Opportunities to assist businesses that are small across the UK overcome hurdles to transatlantic swap and development have been outlined in the latest report produced by top US-UK trade connection BritishAmerican Business (BAB).
BAB, in partnership with the Department for International Trade, hosted four virtual roundtables taking together leaders from over 60 tiny and moderate enterprises (SMEs) throughout London as well as the South of England, the Midlands, the North of Scotland and England, to hear their success stories and help address the challenges they face.
The resulting article, entitled’ Making a Difference’, today exposes three priority areas in which the government is able to work with SMEs to encourage better transatlantic trade and investment as a part of its ongoing work to support SMEs across the UK:
Lower barriers to trade and purchase by aligning standards and regulations.
Resolve trade disputes and allow easier business travel across the Atlantic.
Increase on-the-ground, useful assistance to businesses, like sourcing trusted suppliers or perhaps navigating complicated tax demands.
Making up 99 % of all organizations in the UK, producing £2.2 trillion of earnings and employing 16.6 million people, SMEs are the backbone of the UK economy. As the article shows, nevertheless, they’re frequently hit the hardest by reddish tape as well as substantial operating expenses.
For instance, Stoke-on-Trent-based ceramics manufacturer Steelite International presently faces 25.5 % tariffs on its US exports, despite facing small domestic competitors inside the US. TradingHub, a data analytics firm of London, revealed completing tax registration was constantly complex, time-consuming and expensive, especially when operating in more than one US state.
The UK government is focused on producing more opportunities for SMEs to swap with partners throughout the world as it moves forward with its impartial trade policy agenda, and negotiations are by now underway along with the US, Australia and New Zealand. Along with constant trade negotiations, DIT has a program of support all set to assist SMEs use the help and advice they need:
A network of about 300 International Trade Advisors supports UK companies to export and grow their business worldwide.
When it comes to December 2020 DIT build a £38m Internationalisation Fund for SMEs contained England to help 7,600 businesses grow the overseas trading of theirs.
UK Export Finance also offers 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 actually recurring, and the two sides have finally reached wide agreement on a small and medium-sized enterprise (SME) chapter. A UK-US SME chapter will provide extra support by boosting transparency and making it easier for SMEs to exchange, for example by creating brand new actions on info sharing.
SMEs could also benefit from measures throughout the majority of a UK-US FTA, on practices and trade facilitation, business mobility, and digital swap, for instance, and we’re currently concentrating on SME friendly provisions throughout 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 have already made good progress on a UK-US swap deal, – the dedicated SME chapter is going to make it easier for them to offer items to the US and create the best value of transatlantic opportunities.
Out of Stoke-on-Trent Ceramics, through earth leading health-related therapy technology from Huddersfield, to Isle of Wight lifejackets – we are dedicated to a deal that operates for UK producers as well as customers, and ensuring it really works to the advantage of SMEs long time into the future.
After a difficult 2020 I wish to thank the SMEs who took part in this particular exploration and gave us such invaluable insight into how we are able to use our independent trade policy to make sure we build back better from the economic impact of Coronavirus.
BritishAmerican Business Chief Executive Duncan Edwards said:
BAB is proud to be working strongly doing partnership with Minister Hands as well as the colleagues of ours on the Department for International Trade to deliver this roadshow and also the Making a Difference report. The feedback we got from companies which are small across the UK on what they’d like to see from a later UK U.S. Free Trade Agreement echoes the opportunities the transatlantic economic corridor offers, and also the deep rooted strength of UK-US relations.
BritishAmerican Business Project Lead Emanuel Adam said: This initiative represents a continuation of yearlong work made by BAB as well as policy makers to place the needs as well as interests of growing businesses at the center of trade policy. The report not only showcases how government is able to put this into action; additionally, it reflects that the UK Government has already embraced the’ triangle of action and support’ that the article suggests. We congratulate the UK Government in its approach and look forward to doing our part so that more corporations are able to turn the transatlantic ambitions of theirs into reality.