Opportunities to assist businesses which are small across the UK overcome barriers to transatlantic trade as well as growth have been reported in a brand new report created by top US-UK trade connection BritishAmerican Business (BAB).
BAB, inside partnership using the Department for International Trade, hosted four virtual roundtables taking together leaders from over sixty tiny and medium enterprises (SMEs) across London as well as the South of England, the Midlands, the North of England and Scotland, to hear their success stories and help address the difficulties they face.
The ensuing report, entitled’ Making a Difference’, nowadays reveals 3 priority areas where the government can work with SMEs to inspire better transatlantic trade and 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 make it possible for easier business travel across the Atlantic.
Boost on-the-ground, useful assistance to businesses, such as sourcing trusted suppliers or perhaps navigating complicated tax requirements.
Making up 99 % of all businesses in the UK, producing £2.2 trillion of income and employing 16.6 million people, SMEs are actually the backbone of the UK economy. As the article shows, however, they’re frequently hit probably the hardest by cherry red tape and high operating expenses.
For example, Stoke-on-Trent-based ceramics company Steelite International presently faces 25.5 % tariffs on its US exports, in spite of facing small domestic competitors in the US. TradingHub, a details analytics firm of London, revealed completing tax registration was excessively complex, expensive and time-consuming, specifically when operating in more than a single US state.
The UK government is actually committed to generating far more possibilities for SMEs to trade with partners throughout the world as it moves forward with its independent trade policy agenda, and negotiations are by now underway along with the US, Australia and New Zealand. Along with constant swap negotiations, DIT has a system of support all set to help SMEs use the advice they need:
A network of about 300 International Trade Advisors supports UK organizations to export and grow their business worldwide.
With regard to December 2020 DIT set up a £38m Internationalisation Fund for SMEs found England to assist 7,600 organizations grow their overseas trading.
UK Export Finance even offers a network across the UK which provide specialist help on trade as well as export finance, particularly SMEs.
Negotiations on a trade offer with the US are recurring, and the two sides have now reached wide agreement on a medium-sized and small venture (SME) chapter. A UK US SME chapter will provide extra assistance by boosting transparency and making it easier for SMEs to swap, for example by creating brand new actions on info sharing.
SMEs can also benefit from measures throughout the remainder of a UK-US FTA, on customs and swap facilitation, business mobility, and digital swap, for example, and we’re now concentrating on SME-friendly provisions across the agreement.
Minister of State for Trade Policy Greg Hands said: businesses which are Small are at the heart of the government’s swap agenda as it moves forward as an unbiased trading nation. We have by now made progress that is good on a UK-US trade deal, – the committed SME chapter will make it easier for these people to offer for sale items to the US and make the best value of transatlantic potentials.
Out of Stoke-on-Trent Ceramics, by way of planet top health-related treatment technology offered by Huddersfield, to Isle of Wight lifejackets – we’re committed to a deal that functions for UK producers and consumers, and ensuring it truly does work to the advantageous asset of SMEs long into the future.
Right after a tough 2020 I would like to thank the SMEs that took part in this exploration and gave us this sort of valuable insight into how we are able to use our impartial trade policy to ensure we build again better from the economic result of Coronavirus.
BritishAmerican Business Chief Executive Duncan Edwards said:
BAB is actually proud to be working closely in partnership with Minister Hands as well as our colleagues on the Department for International Trade to give this roadshow as well as the Making a Difference report. The feedback we got from businesses that are small throughout the UK on what they would love to see from a later UK U.S. Free Trade Agreement echoes 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 belongs to a continuation of yearlong efforts manufactured by BAB as well as policy makers to place the needs and interests of cultivating businesses at the heart of trade policy. The report not just showcases just how government can put this into motion; what’s more, it mirrors that the UK Government has presently followed the’ triangle of activity and support’ that the report suggests. We congratulate the UK Government inside its approach and anticipate doing our part so that even more corporations can turn their transatlantic ambitions into reality.