Opportunities to help businesses which are small throughout the UK conquer obstacles to transatlantic swap and growth have been outlined in a brand new report created by leading US UK trade connection 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 medium enterprises (SMEs) throughout London and the South of England, the Midlands, the North of England and Scotland, to hear their success stories and help tackle the difficulties they face.
The ensuing report, entitled’ Making a Difference’, nowadays reveals 3 priority areas in which the government is able to work with SMEs to motivate superior transatlantic trade and investment as part of its ongoing work to support SMEs across the UK:
Lower barriers to trade and investment by aligning standards and regulations.
Resolve trade disputes and make it possible for easier business traveling across the Atlantic.
Boost on-the-ground, practical support to businesses, such as sourcing trusted vendors or perhaps navigating complicated tax demands.
Making up 99 % of all businesses in the UK, generating £2.2 trillion of earnings and employing 16.6 million individuals, SMEs are actually the backbone of your UK economy. As the report shows, nonetheless, they are frequently hit probably the hardest by red tape and huge operating costs.
For instance, Stoke-on-Trent-based ceramics company Steelite International currently faces 25.5 % tariffs on its US exports, in spite of facing little domestic competition in the US. TradingHub, a data analytics tight of London, revealed finishing tax registration was constantly complex, time-consuming and expensive, specifically when operating in a lot more than a single US state.
The UK government is actually focused on generating more opportunities for SMEs to trade with partners throughout the world as it moves forward with its impartial trade policy agenda, and negotiations are currently underway along with the US, Australia and New Zealand. Along with ongoing swap negotiations, DIT has a program of support prepared to assist SMEs access the help and advice they need:
A network of about 300 International Trade Advisors supports UK businesses to export and grow the business of theirs internationally.
In December 2020 DIT build a £38m Internationalisation Fund for SMEs in England to assist 7,600 organizations grow the overseas trading of theirs.
UK Export Finance also has a network throughout the UK that provide qualified support on trade as well as export finance, particularly SMEs.
Negotiations on a trade package with the US are actually recurring, and each of those sides have finally reached broad agreement on a small and medium-sized enterprise (SME) chapter. A UK-US SME chapter will provide extra assistance by improving transparency and making it a lot easier for SMEs to trade, for instance by building new actions on info sharing.
SMEs may also benefit from measures throughout the rest of a UK-US FTA, on traditions and change facilitation, company mobility, and digital swap, for example, and we’re now focusing on SME-friendly provisions across the agreement.
Minister of State for Trade Policy Greg Hands said: businesses that are Small are at the center of the government’s trade agenda as it moves ahead as an independent trading nation. We have by now made good progress on an UK US swap deal, – the committed SME chapter is going to make it easier to them to offer for sale items to the US and produce the most of transatlantic potentials.
From Stoke-on-Trent Ceramics, through planet top medical treatment engineering from Huddersfield, to Isle of Wight lifejackets – we’re committed to a deal that operates for UK producers as well as customers, and ensuring it truly does work to the advantage of SMEs long into the future.
After a hard 2020 I would like to thank the SMEs who took part in this particular exploration and gave us this kind of valuable insight into exactly how we are able to use our impartial trade policy to make sure we build back better as a result of the economic effect of Coronavirus.
BritishAmerican Business Chief Executive Duncan Edwards said:
BAB is actually satisfied to be working strongly doing 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 received from businesses which are small throughout the UK on what they’d like to see through a future UK-U.S. Free Trade Agreement echoes the opportunities the transatlantic economic corridor provides, and also the deep rooted strength of UK US relations.
BritishAmerican Business Project Lead Emanuel Adam said: This first step represents a continuation of yearlong work made by BAB as well as policy makers to put the needs and interests of cultivating organizations at the center of trade policy. The report not simply showcases how government can put this into motion; furthermore, it echoes that the UK Government has already followed the’ triangle of activity as well as support’ that the report suggests. We congratulate the UK Government in the approach of its and look forward to doing the part of ours so that more corporations are able to turn their transatlantic ambitions into reality.