Opportunities to assist businesses which are small throughout the UK overcome barriers to transatlantic swap as well as development have been reported in a new report created by the best US-UK trade connection BritishAmerican Business (BAB).
BAB, within partnership using the Department for International Trade, hosted four virtual roundtables taking together leaders from more than sixty tiny and moderate enterprises (SMEs) throughout London and 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 resulting report, entitled’ Making a Difference’, nowadays uncovers 3 priority areas in which the government can work with SMEs to motivate better transatlantic trade as well as investment as part of its ongoing work to help SMEs across the UK:
Lower hurdles to trade and purchase by aligning regulations and standards.
Solve trade disputes and enable easier business traveling across the Atlantic.
Boost on-the-ground, practical support to businesses, including sourcing reliable suppliers or perhaps navigating complicated tax demands.
Making up 99 % of all businesses in the UK, producing £2.2 trillion of income and employing 16.6 million people, SMEs are the backbone on the UK economy. As the report shows, however, they’re often hit probably the hardest by cherry red tape as well as high operating costs.
For instance, Stoke-on-Trent-based ceramics brand name Steelite International presently faces 25.5 % tariffs on its US exports, despite facing small domestic competitors in the US. TradingHub, a data analytics tight in London, revealed finishing tax registration was constantly intricate, time-consuming and expensive, particularly when operating in more than one US state.
The UK government is focused on generating more opportunities for SMEs to exchange with partners across the world as it moves forward with its impartial trade policy agenda, and negotiations are currently underway with the US, Australia and New Zealand. Along with constant trade negotiations, DIT has a process of support all set to assist SMEs access the guidance they need:
A network of about 300 International Trade Advisors supports UK businesses to export and expand the business of theirs internationally.
With regard to December 2020 DIT set up a £38m Internationalisation Fund for SMEs contained England to assist 7,600 organizations grow the overseas trading of theirs.
UK Export Finance even offers a network throughout the UK who supply specialist help on trade and export finance, especially SMEs.
Negotiations on a trade deal with the US are ongoing, and the two sides have now reached large agreement on a small and medium-sized business (SME) chapter. A UK US SME chapter will provide extra support by improving transparency and making it a lot easier for SMEs to swap, for instance by building brand new actions on info sharing.
SMEs could also benefit from measures across the majority of a UK-US FTA, on practices and trade facilitation, company mobility, and digital trade, for instance, and we’re now focusing on SME friendly provisions across the agreement.
Minister of State for Trade Policy Greg Hands said: Small businesses are actually at the center of the government’s change agenda as it moves forward as an unbiased trading nation. We’ve actually made good progress on an UK US change deal, – the committed SME chapter is going to make it easier for these people to sell off items to the US and create the best value of transatlantic opportunities.
From Stoke-on-Trent Ceramics, via world top health-related treatment engineering offered by Huddersfield, to Isle of Wight lifejackets – we’re committed to a deal that functions for UK producers as well as customers, and ensuring it works to the benefit of SMEs long into the future.
After a challenging 2020 I wish to thank the SMEs which took part in this particular exploration and gave us this kind of invaluable insight into how we are able to use our independent trade policy to make sure we build back better as a result of the economic result of Coronavirus.
BritishAmerican Business Chief Executive Duncan Edwards said:
BAB is actually proud to be working strongly doing partnership with Minister Hands as well as the colleagues of ours on the Department for International Trade to give this roadshow and the Making a Difference report. The feedback we got from small businesses throughout the UK on what they would love to see through a later UK-U.S. Free Trade Agreement echoes the opportunities the transatlantic economic corridor provides, as well as 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 and policy makers to place the needs and interests of developing organizations at the center of trade policy. The report not just showcases just how government is able to put this into motion; what’s more, it reflects that the UK Government has already embraced the’ triangle of action and support’ that the report suggests. We congratulate the UK Government inside the approach of its and look ahead to doing the part of ours so that even more corporations are able to turn the transatlantic ambitions of theirs into truth.