Opportunities to assist businesses that are small throughout the UK overcome hurdles to transatlantic swap as well as development have been outlined in a new report produced by the best US-UK trade connection BritishAmerican Business (BAB).
BAB, within partnership using the Department for International Trade, hosted 4 virtual roundtables bringing together leaders from over 60 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 challenges they face.
The ensuing report, entitled’ Making a Difference’, nowadays reveals 3 priority areas where the government is able to work with SMEs to encourage greater transatlantic trade and investment as a 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 make it possible for easier business travel across the Atlantic.
Boost on-the-ground, useful assistance to businesses, such as sourcing reliable suppliers or even navigating complex tax demands.
Making up ninety nine % of all businesses in the UK, producing £2.2 trillion of income and employing 16.6 million individuals, SMEs are the backbone of the UK economy. As the report shows, however, they’re oftentimes hit the hardest by reddish tape as well as huge operating costs.
For example, Stoke-on-Trent-based ceramics manufacturer Steelite International presently faces 25.5 % tariffs on its US exports, in spite of facing small domestic competitors within the US. TradingHub, a data analytics tight in London, revealed finishing tax registration was constantly intricate, time-consuming and expensive, particularly when operating in a lot more than a single US state.
The UK government is actually committed to creating far more possibilities for SMEs to trade with partners throughout the world as it moves forward with its impartial trade policy agenda, as well as negotiations are already underway together with the US, Australia and New Zealand. Along with ongoing swap negotiations, DIT has a program of support prepared to help SMEs use the advice they need:
A network of about 300 International Trade Advisors supports UK businesses to export and grow their business internationally.
When it comes to December 2020 DIT set up a £38m Internationalisation Fund for SMEs contained England to help 7,600 businesses grow the overseas trading of theirs.
UK Export Finance even offers a network throughout the UK which supply specialized assistance on trade and export finance, especially SMEs.
Negotiations on a trade package with the US are actually recurring, and both sides have finally reached broad agreement on a small and medium-sized enterprise (SME) chapter. A UK US SME chapter is going to provide extra assistance by boosting transparency and making it a lot easier for SMEs to swap, for example by establishing new actions on information sharing.
SMEs may also benefit from measures throughout the remainder of an UK US FTA, on traditions as well as trade facilitation, company 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: Small enterprises are at the heart of the government’s trade agenda as it moves ahead as an impartial trading nation. We have already made progress which is good on a UK-US change deal, – the committed SME chapter is going to make it easier to them to offer for sale goods to the US and create the most of transatlantic potentials.
Out of Stoke-on-Trent Ceramics, via world leading medical therapy engineering offered by Huddersfield, to Isle of Wight lifejackets – we’re committed to a deal that operates for UK producers and consumers, and ensuring it truly does work to the advantage of SMEs long time into the future.
After a challenging 2020 I wish to thank the SMEs that took part in this particular research and gave us this kind of valuable insight into exactly how we can use our independent trade policy to ensure we build again better as a result of the economic result of Coronavirus.
BritishAmerican Business Chief Executive Duncan Edwards said:
BAB is satisfied to be working strongly doing partnership with Minister Hands as well as the colleagues of ours at the Department for International Trade to deliver this roadshow and also the Making a Difference report. The feedback we received from small businesses across the UK on what they’d love to see through a future UK-U.S. Free Trade Agreement reflects the opportunities the transatlantic economic corridor offers, as well as the deep rooted strength of UK-US relations.
BritishAmerican Business Project Lead Emanuel Adam said: This initiative represents a continuation of yearlong work manufactured by BAB and policy makers to place the needs as well as interests of growing businesses at the heart of trade policy. The report not only showcases how government can put this into action; additionally, it mirrors that the UK Government has already embraced 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 even more businesses can turn their transatlantic ambitions into reality.