Opportunities to assist businesses which are small throughout the UK conquer obstacles to transatlantic swap and development have been reported in the latest report created by the best US UK trade connection BritishAmerican Business (BAB).
BAB, inside partnership with the Department for International Trade, hosted four virtual roundtables bringing together leaders from more than 60 tiny and moderate enterprises (SMEs) throughout London and the South of England, the Midlands, the North of England and Scotland, to hear their success stories and help deal with the difficulties they face.
The resulting report, entitled’ Making a Difference’, nowadays reveals three priority areas where the government can work with SMEs to inspire improved transatlantic trade as well as investment as part of its ongoing work to help SMEs across the UK:
Lower hurdles to trade and buy by aligning regulations and standards.
Solve trade disputes and make it possible for easier business traveling across the Atlantic.
Boost on-the-ground, practical support to businesses, such as sourcing reliable vendors or perhaps navigating complicated tax requirements.
Making up ninety nine % of all businesses in the UK, generating £2.2 trillion of earnings and employing 16.6 million individuals, SMEs are the backbone of your UK economy. As the report shows, nevertheless, they are oftentimes hit the hardest by red tape as well as huge operating costs.
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 firm in London, revealed completing tax registration was constantly complex, expensive and time-consuming, specifically when operating in a lot more than a single US state.
The UK government is actually focused on producing more opportunities for SMEs to swap with partners around the world as it moves ahead with its independent trade policy agenda, and negotiations are currently underway along with the US, New Zealand and Australia. Along with constant trade negotiations, DIT has a process of support all set to aid SMEs use the advice they need:
A network of about 300 International Trade Advisors supports UK businesses to export and expand the business of theirs worldwide.
In December 2020 DIT set up a £38m Internationalisation Fund for SMEs contained England to help 7,600 businesses grow their overseas trading.
UK Export Finance even offers a network across the UK which provide qualified assistance on trade and export finance, particularly SMEs.
Negotiations on a trade package with the US are actually ongoing, and both sides have recently reached broad agreement on a medium-sized and small venture (SME) chapter. A UK-US SME chapter is going to provide additional support by boosting transparency and making it easier for SMEs to swap, for instance by establishing new actions on information sharing.
SMEs can also benefit from measures throughout the rest of a UK-US FTA, on traditions and swap facilitation, business mobility, and digital trade, for example, and we’re currently being focused on SME friendly provisions across the agreement.
Minister of State for Trade Policy Greg Hands said: businesses that are Small are actually at the heart of the government’s trade agenda as it moves forward as an impartial trading nation. We have already made progress which is good on a UK-US trade deal, – the committed SME chapter is going to make it easier for these people to offer goods to the US and produce the best value of transatlantic potentials.
From Stoke-on-Trent Ceramics, through earth reputable medical therapy technology from Huddersfield, to Isle of Wight lifejackets – we are dedicated to a deal that functions for UK producers and customers, 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 exploration and gave us this kind of invaluable insight into just how we can use our independent trade policy to make certain we build back better from the economic effect of Coronavirus.
BritishAmerican Business Chief Executive Duncan Edwards said:
BAB is actually proud to be working strongly doing partnership with Minister Hands and the colleagues of ours on the Department for International Trade to give this roadshow and also the Making a Difference article. The feedback we got from businesses that are small throughout the UK on what they would love to see from a future UK U.S. Free Trade Agreement echoes the chances the transatlantic economic corridor provides, and also the deep rooted strength of UK US relations.
BritishAmerican Business Project Lead Emanuel Adam said: This initiative represents a continuation of yearlong efforts made by BAB and policy makers to put the needs and interests of developing organizations at the heart of trade policy. The report not only showcases how government is able to put this into motion; it also reflects that the UK Government has currently embraced the’ triangle of action as well as support’ that the report recommends. We congratulate the UK Government in its approach and anticipate doing our part so that even more companies are able to turn the transatlantic ambitions of theirs into truth.