Opportunities to help businesses which are small across the UK conquer barriers to transatlantic trade and growth have been outlined in the latest report created by leading US-UK trade connection BritishAmerican Business (BAB).
BAB, in partnership with the Department for International Trade, hosted four virtual roundtables bringing together leaders from over 60 small and medium enterprises (SMEs) across London as well as the South of England, the Midlands, the North of England and Scotland, to hear the success stories of theirs and help address the difficulties they face.
The ensuing report, entitled’ Making a Difference’, nowadays reveals three top priority areas where the government can work with SMEs to motivate improved transatlantic trade and investment as part of its ongoing work to help SMEs across the UK:
Lower barriers to trade and investment by aligning standards and regulations.
Resolve trade disputes and allow easier business traveling across the Atlantic.
Boost on-the-ground, useful support to businesses, like sourcing trusted vendors or navigating complex tax requirements.
Making up 99 % of all companies in the UK, generating £2.2 trillion of income and employing 16.6 million people, SMEs are actually the backbone of the UK economy. As the report shows, nevertheless, they are oftentimes hit the hardest by red colored tape as well as substantial operating costs.
For instance, Stoke-on-Trent-based ceramics manufacturer Steelite International presently faces 25.5 % tariffs on its US exports, in spite of facing little domestic competitors in the US. TradingHub, an information analytics firm in London, revealed completing tax registration was excessively intricate, time-consuming and expensive, specifically when operating in more than one US state.
The UK government is actually committed to creating far more opportunities for SMEs to trade with partners across the world as it moves ahead with its independent trade policy agenda, as well as negotiations are currently underway together with the US, Australia and New Zealand. Along with constant swap negotiations, DIT has a process of support all set to assist SMEs access the guidance they need:
A network of around 300 International Trade Advisors supports UK organizations to export and expand their business internationally.
With regard to December 2020 DIT create a £38m Internationalisation Fund for SMEs contained England to help 7,600 companies grow the overseas trading of theirs.
UK Export Finance also has a network throughout the UK who supply specialist assistance on trade and export finance, particularly SMEs.
Negotiations on a trade offer with the US are ongoing, and both sides have recently reached wide agreement on a medium-sized and small venture (SME) chapter. A UK-US SME chapter is going to provide extra support by improving transparency and making it a lot easier for SMEs to swap, for example by establishing new methods on info sharing.
SMEs could also benefit from measures across the majority of an UK US FTA, on customs as well as change facilitation, company mobility, and digital swap, for example, and we’re 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 center of the government’s trade agenda as it moves forward as an independent trading nation. We have already made good progress on an UK US change deal, – the dedicated SME chapter will make it easier for them to sell goods to the US and create the best value of transatlantic potentials.
Out of Stoke-on-Trent Ceramics, via world reputable medical therapy technology from Huddersfield, to Isle of Wight lifejackets – we’re dedicated to a deal that works for UK producers as well as consumers, and ensuring it truly does work to the advantageous asset of SMEs long time into the future.
After a difficult 2020 I want to thank the SMEs which took part in this particular exploration and gave us such valuable insight into exactly how we can use our independent trade policy to make sure we build back better from the economic effect of Coronavirus.
BritishAmerican Business Chief Executive Duncan Edwards said:
BAB is actually proud to be working closely doing partnership with Minister Hands and the colleagues of ours on the Department for International Trade to give this roadshow and also the Making a Difference report. The feedback we got from businesses which are small across the UK on what they’d like to see from a later 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 initiative belongs to a continuation of yearlong efforts made by BAB and policy makers to put the needs and interests of cultivating companies at the heart of trade policy. The report not just showcases just how government is able to put this into action; it also echoes that the UK Government has currently adopted the’ triangle of action and support’ that the article recommends. We congratulate the UK Government inside the approach of its and expect doing the part of ours so that even more companies can turn the transatlantic ambitions of theirs into truth.