Opportunities to help businesses which are small throughout the UK conquer obstacles to transatlantic trade and growth have been reported in the latest report produced by the best US-UK trade connection BritishAmerican Business (BAB).
BAB, inside partnership with the Department for International Trade, hosted 4 virtual roundtables taking together leaders from over sixty tiny and moderate enterprises (SMEs) throughout London as well as the South of England, the Midlands, the North of Scotland and England, to hear their success stories and help deal with the difficulties they face.
The ensuing article, entitled’ Making a Difference’, nowadays uncovers three priority areas where the government can work with SMEs to motivate greater transatlantic trade as well as investment as a part of its ongoing work to support SMEs across the UK:
Lower hurdles to trade and buy by aligning standards and regulations.
Solve trade disputes and make it possible for easier business travel across the Atlantic.
Boost on-the-ground, practical assistance to businesses, such as sourcing trusted vendors or navigating complex tax demands.
Making up ninety nine % of all organizations in the UK, producing £2.2 trillion of income and employing 16.6 million people, SMEs are the backbone of your UK economy. As the report shows, nonetheless, they’re oftentimes hit the hardest by red tape as well as high operating expenses.
For example, Stoke-on-Trent-based ceramics manufacturer Steelite International currently faces 25.5 % tariffs on its US exports, in spite of facing little domestic competitors in the US. TradingHub, a data analytics tight in London, revealed completing tax registration was constantly intricate, expensive and time-consuming, particularly when operating in more than a single US state.
The UK government is focused on creating 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 by now underway together with the US, Australia and New Zealand. Along with constant swap negotiations, DIT has a program of support prepared to help SMEs use the guidance they need:
A network of about 300 International Trade Advisors supports UK businesses to export and grow their business worldwide.
When it comes to December 2020 DIT create a £38m Internationalisation Fund for SMEs found England to assist 7,600 businesses grow the overseas trading of theirs.
UK Export Finance even offers a network throughout the UK which supply specialized help on trade and export finance, especially SMEs.
Negotiations on a trade deal with the US are actually recurring, and both sides have now reached large agreement on a medium-sized and small enterprise (SME) chapter. A UK-US SME chapter will provide additional support by improving transparency and making it a lot easier for SMEs to trade, for example by building brand new methods on information sharing.
SMEs can also benefit from measures throughout the majority of a UK-US FTA, on traditions and change facilitation, business mobility, and digital trade, for example, and we are currently concentrating 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 swap agenda as it moves forward as an impartial trading nation. We’ve actually made progress that is good on an UK US trade deal, – the dedicated SME chapter will make it easier for them to sell off items to the US and create the most of transatlantic opportunities.
Out of Stoke-on-Trent Ceramics, by way of world top medical treatment engineering offered by Huddersfield, to Isle of Wight lifejackets – we’re devoted to a deal that works for UK producers and consumers, and ensuring it really works to the advantageous asset of SMEs long time into the future.
After a tough 2020 I would like to thank the SMEs which took part in this particular research and gave us this kind of valuable insight into the way we can use our independent trade policy to ensure we build back better from the economic effect of Coronavirus.
BritishAmerican Business Chief Executive Duncan Edwards said:
BAB is proud to be working closely around partnership with Minister Hands as well as our colleagues on the Department for International Trade to deliver this roadshow and also the Making a Difference report. The feedback we received from small businesses across the UK on what they’d like to see from a future UK U.S. Free Trade Agreement reflects the opportunities the transatlantic economic corridor provides, and the deep rooted strength of UK-US relations.
BritishAmerican Business Project Lead Emanuel Adam said: This first step represents a continuation of yearlong work manufactured by BAB and policy makers to place the needs as well as interests of cultivating businesses at the center of trade policy. The report not only showcases how government is able to put this into motion; furthermore, it reflects that the UK Government has presently welcomed the’ triangle of action and support’ that the report suggests. We congratulate the UK Government in the approach of its and expect doing the part of ours so that more businesses are able to turn the transatlantic ambitions of theirs into reality.