Opportunities to help small businesses throughout the UK overcome hurdles to transatlantic trade as well as development have been outlined in a brand new report created by leading US UK trade connection BritishAmerican Business (BAB).
BAB, in partnership while using the Department for International Trade, hosted four virtual roundtables bringing together leaders from more than 60 little and moderate enterprises (SMEs) throughout London and the South of England, the Midlands, the North of England and Scotland, to hear their success stories and help tackle the difficulties they face.
The ensuing article, entitled’ Making a Difference’, currently reveals 3 top priority areas where the government is able to work with SMEs to inspire improved transatlantic trade as well as investment as a part of its ongoing work to help SMEs across the UK:
Lower hurdles to trade and purchase by aligning standards and regulations.
Resolve trade disputes and make it possible for easier business traveling across the Atlantic.
Increase on-the-ground, practical support to businesses, such as sourcing reliable suppliers or even navigating complex tax requirements.
Making up 99 % of all businesses in the UK, generating £2.2 trillion of earnings and employing 16.6 million people, SMEs are actually the backbone on the UK economy. As the article shows, nevertheless, they are oftentimes hit the hardest by red tape as well as substantial operating expenses.
For instance, Stoke-on-Trent-based ceramics manufacturer Steelite International presently faces 25.5 % tariffs on its US exports, despite facing little domestic competitors inside the US. TradingHub, a data analytics tight of London, revealed finishing tax registration was excessively complex, time-consuming and expensive, particularly when operating in more than a single US state.
The UK government is actually committed to generating far more possibilities for SMEs to exchange with partners across the world as it moves forward with its impartial trade policy agenda, as well as negotiations are already underway together with the US, New Zealand and Australia. In addition to constant swap negotiations, DIT has a process of support ready to assist SMEs use the advice they need:
A network of about 300 International Trade Advisors supports UK organizations to export and grow their business internationally.
In December 2020 DIT set up a £38m Internationalisation Fund for SMEs found England to help 7,600 organizations grow their overseas trading.
UK Export Finance even offers a network throughout the UK that provide qualified help on trade and export finance, particularly SMEs.
Negotiations on a trade deal with the US are recurring, and each of those sides have finally reached large agreement on a medium-sized and small enterprise (SME) chapter. A UK-US SME chapter is going to provide additional support by boosting transparency and making it easier for SMEs to trade, for example by establishing brand new methods on information sharing.
SMEs could also benefit from measures across the remainder of a UK-US FTA, on practices as well as trade facilitation, business mobility, and digital trade, for instance, and we’re now concentrating on SME-friendly provisions across the agreement.
Minister of State for Trade Policy Greg Hands said: Small companies are actually at the heart of the government’s trade agenda as it moves forward as an impartial trading nation. We have already made progress that is good on an UK US swap deal, – the committed SME chapter will make it easier for these people to offer for sale goods to the US and make the most of transatlantic potentials.
Out of Stoke-on-Trent Ceramics, via earth reputable health-related treatment engineering offered by Huddersfield, to Isle of Wight lifejackets – we are devoted to a deal that works for UK producers and customers, and ensuring it really works to the advantage of SMEs long into the future.
After a hard 2020 I want to thank the SMEs that took part in this research and gave us this sort of valuable insight into exactly how we can use our impartial trade policy to make certain we build again better from the economic result of Coronavirus.
BritishAmerican Business Chief Executive Duncan Edwards said:
BAB is actually proud to be working closely doing partnership with Minister Hands as well as the colleagues of ours at the Department for International Trade to deliver this roadshow and the Making a Difference article. The feedback we got from small businesses throughout the UK on what they’d love to see from a later UK U.S. Free Trade Agreement reflects 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 created by BAB as well as policy makers to put the needs as well as interests of growing organizations at the center of trade policy. The report not only showcases how government is able to put this into motion; it also mirrors that the UK Government has currently followed the’ triangle of activity and support’ that the report suggests. We congratulate the UK Government in the approach of its and anticipate doing our part so that even more corporations can turn the transatlantic ambitions of theirs into truth.