Opportunities to assist businesses that are small across the UK conquer hurdles to transatlantic trade and growth have been reported in the latest report made by the best US UK trade connection BritishAmerican Business (BAB).
BAB, in partnership with the Department for International Trade, hosted four virtual roundtables taking together leaders from more than sixty small and medium enterprises (SMEs) throughout London as well as the South of England, the Midlands, the North of England and Scotland, to hear their success stories and help address the difficulties they face.
The ensuing report, entitled’ Making a Difference’, today reveals 3 priority areas in which the government is able to work with SMEs to inspire superior transatlantic trade and investment as a part of its ongoing work to help SMEs across the UK:
Lower barriers to trade and purchase by aligning regulations and standards.
Solve trade disputes and enable easier business travel across the Atlantic.
Increase on-the-ground, useful support to businesses, like sourcing trusted suppliers or navigating complex tax demands.
Making up ninety nine % of all organizations in the UK, generating £2.2 trillion of earnings and employing 16.6 million people, SMEs are the backbone on the UK economy. As the article shows, however, they’re oftentimes hit the hardest by red tape and huge operating expenses.
For example, Stoke-on-Trent-based ceramics company Steelite International currently faces 25.5 % tariffs on its US exports, in spite of facing small domestic competition within the US. TradingHub, an information analytics firm in London, revealed finishing tax registration was excessively intricate, time-consuming and expensive, especially when operating in more than one US state.
The UK government is dedicated to creating far more possibilities for SMEs to swap with partners around the world as it moves ahead with its impartial trade policy agenda, and negotiations are by now underway together with the US, Australia and New Zealand. In addition to constant swap negotiations, DIT has a process of support prepared to aid SMEs use the guidance they need:
A network of about 300 International Trade Advisors supports UK companies to export and expand the business of theirs worldwide.
In December 2020 DIT build a £38m Internationalisation Fund for SMEs in England to help 7,600 businesses grow the overseas trading of theirs.
UK Export Finance also offers a network across the UK that supply specialist assistance on trade and export finance, particularly SMEs.
Negotiations on a trade offer with the US are ongoing, and both sides have finally reached wide agreement on a medium-sized and small business (SME) chapter. A UK-US SME chapter will provide extra assistance by improving transparency and making it easier for SMEs to exchange, for instance by building new actions on information sharing.
SMEs could also benefit from measures across the majority of a UK-US FTA, on traditions as well as trade facilitation, company mobility, and digital trade, for instance, and we’re currently being focused 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 progress which is good on a UK-US change deal, – the committed SME chapter is going to make it easier for these people to offer for sale goods to the US and make the most of transatlantic potentials.
From Stoke-on-Trent Ceramics, by way of planet top health-related therapy technology offered by Huddersfield, to Isle of Wight lifejackets – we are committed to a deal that works for UK producers and customers, and ensuring it truly does work to the benefit of SMEs long time into the future.
Right after a hard 2020 I would like to thank the SMEs who took part in this exploration and gave us such invaluable insight into just how we can use our independent trade policy to ensure we build again better from the economic result of Coronavirus.
BritishAmerican Business Chief Executive Duncan Edwards said:
BAB is satisfied to be working strongly in partnership with Minister Hands as well as our colleagues at the Department for International Trade to deliver this roadshow and the Making a Difference report. The feedback we received from companies which are small throughout the UK on what they’d like to see from a future UK-U.S. Free Trade Agreement echoes the chances the transatlantic economic corridor offers, as well as the deep rooted strength of UK US relations.
BritishAmerican Business Project Lead Emanuel Adam said: This initiative belongs to a continuation of yearlong work made by BAB as well as policy makers to put the needs and interests of cultivating companies at the center of trade policy. The report not just showcases how government can put this into motion; additionally, it reflects that the UK Government has already adopted the’ triangle of activity as well as support’ that the report recommends. We congratulate the UK Government inside its approach and look forward to doing our part so that more businesses can turn the transatlantic ambitions of theirs into reality.