Opportunities to assist small businesses throughout the UK conquer hurdles to transatlantic trade as well as growth have been reported in the latest report created by top US UK trade association BritishAmerican Business (BAB).
BAB, inside partnership with the Department for International Trade, hosted four virtual roundtables taking together leaders from over 60 tiny and moderate enterprises (SMEs) throughout London and also the South of England, the Midlands, the North of England and Scotland, to hear the success stories of theirs and help tackle the challenges they face.
The ensuing report, entitled’ Making a Difference’, nowadays reveals three priority areas where the government can 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 barriers to trade and purchase by aligning regulations and standards.
Solve trade disputes and enable easier business travel across the Atlantic.
Boost on-the-ground, useful support to businesses, like sourcing reliable vendors or navigating complex tax demands.
Making up 99 % of all organizations in the UK, generating £2.2 trillion of earnings and employing 16.6 million people, SMEs are the backbone of the UK economy. As the report shows, nevertheless, they’re oftentimes hit probably the hardest by cherry red tape and huge operating expenses.
For instance, Stoke-on-Trent-based ceramics company Steelite International currently faces 25.5 % tariffs on its US exports, in spite of facing small domestic competition inside the US. TradingHub, a details analytics tight in London, revealed completing tax registration was excessively intricate, time-consuming and expensive, particularly when operating in a lot more than a single US state.
The UK government is committed to producing more opportunities for SMEs to trade with partners around the world as it moves forward with its independent trade policy agenda, and negotiations are by now underway with the US, New Zealand and Australia. Along with constant trade negotiations, DIT has a process of support ready to assist SMEs access the guidance they need:
A network of about 300 International Trade Advisors supports UK companies to export and grow the business of theirs internationally.
In December 2020 DIT create 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 which provide specialized support on trade and export finance, especially SMEs.
Negotiations on a trade deal with the US are actually ongoing, and both sides have now reached wide agreement on a small and medium-sized venture (SME) chapter. A UK-US SME chapter will provide extra support by boosting transparency and making it a lot easier for SMEs to exchange, for example by creating new actions on info sharing.
SMEs could also benefit from measures across the rest of a UK-US FTA, on practices as well as change facilitation, business mobility, and digital swap, for instance, and we’re now being focused on SME friendly provisions throughout the agreement.
Minister of State for Trade Policy Greg Hands said: Small companies are at the center of the government’s change agenda as it moves forward as an independent trading nation. We have by now made progress that is good on a UK-US change deal, – the dedicated SME chapter will make it easier for them to offer goods to the US and create the most of transatlantic potentials.
Out of Stoke-on-Trent Ceramics, through planet top health-related therapy 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 which took part in this particular exploration and gave us such invaluable insight into just how we can use our independent trade policy to ensure we build back better from 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 and the colleagues of ours on the Department for International Trade to deliver this roadshow and the Making a Difference report. The feedback we got from companies that are small throughout the UK on what they would love to see from a later UK-U.S. Free Trade Agreement echoes the chances the transatlantic economic corridor offers, and also the deep rooted strength of UK-US relations.
BritishAmerican Business Project Lead Emanuel Adam said: This first step represents a continuation of yearlong efforts made by BAB as well as policy makers to put the needs as well as interests of cultivating businesses at the center of trade policy. The report not just showcases how government is able to put this into motion; it also mirrors that the UK Government has presently adopted the’ triangle of activity as well as support’ that the article recommends. We congratulate the UK Government inside its approach and expect doing our part so that even more businesses can turn their transatlantic ambitions into truth.