Opportunities to assist small businesses across the UK overcome hurdles to transatlantic swap and development have been reported in a brand new report made by leading US-UK trade association BritishAmerican Business (BAB).
BAB, inside partnership with the Department for International Trade, hosted 4 virtual roundtables taking together leaders from more than sixty little and medium enterprises (SMEs) across London and the South of England, the Midlands, the North of England and Scotland, to hear their success stories and help deal with the challenges they face.
The ensuing article, entitled’ Making a Difference’, currently uncovers 3 priority areas where the government is able to work with SMEs to motivate greater transatlantic trade as well as investment as a part of its ongoing work to help SMEs across the UK:
Lower barriers to trade and buy by aligning standards and regulations.
Solve trade disputes and enable easier business traveling across the Atlantic.
Boost on-the-ground, practical assistance to businesses, including sourcing reliable vendors or navigating complicated tax demands.
Making up 99 % of all companies in the UK, producing £2.2 trillion of income and employing 16.6 million individuals, SMEs are actually the backbone on the UK economy. As the article shows, however, they’re frequently hit the hardest by red colored tape as well as substantial operating expenses.
For example, Stoke-on-Trent-based ceramics manufacturer Steelite International presently faces 25.5 % tariffs on its US exports, in spite of facing little domestic competitors inside the US. TradingHub, a data analytics tight in London, revealed completing tax registration was excessively intricate, expensive and time-consuming, specifically when operating in more than a single US state.
The UK government is actually focused on generating far more possibilities for SMEs to swap with partners across the world as it moves ahead with its independent trade policy agenda, as well as negotiations are currently underway with the US, Australia and New Zealand. Along with constant swap negotiations, DIT has a program of support ready to help SMEs print on the help and advice they need:
A network of about 300 International Trade Advisors supports UK organizations to export and expand the business of theirs worldwide.
With regard to December 2020 DIT create a £38m Internationalisation Fund for SMEs in England to help 7,600 companies grow their overseas trading.
UK Export Finance even offers a network throughout the UK that provide qualified assistance on trade and export finance, especially SMEs.
Negotiations on a trade package with the US are recurring, and the two sides have now reached broad agreement on a medium-sized and small business (SME) chapter. A UK US SME chapter is going to provide additional support by boosting transparency and making it a lot easier for SMEs to exchange, for example by building brand new measures on information sharing.
SMEs may also benefit from measures across the majority of an UK US FTA, on customs and swap facilitation, company mobility, and digital swap, for instance, and we’re now focusing on SME friendly provisions throughout the agreement.
Minister of State for Trade Policy Greg Hands said: businesses that are Small are at the heart of the government’s change agenda as it moves ahead as an impartial trading nation. We have already made progress which is good on an UK US swap deal, – the committed SME chapter is going to make it easier for these people to offer goods to the US and produce the best value of transatlantic opportunities.
From Stoke-on-Trent Ceramics, through world top medical therapy technology offered by Huddersfield, to Isle of Wight lifejackets – we’re committed to a deal that works for UK producers as well as customers, and ensuring it truly does work to the advantageous asset of SMEs long time into the future.
Right after a hard 2020 I want to thank the SMEs which took part in this research and gave us this kind of invaluable insight into exactly how we can use our impartial trade policy to make certain we build back better as a result of the economic impact of Coronavirus.
BritishAmerican Business Chief Executive Duncan Edwards said:
BAB is proud to be working strongly around partnership with Minister Hands and the colleagues of ours on the Department for International Trade to deliver this roadshow and the Making a Difference report. The feedback we got from small businesses across the UK on what they would like to see through a later UK-U.S. Free Trade Agreement mirrors 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 initiative represents a continuation of yearlong work made by BAB as well as policy makers to put the needs as well as interests of growing businesses at the center of trade policy. The report not simply showcases just how government can put this into motion; in addition, it reflects that the UK Government has already welcomed the’ triangle of activity and support’ that the article suggests. We congratulate the UK Government inside its approach and anticipate doing our part so that more businesses can turn the transatlantic ambitions of theirs into truth.