Opportunities to assist small businesses across the UK overcome obstacles to transatlantic trade as well as growth have been outlined in the latest report produced by top US-UK trade association BritishAmerican Business (BAB).
BAB, in partnership with the Department for International Trade, hosted four virtual roundtables taking together leaders from more than sixty little 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 resulting report, entitled’ Making a Difference’, today exposes 3 top priority areas in which the government is able to work with SMEs to motivate improved transatlantic trade as well as investment as part of its ongoing work to support SMEs across the UK:
Lower barriers to trade and purchase by aligning regulations and standards.
Resolve trade disputes and make it possible for easier business travel across the Atlantic.
Boost on-the-ground, practical support to businesses, such as sourcing reliable vendors or perhaps navigating complicated tax requirements.
Making up 99 % of all companies in the UK, generating £2.2 trillion of earnings and employing 16.6 million individuals, SMEs are actually the backbone on the UK economy. As the report shows, however, they are oftentimes hit probably the hardest by cherry red tape and huge operating expenses.
For instance, Stoke-on-Trent-based ceramics company Steelite International currently faces 25.5 % tariffs on its US exports, despite facing little domestic competitors inside the US. TradingHub, a data analytics firm in London, revealed completing tax registration was excessively intricate, expensive and time-consuming, particularly when operating in more than one US state.
The UK government is actually committed to generating more possibilities for SMEs to exchange with partners around the world as it moves ahead with its impartial trade policy agenda, and negotiations are already underway along with the US, New Zealand and Australia. Along with constant swap negotiations, DIT has a system of support ready to aid SMEs use the guidance they need:
A network of around 300 International Trade Advisors supports UK businesses to export and expand their business internationally.
When it comes to December 2020 DIT create 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 specialized support on trade and export finance, especially SMEs.
Negotiations on a trade offer with the US are ongoing, and each of those sides have finally reached broad agreement on a small and medium-sized enterprise (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 establishing brand new methods on info sharing.
SMEs could also benefit from measures throughout the remainder of a UK-US FTA, on customs as well as trade facilitation, business mobility, and digital swap, for example, and we are 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 forward as an unbiased trading nation. We have already made progress that is good on a UK-US swap deal, – the committed SME chapter will make it easier for them to sell items to the US and make the best value of transatlantic potentials.
From Stoke-on-Trent Ceramics, via earth reputable medical treatment technology offered by Huddersfield, to Isle of Wight lifejackets – we are dedicated to a deal that operates for UK producers and consumers, and ensuring it works to the advantageous asset of SMEs long into the future.
After a hard 2020 I wish to thank the SMEs which took part in this particular exploration and gave us this sort of valuable insight into just how we are able to use our impartial trade policy to ensure we build again better from the economic impact of Coronavirus.
BritishAmerican Business Chief Executive Duncan Edwards said:
BAB is proud to be working strongly in partnership with Minister Hands and our colleagues on the Department for International Trade to provide this roadshow and the Making a Difference report. The feedback we got from companies which are small across the UK on what they would love to see from 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 work manufactured by BAB and policy makers to place the needs as well as interests of developing organizations at the heart of trade policy. The report not simply showcases how government is able to put this into motion; what’s more, it mirrors that the UK Government has currently embraced the’ triangle of action as well as support’ that the report recommends. We congratulate the UK Government in its approach and look ahead to doing the part of ours so that even more companies can turn their transatlantic ambitions into truth.