Opportunities to help businesses which are small throughout the UK overcome barriers to transatlantic swap and growth have been outlined in a brand new report produced by top US UK trade connection BritishAmerican Business (BAB).
BAB, inside partnership while using the Department for International Trade, hosted 4 virtual roundtables bringing together leaders from more than sixty small and moderate enterprises (SMEs) across 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 challenges they face.
The ensuing article, entitled’ Making a Difference’, nowadays reveals three top priority areas where the government can work with SMEs to inspire better transatlantic trade as well as investment as a part of its ongoing work to help SMEs across the UK:
Lower barriers to trade and buy by aligning regulations and standards.
Resolve trade disputes and make it possible for easier business traveling across the Atlantic.
Increase on-the-ground, practical support to businesses, like sourcing trusted suppliers or even navigating complicated tax demands.
Making up 99 % of all organizations in the UK, producing £2.2 trillion of income and employing 16.6 million people, SMEs are the backbone of your UK economy. As the article shows, nonetheless, they’re frequently hit the hardest by red colored tape as well as huge operating expenses.
For example, Stoke-on-Trent-based ceramics brand name Steelite International currently faces 25.5 % tariffs on its US exports, despite facing small domestic competitors within the US. TradingHub, a details analytics firm in London, revealed completing tax registration was excessively complex, expensive and time-consuming, specifically when operating in more than a single US state.
The UK government is actually focused on generating more opportunities for SMEs to swap with partners around the world as it moves forward with its independent trade policy agenda, and negotiations are already underway along with the US, New Zealand and Australia. In addition to constant swap negotiations, DIT has a program of support ready to assist SMEs use the advice 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 build a £38m Internationalisation Fund for SMEs contained England to assist 7,600 organizations grow their overseas trading.
UK Export Finance even offers a network across the UK who provide specialist support on trade as well as export finance, particularly SMEs.
Negotiations on a trade package with the US are ongoing, and each of those sides have recently reached wide agreement on a medium-sized and small venture (SME) chapter. A UK-US SME chapter will provide additional support by boosting transparency and making it easier for SMEs to swap, for instance by building new measures on information sharing.
SMEs can also benefit from measures throughout the majority of an UK US FTA, on customs as well as swap facilitation, company mobility, and digital swap, for instance, and we are now focusing on SME friendly provisions across the agreement.
Minister of State for Trade Policy Greg Hands said: businesses which are Small are at the center of the government’s trade agenda as it moves forward as an impartial trading nation. We’ve by now made progress which is good on an UK US swap deal, – the dedicated SME chapter is going to make it easier to them to offer for sale goods to the US and produce the most of transatlantic opportunities.
Out of Stoke-on-Trent Ceramics, by way of world top medical therapy technology from Huddersfield, to Isle of Wight lifejackets – we’re dedicated to a deal that works for UK producers as well as customers, and ensuring it truly does work to the advantage of SMEs long into the future.
After a hard 2020 I would like to thank the SMEs which took part in this particular research and gave us such invaluable insight into exactly how we are able to use our impartial trade policy to make certain we build again better as a result of the economic impact of Coronavirus.
BritishAmerican Business Chief Executive Duncan Edwards said:
BAB is actually satisfied to be working strongly in partnership with Minister Hands as well as our colleagues on the Department for International Trade to give this roadshow as well as the Making a Difference article. The feedback we got from small companies across the UK on what they’d love to see from a future UK-U.S. Free Trade Agreement echoes the chances the transatlantic economic corridor provides, 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 created by BAB as well as policy makers to put the needs as well as interests of cultivating organizations at the center of trade policy. The report not only showcases how government is able to put this into action; what’s more, it mirrors that the UK Government has already welcomed the’ triangle of action and support’ that the article recommends. We congratulate the UK Government in its approach and anticipate doing the part of ours so that even more corporations can turn their transatlantic ambitions into reality.