Opportunities to help businesses that are small throughout the UK overcome barriers to transatlantic swap and development have been outlined in a new report created by the best US-UK trade association BritishAmerican Business (BAB).
BAB, inside partnership with the Department for International Trade, hosted four virtual roundtables bringing together leaders from over 60 little and moderate enterprises (SMEs) throughout London as well as the South of England, the Midlands, the North of Scotland and England, to hear their success stories and help deal with the challenges they face.
The ensuing article, entitled’ Making a Difference’, currently uncovers 3 top priority areas where the government is able to work with SMEs to encourage greater transatlantic trade and 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 allow easier business traveling across the Atlantic.
Boost on-the-ground, practical assistance to businesses, including sourcing reliable vendors or perhaps navigating complex tax demands.
Making up 99 % of all companies in the UK, producing £2.2 trillion of income and employing 16.6 million individuals, SMEs are the backbone of your UK economy. As the article shows, nonetheless, they’re oftentimes hit probably the hardest by red tape as well as substantial operating expenses.
For example, Stoke-on-Trent-based ceramics manufacturer Steelite International currently faces 25.5 % tariffs on its US exports, in spite of facing little domestic competitors within the US. TradingHub, a details analytics firm in London, revealed finishing tax registration was excessively complex, expensive and time-consuming, particularly when operating in a lot more than one US state.
The UK government is actually dedicated to generating far more opportunities for SMEs to trade with partners around the world as it moves ahead with its independent trade policy agenda, and negotiations are currently underway with the US, New Zealand and Australia. Along with constant swap negotiations, DIT has a program of support ready to help SMEs use the advice they need:
A network of around 300 International Trade Advisors supports UK companies to export and expand their business worldwide.
In December 2020 DIT set up a £38m Internationalisation Fund for SMEs contained England to help 7,600 organizations grow their overseas trading.
UK Export Finance even offers a network across the UK who supply specialist support on trade and export finance, especially SMEs.
Negotiations on a trade deal with the US are recurring, and each of those sides have now reached wide agreement on a small and medium-sized business (SME) chapter. A UK-US SME chapter is going to provide extra support by improving transparency and making it easier for SMEs to trade, for instance by establishing new methods on info sharing.
SMEs can also benefit from measures throughout the rest of a UK-US FTA, on practices as well as change facilitation, business mobility, and digital swap, for example, and we’re now concentrating on SME friendly provisions throughout the agreement.
Minister of State for Trade Policy Greg Hands said: businesses which are Small are actually at the center of the government’s change agenda as it moves forward as an independent trading nation. We have actually made good progress 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 produce the most of transatlantic opportunities.
Out of Stoke-on-Trent Ceramics, through planet reputable medical treatment technology from Huddersfield, to Isle of Wight lifejackets – we’re devoted to a deal that functions for UK producers and consumers, and ensuring it truly does work to the advantage of SMEs long into the future.
After a difficult 2020 I wish to thank the SMEs which took part in this particular exploration and gave us this sort of invaluable insight into exactly how we can use our independent trade policy to make sure we build back better from the economic impact of Coronavirus.
BritishAmerican Business Chief Executive Duncan Edwards said:
BAB is proud to be working closely in partnership with Minister Hands as well as our colleagues on the Department for International Trade to deliver this roadshow and the Making a Difference article. The feedback we received from companies that are small throughout the UK on what they’d like to see from a later UK U.S. Free Trade Agreement reflects the chances 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 made by BAB and policy makers to place the needs as well as interests of developing companies at the heart of trade policy. The report not simply showcases how government is able to put this into motion; it also echoes that the UK Government has currently adopted the’ triangle of action as well as support’ that the report suggests. We congratulate the UK Government inside the approach of its and expect doing our part so that more businesses can turn the transatlantic ambitions of theirs into truth.