Opportunities to help businesses that are small throughout the UK conquer barriers to transatlantic trade and development have been outlined in a brand new report produced by the best US UK trade association BritishAmerican Business (BAB).
BAB, in partnership while using the Department for International Trade, hosted four virtual roundtables bringing together leaders from more than 60 small 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 difficulties they face.
The ensuing report, entitled’ Making a Difference’, nowadays exposes three priority areas where the government is able to work with SMEs to encourage improved transatlantic trade as well as investment as a part of its ongoing work to help SMEs across the UK:
Lower barriers to trade and purchase by aligning regulations and standards.
Resolve trade disputes and allow easier business traveling across the Atlantic.
Increase on-the-ground, practical support to businesses, including sourcing reliable suppliers or navigating complex tax requirements.
Making up 99 % of all organizations in the UK, producing £2.2 trillion of earnings and employing 16.6 million people, SMEs are actually the backbone on the UK economy. As the article shows, however, they’re frequently hit probably the hardest by red tape as well as huge operating costs.
For example, Stoke-on-Trent-based ceramics company Steelite International presently faces 25.5 % tariffs on its US exports, in spite of facing little domestic competitors in the US. TradingHub, an information analytics firm in London, revealed finishing tax registration was constantly intricate, expensive and time-consuming, particularly when operating in a lot more than a single US state.
The UK government is committed to generating more opportunities for SMEs to swap with partners around the world as it moves forward with its independent trade policy agenda, as well as negotiations are currently underway along with the US, New Zealand and Australia. Along with constant trade negotiations, DIT has a process of support all set to help SMEs print on the advice they need:
A network of about 300 International Trade Advisors supports UK businesses to export and expand their business internationally.
With regard to December 2020 DIT create a £38m Internationalisation Fund for SMEs in England to assist 7,600 organizations grow their overseas trading.
UK Export Finance also offers a network throughout the UK which provide specialist support on trade as well as export finance, especially SMEs.
Negotiations on a trade offer with the US are actually recurring, and each of those sides have now reached wide agreement on a medium-sized and small business (SME) chapter. A UK US SME chapter is going to provide additional assistance by improving transparency and making it easier for SMEs to swap, for instance by building new methods on information sharing.
SMEs may also benefit from measures across the rest of a UK-US FTA, on customs as well as swap facilitation, company mobility, and digital trade, for example, 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 ahead as an unbiased trading nation. We have actually made progress that is good on an UK US change deal, – the committed SME chapter will 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 health-related treatment technology from Huddersfield, to Isle of Wight lifejackets – we are committed to a deal that operates for UK producers as well as customers, and ensuring it really works to the advantage of SMEs long time into the future.
Right after a challenging 2020 I wish to thank the SMEs that took part in this particular exploration and gave us this sort of invaluable insight into the way we are able to use our impartial trade policy to ensure we build back better as a result of the economic impact of Coronavirus.
BritishAmerican Business Chief Executive Duncan Edwards said:
BAB is actually proud to be working closely in partnership with Minister Hands and our colleagues at the Department for International Trade to give this roadshow as well as the Making a Difference article. The feedback we received from companies that are small across the UK on what they would love to see through a later UK-U.S. Free Trade Agreement reflects the chances the transatlantic economic corridor offers, and the deep rooted strength of UK US relations.
BritishAmerican Business Project Lead Emanuel Adam said: This first step belongs to a continuation of yearlong work made by BAB as well as policy makers to place the needs as well as interests of cultivating companies at the heart of trade policy. The report not simply showcases how government can put this into action; what’s more, it echoes that the UK Government has already followed the’ triangle of activity and support’ that the report recommends. We congratulate the UK Government inside the approach of its and look ahead to doing our part so that more companies can turn their transatlantic ambitions into truth.