Opportunities to assist businesses that are small throughout the UK conquer hurdles to transatlantic swap as well as growth have been outlined in a new report made by leading US UK trade connection BritishAmerican Business (BAB).
BAB, in partnership with the Department for International Trade, hosted 4 virtual roundtables taking together leaders from over sixty tiny and moderate enterprises (SMEs) across London and also the South of England, the Midlands, the North of England and Scotland, to hear their success stories and help deal with the challenges they face.
The ensuing report, entitled’ Making a Difference’, today exposes 3 top priority areas where the government is able to work with SMEs to motivate improved transatlantic trade and investment as part of its ongoing work to support SMEs across the UK:
Lower hurdles to trade and purchase by aligning standards and regulations.
Resolve trade disputes and make it possible for easier business traveling across the Atlantic.
Boost on-the-ground, useful assistance to businesses, including sourcing reliable suppliers or perhaps navigating complex tax demands.
Making up 99 % of all businesses in the UK, producing £2.2 trillion of earnings and employing 16.6 million people, SMEs are actually the backbone of your UK economy. As the article shows, nevertheless, they’re often hit the hardest by red colored 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, despite facing small domestic competition inside the US. TradingHub, a data analytics firm in London, revealed finishing tax registration was constantly complex, expensive and time-consuming, particularly when operating in more than one US state.
The UK government is actually committed to generating far more opportunities for SMEs to swap with partners around the world as it moves ahead with its impartial trade policy agenda, as well as negotiations are already underway along with the US, New Zealand and Australia. In addition to constant trade negotiations, DIT has a system of support all set to assist SMEs use the advice they need:
A network of about 300 International Trade Advisors supports UK organizations to export and grow their business internationally.
In December 2020 DIT set up a £38m Internationalisation Fund for SMEs in England to help 7,600 businesses grow the overseas trading of theirs.
UK Export Finance also has a network throughout the UK which provide specialized support on trade and export finance, particularly SMEs.
Negotiations on a trade offer with the US are recurring, and the two sides have recently reached large agreement on a small and medium-sized enterprise (SME) chapter. A UK US SME chapter is going to provide extra support by boosting transparency and making it easier for SMEs to swap, for example by creating brand new measures on information sharing.
SMEs may also benefit from measures throughout the majority of an UK US FTA, on traditions as well as trade facilitation, business mobility, and digital trade, for example, and we are currently focusing 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 change agenda as it moves forward as an impartial trading nation. We’ve actually made progress that is good on a UK-US trade deal, – the dedicated SME chapter will make it easier for them to offer for sale items to the US and produce the best value of transatlantic opportunities.
Out of Stoke-on-Trent Ceramics, through world leading health-related therapy engineering offered by Huddersfield, to Isle of Wight lifejackets – we’re dedicated to a deal that works for UK producers as well as customers, and ensuring it truly does work to the advantage of SMEs long into the future.
After a tough 2020 I would like to thank the SMEs who took part in this exploration and gave us such valuable insight into how we are able to use our impartial trade policy to make sure we build back better from the economic effect of Coronavirus.
BritishAmerican Business Chief Executive Duncan Edwards said:
BAB is satisfied to be working closely in partnership with Minister Hands as well as the colleagues of ours at the Department for International Trade to give this roadshow as well as the Making a Difference article. The feedback we received from small businesses across the UK on what they would like to see through a future UK U.S. Free Trade Agreement mirrors the chances the transatlantic economic corridor offers, as well as the deep rooted strength of UK-US relations.
BritishAmerican Business Project Lead Emanuel Adam said: This first step represents a continuation of yearlong work made by BAB as well as policy makers to put the needs and interests of developing organizations at the center of trade policy. The report not only showcases how government can put this into action; it also echoes that the UK Government has presently adopted the’ triangle of action as well as support’ that the article suggests. We congratulate the UK Government in its approach and expect doing our part so that more businesses are able to turn the transatlantic ambitions of theirs into reality.