Opportunities to help businesses which are small across the UK overcome obstacles to transatlantic swap and growth have been reported in a new report created by the best US-UK trade association BritishAmerican Business (BAB).
BAB, inside partnership while using the Department for International Trade, hosted four virtual roundtables taking together leaders from over 60 small and medium enterprises (SMEs) across London and the South of England, the Midlands, the North of England and Scotland, to hear the success stories of theirs and help tackle the challenges they face.
The ensuing article, entitled’ Making a Difference’, nowadays reveals 3 top priority areas in which the government is able to work with SMEs to inspire superior 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 regulations and standards.
Resolve trade disputes and make it possible for easier business traveling across the Atlantic.
Increase on-the-ground, practical assistance to businesses, including sourcing trusted vendors or perhaps navigating complicated tax demands.
Making up 99 % of all companies in the UK, producing £2.2 trillion of income and employing 16.6 million people, SMEs are actually the backbone on the UK economy. As the article shows, however, they are frequently hit probably the hardest by reddish tape and substantial operating costs.
For example, Stoke-on-Trent-based ceramics brand name Steelite International presently faces 25.5 % tariffs on its US exports, despite facing little domestic competition in the US. TradingHub, a data analytics firm in London, revealed completing tax registration was constantly intricate, time-consuming and expensive, especially when operating in more than one US state.
The UK government is actually committed to creating far more possibilities for SMEs to swap with partners across the world as it moves ahead with its impartial trade policy agenda, and negotiations are currently underway along with the US, Australia and New Zealand. Besides constant swap negotiations, DIT has a program of support prepared to assist SMEs access the advice they need:
A network of around 300 International Trade Advisors supports UK businesses to export and grow the business of theirs worldwide.
In December 2020 DIT create a £38m Internationalisation Fund for SMEs contained England to assist 7,600 companies grow their overseas trading.
UK Export Finance even offers a network throughout the UK which supply specialized support on trade as well as export finance, especially SMEs.
Negotiations on a trade package with the US are actually ongoing, and both sides have now reached large agreement on a small and medium-sized business (SME) chapter. A UK-US SME chapter is going to provide additional support by improving transparency and making it easier for SMEs to swap, for instance by creating brand new actions on information sharing.
SMEs may also benefit from measures across the rest of an UK US FTA, on customs and trade 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 at the heart of the government’s swap agenda as it moves ahead as an impartial trading nation. We’ve already made progress that is good on a UK-US trade deal, – the committed SME chapter is going to make it easier to them to offer for sale goods to the US and produce the best value of transatlantic opportunities.
Out of Stoke-on-Trent Ceramics, by way of earth top medical therapy technology 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 into the future.
Right after a tough 2020 I want to thank the SMEs who took part in this particular exploration and gave us such valuable insight into exactly how we can use our impartial trade policy to ensure we build back better as a result of the economic effect of Coronavirus.
BritishAmerican Business Chief Executive Duncan Edwards said:
BAB is proud to be working closely in partnership with Minister Hands as well as our colleagues at the Department for International Trade to provide this roadshow and also the Making a Difference report. The feedback we received from businesses which are small across the UK on what they’d like to see through a later UK-U.S. Free Trade Agreement reflects 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 first step 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 center of trade policy. The report not only showcases just how government can put this into action; additionally, it echoes that the UK Government has already adopted the’ triangle of activity as well as support’ that the report recommends. We congratulate the UK Government in its approach and look forward to doing our part so that even more businesses can turn their transatlantic ambitions into reality.