Opportunities to assist small businesses throughout the UK overcome obstacles to transatlantic swap as well as development have been reported in the latest report made by top US UK trade connection BritishAmerican Business (BAB).
BAB, within partnership while using the Department for International Trade, hosted four virtual roundtables bringing together leaders from over sixty little and medium enterprises (SMEs) across London and the South of England, the Midlands, the North of England and Scotland, to hear the success stories of theirs and help deal with the difficulties they face.
The ensuing report, entitled’ Making a Difference’, currently reveals three priority areas where the government is able to work with SMEs to inspire superior transatlantic trade as well as investment as a part of its ongoing work to support SMEs across the UK:
Lower hurdles to trade and buy by aligning regulations and standards.
Solve trade disputes and enable easier business travel across the Atlantic.
Boost on-the-ground, useful assistance to businesses, such as sourcing trusted suppliers or perhaps navigating complex tax requirements.
Making up 99 % of all companies in the UK, generating £2.2 trillion of earnings and employing 16.6 million people, SMEs are actually the backbone on the UK economy. As the article shows, nevertheless, they’re often hit probably the hardest by red colored tape as well as huge operating expenses.
For example, Stoke-on-Trent-based ceramics company Steelite International currently faces 25.5 % tariffs on its US exports, despite facing small domestic competition in the US. TradingHub, a data analytics firm in London, revealed completing tax registration was constantly complex, time-consuming and expensive, especially when operating in more than a single US state.
The UK government is dedicated to producing more possibilities for SMEs to trade with partners across the world as it moves forward with its impartial trade policy agenda, and negotiations are by now underway along with the US, New Zealand and Australia. Along with constant swap negotiations, DIT has a program of support ready to help SMEs print on the guidance they need:
A network of around 300 International Trade Advisors supports UK organizations to export and expand the business of theirs internationally.
In December 2020 DIT create a £38m Internationalisation Fund for SMEs in England to help 7,600 organizations grow the overseas trading of theirs.
UK Export Finance even offers a network across the UK who provide specialist assistance on trade as well as export finance, especially SMEs.
Negotiations on a trade deal with the US are actually recurring, and the two sides have now reached large agreement on a medium-sized and small enterprise (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 measures on info sharing.
SMEs can also benefit from measures throughout the rest of a UK-US FTA, on practices as well as swap facilitation, company mobility, and digital trade, for instance, 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 actually at the heart of the government’s swap agenda as it moves forward as an independent trading nation. We’ve already made progress that is good on a UK-US change deal, – the dedicated SME chapter is going to make it easier for these people to offer goods to the US and produce the most of transatlantic opportunities.
From Stoke-on-Trent Ceramics, by way of earth top medical therapy engineering offered by Huddersfield, to Isle of Wight lifejackets – we are dedicated to a deal that operates for UK producers and consumers, and ensuring it really works to the advantageous asset of SMEs long time into the future.
Right after a difficult 2020 I want to thank the SMEs which took part in this particular research and gave us this sort of valuable insight into exactly how we can use our impartial trade policy to make sure we build back better from the economic result of Coronavirus.
BritishAmerican Business Chief Executive Duncan Edwards said:
BAB is actually proud to be working strongly in partnership with Minister Hands as well as our colleagues at the Department for International Trade to deliver this roadshow as well as the Making a Difference article. The feedback we got from businesses that are small across the UK on what they would love to see from a future UK U.S. Free Trade Agreement reflects the chances the transatlantic economic corridor offers, and also the deep rooted strength of UK-US relations.
BritishAmerican Business Project Lead Emanuel Adam said: This first step belongs to a continuation of yearlong work created by BAB as well as policy makers to put the needs and interests of growing businesses at the heart of trade policy. The report not only showcases how government is able to put this into action; furthermore, it mirrors that the UK Government has currently embraced the’ triangle of activity as well as support’ that the article suggests. We congratulate the UK Government in its approach and expect doing the part of ours so that more corporations can turn their transatlantic ambitions into reality.