Opportunities to assist businesses which are small across the UK conquer barriers to transatlantic swap as well as development have been reported in a brand new report produced by top US-UK trade association BritishAmerican Business (BAB).
BAB, in partnership with the Department for International Trade, hosted four virtual roundtables bringing together leaders from more than sixty tiny and medium enterprises (SMEs) across London and also the South of England, the Midlands, the North of England and Scotland, to hear their success stories and help address the challenges they face.
The ensuing article, entitled’ Making a Difference’, today exposes three top priority areas in which the government is able to work with SMEs to encourage 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 buy by aligning regulations and standards.
Solve trade disputes and make it possible for easier business traveling across the Atlantic.
Increase on-the-ground, practical assistance to businesses, including sourcing reliable vendors or perhaps navigating complicated tax demands.
Making up 99 % of all companies in the UK, producing £2.2 trillion of earnings and employing 16.6 million people, SMEs are the backbone of the UK economy. As the report shows, nonetheless, they’re oftentimes hit probably the hardest by red colored tape as well as high operating costs.
For example, Stoke-on-Trent-based ceramics company Steelite International presently faces 25.5 % tariffs on its US exports, despite facing little domestic competition in the US. TradingHub, a details analytics firm in London, revealed finishing tax registration was constantly intricate, expensive and time-consuming, particularly when operating in more than one 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 forward with its independent trade policy agenda, and negotiations are currently underway together with the US, New Zealand and Australia. Along with ongoing swap negotiations, DIT has a program of support prepared to aid SMEs use the advice they need:
A network of around 300 International Trade Advisors supports UK businesses to export and grow the business of theirs worldwide.
With regard to December 2020 DIT create 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 across the UK who provide qualified assistance on trade and export finance, particularly SMEs.
Negotiations on a trade offer with the US are ongoing, and both sides have now reached large agreement on a small and medium-sized business (SME) chapter. A UK-US SME chapter is going to provide additional assistance by improving transparency and making it easier for SMEs to trade, for example by building new methods on information sharing.
SMEs can also benefit from measures across the rest of an UK US FTA, on practices and swap facilitation, business mobility, and digital swap, for instance, and we’re currently concentrating on SME-friendly provisions throughout the agreement.
Minister of State for Trade Policy Greg Hands said: businesses that are Small are actually at the heart of the government’s change agenda as it moves ahead as an unbiased trading nation. We’ve actually made good progress on a UK-US swap deal, – the dedicated SME chapter is going to make it easier to them to offer goods to the US and create the best value of transatlantic potentials.
Out of Stoke-on-Trent Ceramics, through earth reputable medical therapy technology from Huddersfield, to Isle of Wight lifejackets – we are committed to a deal that operates for UK producers and consumers, and ensuring it truly does work to the advantageous asset of SMEs long into the future.
After a challenging 2020 I want to thank the SMEs that took part in this particular exploration and gave us this kind of invaluable insight into the way we can use our independent 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 satisfied to be working strongly in partnership with Minister Hands and the colleagues of ours at the Department for International Trade to provide this roadshow and also the Making a Difference report. The feedback we received from companies that are small throughout the UK on what they would love to see through a future UK U.S. Free Trade Agreement echoes the opportunities the transatlantic economic corridor provides, and the deep rooted strength of UK US relations.
BritishAmerican Business Project Lead Emanuel Adam said: This first step represents a continuation of yearlong efforts manufactured 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 just showcases just how government is able to put this into action; furthermore, it reflects that the UK Government has already followed the’ triangle of action as well as support’ that the article suggests. We congratulate the UK Government in its approach and expect doing our part so that even more businesses can turn the transatlantic ambitions of theirs into reality.