Opportunities to help businesses which are small across the UK overcome obstacles to transatlantic swap and development have been reported in a new report created by the best US-UK trade association BritishAmerican Business (BAB).
BAB, within partnership using the Department for International Trade, hosted 4 virtual roundtables bringing together leaders from more than 60 little and medium 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 report, entitled’ Making a Difference’, currently exposes three priority areas where the government is able to work with SMEs to encourage greater transatlantic trade and investment as a part of its ongoing work to support SMEs across the UK:
Lower barriers to trade and investment by aligning regulations and standards.
Resolve trade disputes and make it possible for easier business traveling across the Atlantic.
Increase on-the-ground, useful support to businesses, including sourcing trusted suppliers or even navigating complex tax requirements.
Making up ninety nine % of all organizations in the UK, producing £2.2 trillion of earnings and employing 16.6 million people, SMEs are actually the backbone of the UK economy. As the article shows, nevertheless, they’re oftentimes hit probably the hardest by reddish tape as well as huge operating costs.
For instance, Stoke-on-Trent-based ceramics brand name Steelite International currently faces 25.5 % tariffs on its US exports, in spite of facing little domestic competition inside the US. TradingHub, a data analytics firm of London, revealed completing tax registration was excessively intricate, time-consuming and expensive, specifically when operating in more than one US state.
The UK government is actually committed to producing far more possibilities for SMEs to swap with partners across the world as it moves forward with its independent trade policy agenda, and negotiations are by now underway together with the US, Australia and New Zealand. In addition to constant trade negotiations, DIT has a process of support ready to help SMEs print on the help and advice they need:
A network of around 300 International Trade Advisors supports UK organizations to export and grow their business worldwide.
In December 2020 DIT build a £38m Internationalisation Fund for SMEs in England to help 7,600 businesses grow the overseas trading of theirs.
UK Export Finance also has a network across the UK that provide qualified help on trade and export finance, particularly SMEs.
Negotiations on a trade package with the US are recurring, and the two sides have now reached wide agreement on a small and medium-sized enterprise (SME) chapter. A UK-US SME chapter will provide additional support by boosting transparency and making it a lot easier for SMEs to exchange, for instance by building new actions on info sharing.
SMEs could also benefit from measures throughout the majority of an UK US FTA, on customs as well as swap facilitation, business mobility, and digital swap, for example, and we’re currently focusing on SME-friendly provisions throughout the agreement.
Minister of State for Trade Policy Greg Hands said: Small businesses are at the center of the government’s swap agenda as it moves ahead as an impartial trading nation. We have by now made progress which is good on an UK US swap deal, – the dedicated SME chapter will make it easier for these people to offer items to the US and make the best value of transatlantic opportunities.
Out of Stoke-on-Trent Ceramics, via world leading medical treatment engineering from Huddersfield, to Isle of Wight lifejackets – we are committed to a deal that works for UK producers as well as consumers, and ensuring it works to the advantageous asset of SMEs long time into the future.
Right after a difficult 2020 I wish to thank the SMEs that took part in this exploration and gave us this sort 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 satisfied to be working strongly in 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 article. The feedback we received from small businesses across the UK on what they’d like to see through 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 created by BAB as well as policy makers to put the needs as well as interests of developing businesses at the center of trade policy. The report not only showcases how government is able to put this into motion; additionally, it mirrors 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 anticipate doing the part of ours so that more businesses can turn their transatlantic ambitions into truth.