Opportunities to assist small businesses throughout the UK overcome barriers to transatlantic swap and growth have been reported in a new report made by leading US UK trade connection BritishAmerican Business (BAB).
BAB, in partnership using the Department for International Trade, hosted 4 virtual roundtables taking together leaders from over 60 tiny and medium enterprises (SMEs) throughout 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’, today uncovers three priority areas where the government is able to work with SMEs to motivate improved transatlantic trade as well as investment as a 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.
Increase on-the-ground, practical support to businesses, like sourcing reliable vendors or even navigating complex tax requirements.
Making up 99 % of all companies in the UK, generating £2.2 trillion of income and employing 16.6 million individuals, SMEs are actually the backbone of the UK economy. As the report shows, however, they are frequently hit the hardest by reddish tape as well as high operating costs.
For example, Stoke-on-Trent-based ceramics manufacturer Steelite International presently faces 25.5 % tariffs on its US exports, in spite of facing small domestic competition within the US. TradingHub, a data analytics firm in London, revealed finishing tax registration was excessively complex, time-consuming and expensive, specifically when operating in more than a single US state.
The UK government is actually committed to creating more opportunities for SMEs to exchange with partners throughout the world as it moves ahead with its impartial trade policy agenda, and negotiations are currently underway with the US, New Zealand and Australia. Along with constant swap negotiations, DIT has a system of support all set to aid SMEs print on the help and advice they need:
A network of about 300 International Trade Advisors supports UK companies to export and grow their business internationally.
In December 2020 DIT create a £38m Internationalisation Fund for SMEs in England to help 7,600 companies grow the overseas trading of theirs.
UK Export Finance also has a network throughout the UK which supply qualified support on trade and export finance, particularly SMEs.
Negotiations on a trade offer with the US are actually ongoing, and both sides have recently reached broad agreement on a medium-sized and small enterprise (SME) chapter. A UK-US SME chapter will provide extra support by improving transparency and making it a lot easier for SMEs to trade, for instance by creating brand new methods on info sharing.
SMEs could also benefit from measures across the rest of a UK-US FTA, on traditions and change facilitation, business mobility, and digital swap, for example, and we are now focusing on SME friendly provisions throughout the agreement.
Minister of State for Trade Policy Greg Hands said: businesses which are Small are at the center of the government’s change agenda as it moves ahead as an independent trading nation. We have already made good progress on an UK US change deal, – the committed SME chapter is going to make it easier to them to sell items to the US and create the most of transatlantic opportunities.
From Stoke-on-Trent Ceramics, by way of planet leading health-related treatment technology from Huddersfield, to Isle of Wight lifejackets – we’re devoted to a deal that works for UK producers and customers, and ensuring it works to the advantage of SMEs long into the future.
After a hard 2020 I want to thank the SMEs that took part in this research and gave us such invaluable insight into exactly how we can use our independent trade policy to make certain we build again better as a result of the economic effect of Coronavirus.
BritishAmerican Business Chief Executive Duncan Edwards said:
BAB is actually proud to be working closely around partnership with Minister Hands and our colleagues on the Department for International Trade to give 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 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 created by BAB as well as policy makers to put the needs and interests of growing companies at the heart of trade policy. The report not simply showcases how government is able to put this into action; in addition, it echoes that the UK Government has currently adopted the’ triangle of action and support’ that the report suggests. We congratulate the UK Government in its approach and look ahead to doing our part so that even more companies can turn their transatlantic ambitions into truth.