Opportunities to help small businesses across the UK overcome obstacles to transatlantic trade as well as development have been reported in a brand new report created by leading US-UK trade connection BritishAmerican Business (BAB).
BAB, inside partnership while using the Department for International Trade, hosted 4 virtual roundtables taking together leaders from over sixty small and moderate enterprises (SMEs) throughout London and also the South of England, the Midlands, the North of Scotland and England, to hear their success stories and help deal with the difficulties they face.
The resulting article, entitled’ Making a Difference’, today exposes three priority areas in which the government can work with SMEs to inspire better transatlantic trade as well as investment as a part of its ongoing work to support SMEs across the UK:
Lower barriers to trade and buy by aligning regulations and standards.
Solve trade disputes and enable easier business travel across the Atlantic.
Boost on-the-ground, useful assistance to businesses, such as sourcing reliable suppliers or even navigating complex tax requirements.
Making up 99 % of all organizations in the UK, generating £2.2 trillion of income and employing 16.6 million people, SMEs are actually the backbone of the UK economy. As the report shows, nonetheless, they are oftentimes hit probably the hardest by red tape and high operating expenses.
For example, Stoke-on-Trent-based ceramics company Steelite International currently faces 25.5 % tariffs on its US exports, despite facing small domestic competitors in the US. TradingHub, a details analytics tight in London, revealed completing tax registration was excessively intricate, time-consuming and expensive, especially when operating in a lot more than a single US state.
The UK government is committed to creating more opportunities for SMEs to trade with partners throughout the world as it moves forward with its independent trade policy agenda, and negotiations are already underway along with the US, Australia and New Zealand. In addition to ongoing trade negotiations, DIT has a process of support ready to help SMEs use the guidance they need:
A network of about 300 International Trade Advisors supports UK businesses to export and grow the business of theirs internationally.
When it comes to December 2020 DIT set up a £38m Internationalisation Fund for SMEs found England to assist 7,600 businesses grow the overseas trading of theirs.
UK Export Finance also offers a network across the UK who provide specialist help on trade as well as export finance, especially SMEs.
Negotiations on a trade package with the US are actually recurring, and both sides have finally reached broad agreement on a medium-sized and small business (SME) chapter. A UK-US SME chapter will provide extra assistance by boosting transparency and making it a lot easier for SMEs to trade, for instance by establishing brand new methods on information sharing.
SMEs can also benefit from measures across the remainder of an UK US FTA, on customs as well as swap facilitation, business mobility, and digital trade, for instance, and we are now 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 trade agenda as it moves ahead as an impartial trading nation. We have already made good progress on a UK-US change deal, – the dedicated SME chapter will make it easier for them to offer goods to the US and create the most of transatlantic potentials.
From Stoke-on-Trent Ceramics, via world reputable medical therapy engineering from Huddersfield, to Isle of Wight lifejackets – we’re devoted to a deal that operates for UK producers and customers, and ensuring it works to the benefit of SMEs long into the future.
Right after a tough 2020 I would like to thank the SMEs that took part in this particular exploration and gave us this kind of valuable insight into how we can use our impartial trade policy to make certain we build back better from the economic effect of Coronavirus.
BritishAmerican Business Chief Executive Duncan Edwards said:
BAB is actually proud to be working closely in partnership with Minister Hands and our colleagues at the Department for International Trade to give this roadshow and also the Making a Difference report. The feedback we received from small businesses throughout the UK on what they’d love to see from a future UK-U.S. Free Trade Agreement mirrors the opportunities the transatlantic economic corridor offers, as well as the deep rooted strength of UK-US relations.
BritishAmerican Business Project Lead Emanuel Adam said: This first step represents a continuation of yearlong work created by BAB and policy makers to put the needs and interests of developing businesses at the center of trade policy. The report not only showcases how government can put this into action; furthermore, it reflects that the UK Government has presently embraced the’ triangle of activity as well as support’ that the report recommends. We congratulate the UK Government inside the approach of its and expect doing the part of ours so that even more corporations can turn their transatlantic ambitions into reality.