Opportunities to help small businesses across the UK conquer barriers to transatlantic trade as well as growth have been reported in a new report created by leading US UK trade association BritishAmerican Business (BAB).
BAB, within partnership using the Department for International Trade, hosted 4 virtual roundtables taking together leaders from over 60 tiny and moderate enterprises (SMEs) throughout London and the South of England, the Midlands, the North of Scotland and England, to hear the success stories of theirs and help address the challenges they face.
The ensuing report, entitled’ Making a Difference’, currently uncovers 3 priority areas in which the government is able to work with SMEs to inspire improved transatlantic trade and investment as a part of its ongoing work to support SMEs across the UK:
Lower barriers to trade and purchase by aligning standards and regulations.
Solve trade disputes and make it possible for easier business travel across the Atlantic.
Increase on-the-ground, practical assistance to businesses, like sourcing reliable suppliers or navigating complicated tax demands.
Making up 99 % of all businesses in the UK, generating £2.2 trillion of income and employing 16.6 million people, SMEs are the backbone of the UK economy. As the article shows, however, they’re often hit probably the hardest by reddish tape as well as high operating expenses.
For example, Stoke-on-Trent-based ceramics company Steelite International currently faces 25.5 % tariffs on its US exports, in spite of facing little domestic competition within the US. TradingHub, a details analytics tight of London, revealed finishing tax registration was excessively intricate, expensive and time-consuming, especially when operating in more than a single US state.
The UK government is dedicated to creating far more opportunities for SMEs to swap with partners around the world as it moves ahead with its independent trade policy agenda, as well as negotiations are already underway together with the US, Australia and New Zealand. Along with constant trade negotiations, DIT has a program of support prepared to help SMEs print on the advice they need:
A network of about 300 International Trade Advisors supports UK companies to export and grow their business worldwide.
In December 2020 DIT build a £38m Internationalisation Fund for SMEs in England to assist 7,600 companies grow their overseas trading.
UK Export Finance also has a network throughout the UK that supply qualified 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 wide agreement on a small and medium-sized business (SME) chapter. A UK-US SME chapter will provide additional support by improving transparency and making it a lot easier for SMEs to trade, for example by building brand new actions on information sharing.
SMEs could also benefit from measures throughout the majority of an UK US FTA, on traditions as well as change facilitation, business mobility, and digital trade, for instance, and we are currently focusing on SME friendly provisions throughout the agreement.
Minister of State for Trade Policy Greg Hands said: businesses that are Small are actually at the center of the government’s trade agenda as it moves forward as an unbiased trading nation. We have by now made progress which is good on a UK-US swap deal, – the dedicated SME chapter will make it easier for these people to offer for sale items to the US and produce the best value of transatlantic potentials.
Out of Stoke-on-Trent Ceramics, through world top medical therapy technology offered by Huddersfield, to Isle of Wight lifejackets – we are devoted to a deal that works for UK producers and customers, and ensuring it truly does work to the benefit of SMEs long into the future.
After a hard 2020 I would like to thank the SMEs which took part in this particular exploration and gave us such valuable insight into how we can use our impartial 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 doing partnership with Minister Hands and our colleagues at the Department for International Trade to deliver this roadshow and also the Making a Difference article. The feedback we received from small companies across the UK on what they’d like to see through a future UK U.S. Free Trade Agreement mirrors the chances 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 made by BAB as well as policy makers to place the needs and interests of growing businesses at the heart of trade policy. The report not just showcases just how government is able to put this into motion; it also echoes that the UK Government has presently embraced the’ triangle of activity as well as support’ that the article recommends. We congratulate the UK Government in its approach and anticipate doing the part of ours so that more companies are able to turn their transatlantic ambitions into reality.