Opportunities to help businesses that are small throughout the UK overcome obstacles to transatlantic swap and development have been outlined in a brand new report produced by top US UK trade connection BritishAmerican Business (BAB).
BAB, within partnership with the Department for International Trade, hosted 4 virtual roundtables taking together leaders from more than sixty tiny and medium enterprises (SMEs) throughout London and also the South of England, the Midlands, the North of England and Scotland, to hear the success stories of theirs and help deal with the difficulties they face.
The resulting report, entitled’ Making a Difference’, today reveals 3 priority areas in which the government can work with SMEs to inspire greater transatlantic trade as well as investment as 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 allow easier business traveling across the Atlantic.
Increase on-the-ground, useful support to businesses, including sourcing reliable vendors or navigating complex tax requirements.
Making up ninety nine % of all businesses in the UK, generating £2.2 trillion of income and employing 16.6 million people, SMEs are actually the backbone on the UK economy. As the report shows, nevertheless, they are often hit probably the hardest by red colored tape as well as huge operating costs.
For instance, Stoke-on-Trent-based ceramics company Steelite International presently faces 25.5 % tariffs on its US exports, despite facing little domestic competition inside the US. TradingHub, an information analytics firm in London, revealed finishing tax registration was constantly intricate, expensive and time-consuming, especially when operating in more than a single US state.
The UK government is actually committed to producing far more opportunities for SMEs to swap with partners around the world as it moves forward with its independent trade policy agenda, as well as negotiations are already underway along with the US, New Zealand and Australia. Along with constant swap negotiations, DIT has a program of support prepared to assist SMEs use the advice they need:
A network of about 300 International Trade Advisors supports UK businesses to export and grow the business of theirs internationally.
In December 2020 DIT create a £38m Internationalisation Fund for SMEs in England to assist 7,600 companies grow their overseas trading.
UK Export Finance even offers a network throughout the UK who provide qualified assistance on trade and export finance, particularly SMEs.
Negotiations on a trade deal with the US are actually ongoing, and both sides have recently reached broad agreement on a medium-sized and small enterprise (SME) chapter. A UK-US SME chapter is going to provide additional assistance by boosting transparency and making it a lot easier for SMEs to swap, for example by creating new methods on information sharing.
SMEs could also benefit from measures across the majority of a UK-US FTA, on practices and change facilitation, company mobility, and digital swap, for instance, and we are currently concentrating on SME-friendly provisions across the agreement.
Minister of State for Trade Policy Greg Hands said: businesses which are Small are actually at the heart of the government’s trade agenda as it moves forward as an unbiased trading nation. We’ve by now made progress that is good on an UK US change deal, – the dedicated SME chapter is going to make it easier for them to sell goods to the US and create the best value of transatlantic opportunities.
From Stoke-on-Trent Ceramics, via world top health-related therapy engineering offered by Huddersfield, to Isle of Wight lifejackets – we’re devoted to a deal that operates for UK producers as well as customers, and ensuring it truly does work to the advantage of SMEs long time into the future.
Right after a difficult 2020 I would like to thank the SMEs who took part in this particular exploration and gave us this sort of valuable insight into just how we are able to use our impartial trade policy to ensure we build back better from the economic effect of Coronavirus.
BritishAmerican Business Chief Executive Duncan Edwards said:
BAB is actually satisfied to be working strongly in partnership with Minister Hands and our colleagues at the Department for International Trade to deliver 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 love to see from a later UK-U.S. Free Trade Agreement reflects the chances the transatlantic economic corridor provides, 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 work created by BAB and policy makers to put the needs as well as interests of cultivating companies at the center of trade policy. The report not only showcases how government is able to put this into motion; additionally, it reflects that the UK Government has presently welcomed the’ triangle of action as well as 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 companies are able to turn the transatlantic ambitions of theirs into reality.