Opportunities to assist small businesses across the UK overcome hurdles to transatlantic swap as well as development have been reported in a brand new report made by leading US UK trade connection BritishAmerican Business (BAB).
BAB, in partnership using the Department for International Trade, hosted four virtual roundtables taking together leaders from more than 60 small and moderate enterprises (SMEs) across London as well as the South of England, the Midlands, the North of England and Scotland, to hear their success stories and help address the difficulties they face.
The ensuing article, entitled’ Making a Difference’, currently uncovers 3 top priority areas where the government is able to work with SMEs to motivate better transatlantic trade as well as investment as a part of its ongoing work to support SMEs across the UK:
Lower hurdles to trade and purchase by aligning standards and regulations.
Solve trade disputes and allow easier business travel across the Atlantic.
Increase on-the-ground, useful assistance to businesses, such as sourcing trusted vendors or even navigating complicated tax demands.
Making up 99 % of all companies in the UK, generating £2.2 trillion of income and employing 16.6 million individuals, SMEs are the backbone of your UK economy. As the article shows, however, they are often hit the hardest by red colored tape and substantial operating costs.
For instance, Stoke-on-Trent-based ceramics company Steelite International currently faces 25.5 % tariffs on its US exports, despite facing little domestic competitors in the US. TradingHub, an information analytics firm of London, revealed finishing tax registration was excessively intricate, time-consuming and expensive, specifically when operating in a lot more than one US state.
The UK government is focused on generating more opportunities for SMEs to exchange with partners throughout the world as it moves forward with its independent trade policy agenda, as well as negotiations are currently underway together with the US, Australia and New Zealand. In addition to ongoing swap negotiations, DIT has a system of support ready to help SMEs access the advice they need:
A network of around 300 International Trade Advisors supports UK companies to export and expand the business of theirs internationally.
In December 2020 DIT build a £38m Internationalisation Fund for SMEs found England to assist 7,600 organizations grow the overseas trading of theirs.
UK Export Finance also has a network throughout the UK who supply specialized help on trade as well as export finance, particularly SMEs.
Negotiations on a trade package with the US are actually ongoing, and the two sides have now reached wide agreement on a medium-sized and small business (SME) chapter. A UK US SME chapter will provide extra assistance by boosting transparency and making it easier for SMEs to exchange, for instance by building new actions on info sharing.
SMEs can also benefit from measures across the remainder of an UK US FTA, on practices and change facilitation, company mobility, and digital trade, for instance, and we’re currently concentrating on SME-friendly provisions across the agreement.
Minister of State for Trade Policy Greg Hands said: businesses which are Small are at the heart of the government’s swap agenda as it moves forward as an impartial trading nation. We have actually made progress that is good 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 make the most of transatlantic potentials.
From Stoke-on-Trent Ceramics, by way of planet leading health-related therapy technology from Huddersfield, to Isle of Wight lifejackets – we are devoted to a deal that functions for UK producers as well as customers, and ensuring it really works to the benefit of SMEs long time into the future.
Right after a tough 2020 I would like to thank the SMEs that took part in this particular research and gave us this kind of valuable insight into just how we can use our independent trade policy to ensure we build again better as a result of the economic effect of Coronavirus.
BritishAmerican Business Chief Executive Duncan Edwards said:
BAB is proud to be working closely in partnership with Minister Hands and our colleagues at the Department for International Trade to deliver this roadshow as well as the Making a Difference article. The feedback we got from businesses which are small across the UK on what they would love to see from a future UK-U.S. Free Trade Agreement echoes the chances the transatlantic economic corridor provides, and also 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 place the needs as well as interests of cultivating organizations at the center of trade policy. The report not just showcases just how government is able to put this into action; additionally, it mirrors that the UK Government has already followed the’ triangle of activity and support’ that the report suggests. We congratulate the UK Government inside its approach and expect doing the part of ours so that more businesses are able to turn their transatlantic ambitions into reality.