Opportunities to assist small businesses throughout the UK conquer obstacles to transatlantic trade and development have been outlined 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 more than 60 little and medium 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 deal with the difficulties they face.
The resulting report, entitled’ Making a Difference’, currently reveals three top priority areas where the government can work with SMEs to inspire superior transatlantic trade as well as investment as part of its ongoing work to support SMEs across the UK:
Lower hurdles to trade and investment by aligning regulations and standards.
Resolve trade disputes and allow easier business traveling across the Atlantic.
Boost on-the-ground, practical support to businesses, such as sourcing trusted suppliers or navigating complex 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’re often hit probably the hardest by reddish tape and substantial operating expenses.
For example, Stoke-on-Trent-based ceramics company Steelite International currently faces 25.5 % tariffs on its US exports, in spite of facing little domestic competition in the US. TradingHub, a data 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 possibilities for SMEs to exchange with partners throughout the world as it moves ahead with its independent trade policy agenda, as well as negotiations are currently underway along with the US, Australia and New Zealand. In addition to ongoing trade negotiations, DIT has a process of support all set to aid SMEs use the help and advice they need:
A network of around 300 International Trade Advisors supports UK organizations to export and expand the business of theirs worldwide.
With regard to December 2020 DIT build a £38m Internationalisation Fund for SMEs found England to assist 7,600 companies grow their overseas trading.
UK Export Finance also has a network across the UK who supply specialized assistance on trade as well as export finance, particularly SMEs.
Negotiations on a trade offer with the US are actually recurring, and each of those sides have now reached large agreement on a small and medium-sized business (SME) chapter. A UK US SME chapter will provide extra assistance by boosting transparency and making it a lot easier for SMEs to trade, for instance by building brand new actions on info sharing.
SMEs can also benefit from measures across the majority of a UK-US FTA, on practices and trade facilitation, company mobility, and digital swap, for example, and we are currently concentrating on SME friendly provisions throughout the agreement.
Minister of State for Trade Policy Greg Hands said: businesses that are Small are at the center of the government’s swap agenda as it moves ahead as an unbiased trading nation. We’ve by now made progress that is good on a UK-US change deal, – the committed SME chapter will make it easier to them to sell off items to the US and produce the best value of transatlantic opportunities.
From Stoke-on-Trent Ceramics, through planet reputable medical therapy technology offered by Huddersfield, to Isle of Wight lifejackets – we’re committed to a deal that operates for UK producers and customers, and ensuring it really works to the benefit of SMEs long into the future.
Right after a difficult 2020 I wish to thank the SMEs that took part in this particular research and gave us this kind of valuable insight into the way we are able to use our independent trade policy to make certain we build back better as a result of the economic impact of Coronavirus.
BritishAmerican Business Chief Executive Duncan Edwards said:
BAB is actually satisfied to be working closely in partnership with Minister Hands as well as our colleagues at the Department for International Trade to give this roadshow as well as the Making a Difference report. The feedback we received from companies which are small throughout the UK on what they would like to see through a future UK-U.S. Free Trade Agreement reflects 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 represents a continuation of yearlong efforts made by BAB as well as policy makers to place the needs as well as interests of developing businesses at the heart of trade policy. The report not only showcases just how government is able to put this into action; what’s more, it reflects that the UK Government has already followed the’ triangle of action and support’ that the report recommends. We congratulate the UK Government in its approach and expect doing our part so that more companies can turn their transatlantic ambitions into reality.