Opportunities to assist businesses that are small throughout the UK overcome barriers to transatlantic swap as well as growth have been reported in a brand new report made by the best US UK trade connection BritishAmerican Business (BAB).
BAB, within partnership using the Department for International Trade, hosted 4 virtual roundtables taking together leaders from more than 60 tiny and moderate enterprises (SMEs) across London and the South of England, the Midlands, the North of Scotland and England, to hear their success stories and help deal with the challenges they face.
The resulting article, entitled’ Making a Difference’, today reveals 3 top priority areas where the government is able to work with SMEs to inspire better transatlantic trade and investment as part of its ongoing work to support SMEs across the UK:
Lower hurdles to trade and purchase by aligning regulations and standards.
Resolve trade disputes and allow easier business travel across the Atlantic.
Boost on-the-ground, useful support to businesses, such as sourcing trusted vendors or even navigating complex tax demands.
Making up ninety nine % of all businesses in the UK, producing £2.2 trillion of income and employing 16.6 million individuals, SMEs are the backbone on the UK economy. As the report shows, nonetheless, they are often hit probably the hardest by red colored tape as well as substantial 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 small domestic competition inside the US. TradingHub, an information analytics tight of London, revealed finishing tax registration was constantly intricate, time-consuming and expensive, especially when operating in more than a single US state.
The UK government is actually dedicated to generating far more possibilities for SMEs to trade with partners throughout the world as it moves forward with its impartial trade policy agenda, as well as negotiations are currently underway together with the US, Australia and New Zealand. In addition to constant swap negotiations, DIT has a program of support all set to aid SMEs access the advice they need:
A network of around 300 International Trade Advisors supports UK companies to export and expand the business of theirs worldwide.
When it comes to December 2020 DIT create a £38m Internationalisation Fund for SMEs contained England to help 7,600 companies grow their overseas trading.
UK Export Finance also has a network across the UK which supply qualified assistance on trade and export finance, especially SMEs.
Negotiations on a trade deal with the US are actually recurring, 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 easier for SMEs to exchange, for example by creating brand new measures on info sharing.
SMEs may also benefit from measures across the majority of an UK US FTA, on customs and swap facilitation, business mobility, and digital trade, for instance, and we’re now concentrating on SME friendly provisions throughout the agreement.
Minister of State for Trade Policy Greg Hands said: businesses that are Small are actually at the heart of the government’s swap agenda as it moves forward as an unbiased trading nation. We have already made good progress on a UK-US swap deal, – the committed SME chapter will make it easier for these people to offer goods to the US and create the most of transatlantic opportunities.
From Stoke-on-Trent Ceramics, through world top medical therapy technology offered by Huddersfield, to Isle of Wight lifejackets – we are dedicated to a deal that functions for UK producers and consumers, and ensuring it truly does work to the advantageous asset of SMEs long time into the future.
After a hard 2020 I would like to thank the SMEs who took part in this particular research and gave us such invaluable insight into exactly how we are able to use our impartial trade policy to make sure we build back better from the economic result of Coronavirus.
BritishAmerican Business Chief Executive Duncan Edwards said:
BAB is satisfied to be working strongly around 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 companies that are small across the UK on what they’d like to see through a future UK-U.S. Free Trade Agreement echoes the opportunities 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 belongs to a continuation of yearlong efforts created by BAB and policy makers to place the needs and interests of growing companies at the center of trade policy. The report not simply showcases how government is able to put this into motion; in addition, it mirrors that the UK Government has presently followed the’ triangle of activity as well as support’ that the report recommends. We congratulate the UK Government inside the approach of its and look ahead to doing the part of ours so that even more businesses can turn their transatlantic ambitions into reality.