Opportunities to assist businesses which are small throughout the UK conquer barriers to transatlantic swap and growth have been outlined in a new report produced by top US UK trade association BritishAmerican Business (BAB).
BAB, in partnership while using the Department for International Trade, hosted four virtual roundtables bringing together leaders from more than sixty little and moderate enterprises (SMEs) throughout London as well as the South of England, the Midlands, the North of England and Scotland, to hear their success stories and help address the difficulties they face.
The resulting article, entitled’ Making a Difference’, today uncovers three 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 barriers to trade and buy by aligning regulations and standards.
Resolve trade disputes and make it possible for easier business travel across the Atlantic.
Increase on-the-ground, useful assistance to businesses, including sourcing trusted suppliers or navigating complex tax requirements.
Making up ninety nine % of all businesses in the UK, producing £2.2 trillion of earnings and employing 16.6 million people, SMEs are actually the backbone of the UK economy. As the article shows, nevertheless, they are frequently hit probably the hardest by red colored tape as well as substantial operating costs.
For instance, Stoke-on-Trent-based ceramics company Steelite International currently faces 25.5 % tariffs on its US exports, in spite of facing little domestic competition within the US. TradingHub, an information analytics tight in London, revealed finishing tax registration was constantly complex, time-consuming and expensive, especially when operating in a lot more than a single US state.
The UK government is actually dedicated to producing far more possibilities for SMEs to swap with partners around the world as it moves forward with its impartial trade policy agenda, as well as negotiations are currently underway with the US, New Zealand and Australia. Besides ongoing trade negotiations, DIT has a program of support ready to assist SMEs print on the advice they need:
A network of about 300 International Trade Advisors supports UK companies to export and expand the business of theirs internationally.
With regard to December 2020 DIT build a £38m Internationalisation Fund for SMEs found England to help 7,600 businesses grow the overseas trading of theirs.
UK Export Finance even offers a network throughout the UK who provide specialized support on trade and export finance, especially SMEs.
Negotiations on a trade deal with the US are ongoing, and both sides have finally reached broad agreement on a small and medium-sized enterprise (SME) chapter. A UK US SME chapter is going to provide additional assistance by improving transparency and making it easier for SMEs to exchange, for instance by building brand new methods on info sharing.
SMEs may also benefit from measures throughout the remainder of an UK US FTA, on customs and change facilitation, business mobility, and digital swap, for example, and we are currently focusing on SME-friendly provisions across the agreement.
Minister of State for Trade Policy Greg Hands said: Small companies are actually at the center of the government’s change agenda as it moves ahead as an impartial trading nation. We’ve by now made progress which is good on a UK-US trade deal, – the committed SME chapter will make it easier for them to offer items to the US and produce the best value of transatlantic potentials.
Out of Stoke-on-Trent Ceramics, by way of planet top medical treatment technology offered by Huddersfield, to Isle of Wight lifejackets – we are devoted to a deal that operates for UK producers and consumers, and ensuring it works to the advantage of SMEs long time into the future.
Right after a difficult 2020 I want to thank the SMEs which took part in this particular research and gave us such valuable insight into just how we are able to use our independent trade policy to ensure we build back better from the economic result of Coronavirus.
BritishAmerican Business Chief Executive Duncan Edwards said:
BAB is proud to be working closely in partnership with Minister Hands as well as the colleagues of ours on the Department for International Trade to provide this roadshow as well as 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 future UK U.S. Free Trade Agreement echoes the chances the transatlantic economic corridor offers, and the deep rooted strength of UK US relations.
BritishAmerican Business Project Lead Emanuel Adam said: This first step belongs to a continuation of yearlong efforts made by BAB and policy makers to place the needs and interests of growing businesses at the heart of trade policy. The report not just showcases how government is able to put this into motion; furthermore, it echoes that the UK Government has presently welcomed the’ triangle of activity and support’ that the article recommends. We congratulate the UK Government in its approach and anticipate doing our part so that even more businesses are able to turn their transatlantic ambitions into reality.