Opportunities to help businesses that are small throughout the UK overcome barriers to transatlantic swap as well as development have been outlined in the latest report created 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 sixty little and medium enterprises (SMEs) across London and the South of England, the Midlands, the North of Scotland and England, to hear the success stories of theirs and help address the challenges they face.
The ensuing report, entitled’ Making a Difference’, nowadays uncovers 3 top priority areas in which the government is able to work with SMEs to motivate improved transatlantic trade and investment as a part of its ongoing work to support SMEs across the UK:
Lower barriers to trade and investment by aligning standards and regulations.
Solve trade disputes and enable easier business travel across the Atlantic.
Increase on-the-ground, useful assistance to businesses, such as sourcing trusted suppliers or perhaps navigating complicated tax demands.
Making up ninety nine % of all companies 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 often hit the hardest by reddish tape and high operating expenses.
For example, Stoke-on-Trent-based ceramics manufacturer Steelite International presently faces 25.5 % tariffs on its US exports, despite facing small domestic competition within the US. TradingHub, a data analytics tight of London, revealed finishing tax registration was excessively complex, expensive and time-consuming, especially when operating in more than one US state.
The UK government is committed to creating more opportunities for SMEs to swap with partners across the world as it moves ahead with its independent trade policy agenda, as well as negotiations are currently underway with the US, New Zealand and Australia. Besides constant trade negotiations, DIT has a process of support ready to assist SMEs access the help and advice they need:
A network of about 300 International Trade Advisors supports UK organizations to export and grow the business of theirs internationally.
When it comes to December 2020 DIT set up a £38m Internationalisation Fund for SMEs found England to help 7,600 organizations grow the overseas trading of theirs.
UK Export Finance also has a network throughout the UK who provide specialist support on trade and export finance, particularly SMEs.
Negotiations on a trade offer with the US are actually ongoing, and both sides have now reached large agreement on a medium-sized and small venture (SME) chapter. A UK US SME chapter will provide extra support by boosting transparency and making it a lot easier for SMEs to swap, for instance by building brand new actions on info sharing.
SMEs can also benefit from measures across the rest of an UK US FTA, on customs and trade facilitation, company mobility, and digital swap, for example, and we’re now focusing on SME friendly provisions across the agreement.
Minister of State for Trade Policy Greg Hands said: businesses that are Small are actually at the center of the government’s swap agenda as it moves forward as an unbiased trading nation. We have already made progress that is good on a UK-US swap deal, – the dedicated SME chapter is going to make it easier to them to offer for sale goods to the US and create the most of transatlantic potentials.
From Stoke-on-Trent Ceramics, by way of world leading medical therapy technology offered by Huddersfield, to Isle of Wight lifejackets – we’re devoted to a deal that works for UK producers as well as customers, and ensuring it truly does work to the advantage of SMEs long time into the future.
Right after a hard 2020 I want to thank the SMEs which took part in this exploration and gave us this kind of invaluable insight into just how we can use our independent trade policy to make certain we build again better from the economic impact of Coronavirus.
BritishAmerican Business Chief Executive Duncan Edwards said:
BAB is proud to be working closely doing partnership with Minister Hands and our colleagues on the Department for International Trade to deliver this roadshow and the Making a Difference report. The feedback we got from businesses which are small across the UK on what they would like to see through a future UK-U.S. Free Trade Agreement reflects the chances 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 represents a continuation of yearlong efforts manufactured by BAB as well as policy makers to place the needs and interests of cultivating companies at the center of trade policy. The report not just showcases how government can put this into action; in addition, it reflects that the UK Government has already adopted the’ triangle of action as well as support’ that the article recommends. We congratulate the UK Government inside its approach and expect doing our part so that more corporations can turn the transatlantic ambitions of theirs into reality.