Opportunities to help small businesses across the UK conquer barriers to transatlantic swap and growth have been reported in the latest report produced by leading US-UK trade association BritishAmerican Business (BAB).
BAB, in partnership using the Department for International Trade, hosted four virtual roundtables taking together leaders from more than sixty small and medium enterprises (SMEs) throughout London and the South of England, the Midlands, the North of Scotland and England, to hear their success stories and help address the challenges they face.
The resulting article, entitled’ Making a Difference’, nowadays uncovers 3 top priority areas in which the government is able to work with SMEs to motivate superior transatlantic trade as well as 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.
Resolve trade disputes and make it possible for easier business travel across the Atlantic.
Boost on-the-ground, useful assistance to businesses, such as sourcing trusted suppliers or even navigating complex tax requirements.
Making up 99 % of all companies in the UK, producing £2.2 trillion of income and employing 16.6 million individuals, SMEs are actually the backbone on the UK economy. As the report shows, nevertheless, they’re frequently hit probably the hardest by cherry red tape and huge operating costs.
For example, Stoke-on-Trent-based ceramics brand name Steelite International presently faces 25.5 % tariffs on its US exports, despite facing small domestic competitors within the US. TradingHub, an information analytics firm of London, revealed finishing tax registration was constantly intricate, time-consuming and expensive, especially when operating in a lot more than a single US state.
The UK government is committed to creating more opportunities for SMEs to trade with partners across the world as it moves ahead with its independent trade policy agenda, as well as negotiations are currently underway together with the US, New Zealand and Australia. Along with constant swap negotiations, DIT has a process of support all set to help SMEs print on the guidance they need:
A network of about 300 International Trade Advisors supports UK businesses to export and expand their business internationally.
With regard to December 2020 DIT set up a £38m Internationalisation Fund for SMEs in England to assist 7,600 organizations grow the overseas trading of theirs.
UK Export Finance also offers a network throughout the UK that supply specialist assistance on trade and export finance, especially SMEs.
Negotiations on a trade package with the US are actually recurring, and both sides have finally reached wide agreement on a medium-sized and small venture (SME) chapter. A UK US SME chapter will provide additional support by boosting transparency and making it a lot easier for SMEs to swap, for example by building new methods on information sharing.
SMEs may also benefit from measures throughout the majority of a UK-US FTA, on traditions and change facilitation, company mobility, and digital swap, for instance, and we’re currently concentrating on SME friendly provisions throughout the agreement.
Minister of State for Trade Policy Greg Hands said: businesses that are Small are actually at the center of the government’s trade agenda as it moves ahead as an independent trading nation. We’ve already made progress which is good on an UK US swap deal, – the dedicated SME chapter will make it easier for these people to offer for sale goods to the US and produce the best value of transatlantic opportunities.
Out of Stoke-on-Trent Ceramics, through planet top health-related treatment engineering offered by Huddersfield, to Isle of Wight lifejackets – we’re dedicated to a deal that operates for UK producers as well as consumers, and ensuring it really works to the advantageous asset of SMEs long time into the future.
Right after a difficult 2020 I want to thank the SMEs which took part in this particular exploration and gave us this kind of valuable insight into the way we can use our independent trade policy to make certain we build again better from the economic result of Coronavirus.
BritishAmerican Business Chief Executive Duncan Edwards said:
BAB is satisfied to be working closely in partnership with Minister Hands and our colleagues at the Department for International Trade to provide this roadshow and the Making a Difference article. The feedback we got from companies that are small across the UK on what they’d love to see through a future UK U.S. Free Trade Agreement mirrors the opportunities 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 efforts created by BAB and policy makers to put the needs as well as interests of developing companies at the heart of trade policy. The report not simply showcases how government is able to put this into motion; additionally, it reflects that the UK Government has presently adopted the’ triangle of action as well as support’ that the report recommends. We congratulate the UK Government inside the approach of its and expect doing our part so that more businesses are able to turn their transatlantic ambitions into truth.