Opportunities to help businesses that are small throughout the UK overcome hurdles to transatlantic swap as well as growth have been reported in a brand new report created by the best US-UK trade association BritishAmerican Business (BAB).
BAB, within partnership while using the Department for International Trade, hosted 4 virtual roundtables bringing together leaders from over 60 tiny and medium enterprises (SMEs) across London and the South of England, the Midlands, the North of England and Scotland, to hear their success stories and help tackle the challenges they face.
The resulting report, entitled’ Making a Difference’, nowadays uncovers 3 top priority areas in which the government can work with SMEs to inspire improved transatlantic trade as well as investment as a part of its ongoing work to help SMEs across the UK:
Lower hurdles to trade and purchase by aligning regulations and standards.
Solve trade disputes and allow easier business traveling across the Atlantic.
Boost on-the-ground, practical assistance to businesses, including sourcing trusted vendors or navigating complex tax demands.
Making up 99 % of all organizations in the UK, producing £2.2 trillion of earnings and employing 16.6 million people, SMEs are the backbone on the UK economy. As the report shows, nonetheless, they are oftentimes hit the hardest by cherry red 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, in spite of facing little domestic competition inside the US. TradingHub, an information analytics firm of London, revealed finishing tax registration was excessively intricate, expensive and time-consuming, specifically when operating in more than one US state.
The UK government is actually focused on creating far more opportunities for SMEs to trade with partners around the world as it moves ahead with its impartial trade policy agenda, and negotiations are currently underway together with the US, New Zealand and Australia. In addition to ongoing trade negotiations, DIT has a process of support all set to aid SMEs access the advice they need:
A network of around 300 International Trade Advisors supports UK businesses to export and grow their business internationally.
In December 2020 DIT set up a £38m Internationalisation Fund for SMEs contained England to assist 7,600 businesses grow the overseas trading of theirs.
UK Export Finance also has a network across the UK that supply specialized help on trade and export finance, particularly SMEs.
Negotiations on a trade package with the US are actually recurring, and both sides have finally reached large agreement on a small and medium-sized business (SME) chapter. A UK-US SME chapter is going to provide extra assistance by improving transparency and making it a lot easier for SMEs to trade, for example by establishing new measures on info sharing.
SMEs could also benefit from measures throughout the rest of an UK US FTA, on traditions as well as trade facilitation, business mobility, and digital swap, for instance, and we are now being focused on SME-friendly provisions across the agreement.
Minister of State for Trade Policy Greg Hands said: Small companies are actually at the heart of the government’s trade agenda as it moves ahead as an impartial trading nation. We’ve by now made good progress on an UK US trade deal, – the committed SME chapter will make it easier to them to offer items to the US and make the best value of transatlantic potentials.
Out of Stoke-on-Trent Ceramics, through planet reputable medical treatment engineering offered by Huddersfield, to Isle of Wight lifejackets – we are committed to a deal that functions for UK producers and consumers, and ensuring it truly does work to the advantage of SMEs long time into the future.
After a challenging 2020 I want to thank the SMEs who took part in this exploration and gave us such valuable insight into how we can use our impartial trade policy to make sure we build again better as a result of the economic effect of Coronavirus.
BritishAmerican Business Chief Executive Duncan Edwards said:
BAB is actually satisfied to be working closely doing partnership with Minister Hands as well as the colleagues of ours at the Department for International Trade to give this roadshow as well as the Making a Difference report. The feedback we received from small businesses throughout the UK on what they’d love to see from a later UK U.S. Free Trade Agreement echoes the opportunities the transatlantic economic corridor provides, 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 and policy makers to place the needs and interests of cultivating businesses at the center of trade policy. The report not just showcases how government can put this into action; 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 even more businesses can turn their transatlantic ambitions into reality.