that are Small are at the heart of the government’s swap agenda as it moves forward as an impartial trading nation. We’ve actually made progress which is good on a UK-US change deal, – the dedicated SME chapter is going to make it easier for them to offer goods to the US and produce the most of transatlantic potentials.
Out of Stoke-on-Trent Ceramics, through earth top medical treatment technology from Huddersfield, to Isle of Wight lifejackets – we are devoted to a deal that works for UK producers and consumers, and ensuring it works to the advantage of SMEs long time into the future.
Right after a tough 2020 I want to thank the SMEs that took part in this particular research and gave us this sort of valuable insight into how we can use our independent trade policy to make certain we build again better as a result of the economic impact of Coronavirus.
BritishAmerican Business Chief Executive Duncan Edwards said:
BAB is proud to be working closely doing partnership with Minister Hands as well as our colleagues at the Department for International Trade to give this roadshow as well as the Making a Difference report. The feedback we got from companies which are small throughout the UK on what they’d love to see from a future UK U.S. Free Trade Agreement mirrors the opportunities the transatlantic economic corridor provides, and also the deep rooted strength of UK-US relations.
BritishAmerican Business Project Lead Emanuel Adam said: This initiative represents a continuation of yearlong efforts made by BAB as well as policy makers to put the needs and interests of growing businesses at the heart of trade policy. The report not only showcases just how government is able to put this into action; it also reflects that the UK Government has currently welcomed the’ triangle of activity and support’ that the article suggests. We congratulate the UK Government in its approach and look ahead to doing our part so that more companies are able to turn their transatlantic ambitions into truth.