Opportunities to help small businesses across the UK conquer barriers to transatlantic swap and development have been outlined in the latest report created by leading US UK trade connection BritishAmerican Business (BAB).
BAB, within partnership while using the Department for International Trade, hosted 4 virtual roundtables bringing together leaders from more than 60 tiny and moderate enterprises (SMEs) throughout London as well as the South of England, the Midlands, the North of England and Scotland, to hear the success stories of theirs and help address the difficulties they face.
The ensuing article, entitled’ Making a Difference’, currently uncovers three top priority areas in which the government is able to work with SMEs to encourage improved transatlantic trade and investment as a part of its ongoing work to help SMEs across the UK:
Lower barriers to trade and investment by aligning standards and regulations.
Resolve trade disputes and make it possible for easier business travel across the Atlantic.
Increase on-the-ground, practical support to businesses, including sourcing reliable vendors or perhaps navigating complex tax demands.
Making up ninety nine % of all organizations in the UK, generating £2.2 trillion of income and employing 16.6 million individuals, SMEs are actually the backbone of the UK economy. As the article shows, nevertheless, they are frequently hit probably the hardest by reddish tape as well as substantial operating expenses.
For instance, Stoke-on-Trent-based ceramics brand name Steelite International currently faces 25.5 % tariffs on its US exports, despite facing small domestic competition in the US. TradingHub, a details analytics tight in London, revealed finishing tax registration was constantly complex, expensive and time-consuming, specifically when operating in more than one US state.
The UK government is focused on generating far more opportunities for SMEs to trade with partners across the world as it moves ahead with its independent trade policy agenda, as well as negotiations are currently underway along with the US, Australia and New Zealand. Besides ongoing swap negotiations, DIT has a process of support ready to help SMEs print on the help and advice they need:
A network of about 300 International Trade Advisors supports UK organizations to export and grow their business worldwide.
With regard to December 2020 DIT create a £38m Internationalisation Fund for SMEs found England to assist 7,600 organizations grow the overseas trading of theirs.
UK Export Finance also has a network across the UK which provide specialized assistance on trade and export finance, particularly SMEs.
Negotiations on a trade deal with the US are recurring, and the two sides have now reached broad agreement on a medium-sized and small venture (SME) chapter. A UK US SME chapter is going to provide additional assistance by boosting transparency and making it easier for SMEs to exchange, for instance by building new actions on information sharing.
SMEs can also benefit from measures across the majority of a UK-US FTA, on practices and change facilitation, business mobility, and digital swap, for instance, and we are currently being focused on SME-friendly provisions throughout the agreement.
Minister of State for Trade Policy Greg Hands said: Small businesses are actually at the center of the government’s swap agenda as it moves ahead as an unbiased trading nation. We’ve actually made good progress on an UK US trade deal, – the dedicated SME chapter is going to make it easier for them to sell goods to the US and create the best value of transatlantic opportunities.
Out of Stoke-on-Trent Ceramics, by way of planet reputable medical therapy technology from Huddersfield, to Isle of Wight lifejackets – we are dedicated to a deal that functions for UK producers and consumers, and ensuring it really works to the advantage of SMEs long time into the future.
After a tough 2020 I want to thank the SMEs that took part in this research and gave us such valuable insight into the way we are able to use our independent 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 closely around partnership with Minister Hands as well as the colleagues of ours on the Department for International Trade to provide this roadshow and the Making a Difference report. The feedback we received from small companies across 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 offers, and the deep rooted strength of UK US relations.
BritishAmerican Business Project Lead Emanuel Adam said: This initiative belongs to a continuation of yearlong work manufactured by BAB as well as policy makers to put the needs as well as interests of cultivating businesses at the center of trade policy. The report not just showcases how government can put this into motion; additionally, it reflects that the UK Government has already welcomed the’ triangle of action and support’ that the report recommends. We congratulate the UK Government inside its approach and expect doing the part of ours so that more businesses are able to turn their transatlantic ambitions into reality.