Opportunities to help small businesses throughout the UK overcome hurdles to transatlantic swap and development have been outlined in the latest report produced by leading US-UK trade connection BritishAmerican Business (BAB).
BAB, in partnership while using the Department for International Trade, hosted four virtual roundtables taking together leaders from over 60 little and medium enterprises (SMEs) across London as well as the South of England, the Midlands, the North of Scotland and England, to hear the success stories of theirs and help deal with the challenges they face.
The ensuing article, entitled’ Making a Difference’, today reveals 3 priority areas where the government is able to work with SMEs to inspire superior transatlantic trade and investment as a part of its ongoing work to help SMEs across the UK:
Lower hurdles to trade and buy by aligning regulations and standards.
Solve trade disputes and make it possible for easier business travel across the Atlantic.
Boost on-the-ground, useful support to businesses, like sourcing reliable vendors or even navigating complex tax requirements.
Making up ninety nine % of all businesses in the UK, generating £2.2 trillion of earnings and employing 16.6 million individuals, SMEs are the backbone on the UK economy. As the report shows, however, they’re oftentimes hit the hardest by cherry red tape as well as high operating expenses.
For instance, Stoke-on-Trent-based ceramics manufacturer Steelite International presently faces 25.5 % tariffs on its US exports, in spite of facing small domestic competitors in the US. TradingHub, a data analytics firm of London, revealed completing tax registration was excessively complex, time-consuming and expensive, specifically when operating in more than one US state.
The UK government is actually focused on producing more opportunities for SMEs to trade with partners throughout the world as it moves ahead with its impartial trade policy agenda, as well as negotiations are by now underway with the US, New Zealand and Australia. Along with ongoing swap negotiations, DIT has a process of support ready to aid SMEs use the advice they need:
A network of about 300 International Trade Advisors supports UK businesses to export and expand their business worldwide.
In December 2020 DIT build a £38m Internationalisation Fund for SMEs found England to help 7,600 businesses grow the overseas trading of theirs.
UK Export Finance also offers a network throughout the UK which supply specialized help on trade as well as export finance, particularly SMEs.
Negotiations on a trade package with the US are actually recurring, and both sides have now reached broad agreement on a small and medium-sized enterprise (SME) chapter. A UK-US SME chapter is going to provide extra support by boosting transparency and making it easier for SMEs to trade, for instance by creating brand new actions on info sharing.
SMEs could also benefit from measures across the rest of an UK US FTA, on practices as well as swap facilitation, business mobility, and digital trade, for instance, and we’re currently being focused on SME-friendly provisions across the agreement.
Minister of State for Trade Policy Greg Hands said: Small enterprises are actually at the center of the government’s trade agenda as it moves ahead as an unbiased trading nation. We have already made good progress on an UK US change deal, – the dedicated SME chapter is going to make it easier for them to offer for sale goods to the US and produce the best value of transatlantic potentials.
From Stoke-on-Trent Ceramics, through earth reputable health-related treatment engineering offered by Huddersfield, to Isle of Wight lifejackets – we are committed to a deal that operates for UK producers and customers, and ensuring it works to the advantage of SMEs long into the future.
Right after a tough 2020 I want to thank the SMEs that took part in this particular research and gave us this sort of invaluable insight into how we can use our independent trade policy to make certain we build back better from the economic result of Coronavirus.
BritishAmerican Business Chief Executive Duncan Edwards said:
BAB is satisfied to be working closely around partnership with Minister Hands and our colleagues on the Department for International Trade to give this roadshow and the Making a Difference report. The feedback we received from businesses which are small across the UK on what they would like to see from a later 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 created by BAB as well as policy makers to put the needs as well as interests of cultivating organizations at the heart of trade policy. The report not only showcases just how government can put this into action; it also reflects that the UK Government has already embraced the’ triangle of action and support’ that the article suggests. We congratulate the UK Government in its approach and look ahead to doing the part of ours so that even more businesses can turn their transatlantic ambitions into reality.