Opportunities to assist businesses which are small across 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 association BritishAmerican Business (BAB).
BAB, in partnership while using the Department for International Trade, hosted four virtual roundtables taking together leaders from over 60 little and moderate enterprises (SMEs) across London and the South of England, the Midlands, the North of Scotland and England, to hear their success stories and help deal with the difficulties they face.
The resulting article, entitled’ Making a Difference’, today exposes 3 priority areas where the government can work with SMEs to motivate greater transatlantic trade and investment as part of its ongoing work to help SMEs across the UK:
Lower hurdles to trade and buy by aligning standards and regulations.
Resolve trade disputes and enable easier business traveling across the Atlantic.
Increase on-the-ground, useful assistance to businesses, such as sourcing reliable suppliers or perhaps navigating complex tax demands.
Making up 99 % of all companies in the UK, generating £2.2 trillion of earnings and employing 16.6 million individuals, SMEs are actually the backbone on the UK economy. As the report shows, nevertheless, they’re oftentimes hit the hardest by reddish tape and high operating costs.
For example, Stoke-on-Trent-based ceramics company Steelite International presently faces 25.5 % tariffs on its US exports, despite facing small domestic competition in the US. TradingHub, an information analytics tight in London, revealed finishing tax registration was constantly complex, expensive and time-consuming, especially when operating in more than one US state.
The UK government is committed to producing more possibilities for SMEs to exchange with partners across the world as it moves forward with its impartial trade policy agenda, as well as negotiations are by now underway along with the US, Australia and New Zealand. In addition to ongoing swap negotiations, DIT has a program of support ready to help SMEs use the advice they need:
A network of about 300 International Trade Advisors supports UK organizations to export and expand the business of theirs internationally.
With regard to December 2020 DIT build a £38m Internationalisation Fund for SMEs found England to help 7,600 organizations grow the overseas trading of theirs.
UK Export Finance also offers a network across the UK who provide specialized support on trade and export finance, particularly SMEs.
Negotiations on a trade package with the US are actually ongoing, and both sides have now reached broad agreement on a small and medium-sized business (SME) chapter. A UK-US SME chapter will provide extra assistance by improving transparency and making it a lot easier for SMEs to swap, for instance by creating brand new measures on info sharing.
SMEs may also benefit from measures across the rest of a UK-US FTA, on customs as well as swap facilitation, business mobility, and digital swap, for example, and we are currently being focused on SME friendly provisions throughout the agreement.
Minister of State for Trade Policy Greg Hands said: Small businesses are at the heart of the government’s swap agenda as it moves ahead as an independent trading nation. We’ve by now made progress which is good on a UK-US trade deal, – the committed SME chapter will make it easier to them to offer for sale items to the US and produce the best value of transatlantic opportunities.
From Stoke-on-Trent Ceramics, by way of planet leading medical treatment technology from Huddersfield, to Isle of Wight lifejackets – we’re committed to a deal that operates for UK producers as well as consumers, and ensuring it really works to the advantage of SMEs long into the future.
Right after a challenging 2020 I want to thank the SMEs who took part in this particular research and gave us this sort of invaluable insight into how we can use our independent trade policy to make certain we build back better as a result of the economic effect of Coronavirus.
BritishAmerican Business Chief Executive Duncan Edwards said:
BAB is proud to be working strongly around 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 article. The feedback we got from businesses which are small across the UK on what they’d love to see from a later UK U.S. Free Trade Agreement echoes the chances the transatlantic economic corridor provides, and also the deep rooted strength of UK-US relations.
BritishAmerican Business Project Lead Emanuel Adam said: This initiative represents a continuation of yearlong efforts created by BAB as well as policy makers to put the needs as well as interests of growing organizations at the center of trade policy. The report not simply showcases just how government is able to put this into action; what’s more, it echoes that the UK Government has already embraced the’ triangle of action as well as support’ that the report recommends. We congratulate the UK Government in its approach and look ahead to doing the part of ours so that even more businesses can turn the transatlantic ambitions of theirs into truth.