Opportunities to assist small businesses across the UK conquer obstacles to transatlantic swap as well as growth have been outlined in the latest report created by the best US-UK trade connection BritishAmerican Business (BAB).
BAB, inside partnership with the Department for International Trade, hosted four virtual roundtables taking together leaders from over 60 little and moderate enterprises (SMEs) throughout London and also the South of England, the Midlands, the North of Scotland and England, to hear their success stories and help tackle the challenges they face.
The resulting article, entitled’ Making a Difference’, nowadays uncovers 3 top priority areas where the government is able to work with SMEs to inspire superior transatlantic trade and investment as a part of its ongoing work to help SMEs across the UK:
Lower barriers to trade and buy by aligning standards and regulations.
Resolve trade disputes and enable easier business traveling across the Atlantic.
Boost on-the-ground, practical support to businesses, like sourcing reliable suppliers or even 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 the backbone on the UK economy. As the report shows, nonetheless, they are frequently hit the hardest by cherry red tape as well as substantial operating costs.
For instance, Stoke-on-Trent-based ceramics manufacturer Steelite International currently faces 25.5 % tariffs on its US exports, despite facing little domestic competition within the US. TradingHub, a data analytics tight of London, revealed completing tax registration was excessively intricate, time-consuming and expensive, particularly when operating in more than a single US state.
The UK government is actually focused on 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 currently underway along with the US, New Zealand and Australia. Besides ongoing trade negotiations, DIT has a process of support ready to help SMEs access the help and advice they need:
A network of around 300 International Trade Advisors supports UK organizations to export and grow their business internationally.
With regard to December 2020 DIT set up a £38m Internationalisation Fund for SMEs contained England to assist 7,600 companies grow their overseas trading.
UK Export Finance also has a network across the UK which provide specialized assistance on trade as well as export finance, especially SMEs.
Negotiations on a trade offer with the US are actually ongoing, and the two sides have recently reached broad agreement on a small and medium-sized venture (SME) chapter. A UK US SME chapter is going to provide extra assistance by improving transparency and making it easier for SMEs to trade, for instance by establishing new measures on information sharing.
SMEs can also benefit from measures across the rest of a UK-US FTA, on practices as well as swap facilitation, company mobility, and digital trade, for instance, and we are now being focused on SME friendly provisions throughout the agreement.
Minister of State for Trade Policy Greg Hands said: businesses which are Small are at the center of the government’s change agenda as it moves forward as an independent trading nation. We have already made good progress on an 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 potentials.
From Stoke-on-Trent Ceramics, via planet top health-related treatment engineering from Huddersfield, to Isle of Wight lifejackets – we are devoted to a deal that operates for UK producers as well as customers, and ensuring it works to the advantageous asset of SMEs long time into the future.
After a tough 2020 I wish to thank the SMEs that took part in this research and gave us this sort of valuable insight into the way we are able to use our impartial trade policy to make certain we build back better from the economic impact of Coronavirus.
BritishAmerican Business Chief Executive Duncan Edwards said:
BAB is satisfied to be working closely in partnership with Minister Hands and the colleagues of ours at the Department for International Trade to provide this roadshow and also the Making a Difference article. The feedback we received from companies which are small throughout the UK on what they would love to see from a future UK U.S. Free Trade Agreement reflects the chances the transatlantic economic corridor provides, 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 work manufactured by BAB and policy makers to put the needs as well as interests of cultivating organizations at the center of trade policy. The report not simply showcases just how government is able to put this into motion; what’s more, it reflects that the UK Government has already followed the’ triangle of action and support’ that the report recommends. We congratulate the UK Government in its approach and look ahead to doing our part so that more corporations can turn their transatlantic ambitions into reality.