Opportunities to help small businesses across the UK overcome obstacles to transatlantic swap and development have been reported in the latest report made by leading US UK trade connection BritishAmerican Business (BAB).
BAB, in partnership with the Department for International Trade, hosted 4 virtual roundtables taking together leaders from more than 60 little 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 tackle the difficulties they face.
The resulting article, entitled’ Making a Difference’, today exposes 3 priority areas in which the government can work with SMEs to motivate superior transatlantic trade and investment as part of its ongoing work to help SMEs across the UK:
Lower hurdles to trade and buy by aligning standards and regulations.
Resolve trade disputes and allow easier business travel across the Atlantic.
Increase on-the-ground, practical assistance to businesses, such as sourcing reliable vendors or navigating complex tax demands.
Making up 99 % of all companies in the UK, producing £2.2 trillion of income and employing 16.6 million people, SMEs are the backbone on the UK economy. As the article shows, however, they’re frequently hit the hardest by cherry red tape and substantial operating expenses.
For example, Stoke-on-Trent-based ceramics company Steelite International currently faces 25.5 % tariffs on its US exports, despite facing little domestic competitors within the US. TradingHub, a details analytics tight in London, revealed finishing tax registration was constantly intricate, expensive and time-consuming, particularly when operating in more than a single US state.
The UK government is actually focused on generating far more possibilities for SMEs to trade with partners across the world as it moves ahead with its impartial trade policy agenda, as well as negotiations are currently underway together with the US, New Zealand and Australia. Along with constant trade negotiations, DIT has a process of support ready to aid SMEs access the guidance they need:
A network of around 300 International Trade Advisors supports UK businesses to export and expand their business internationally.
When it comes to December 2020 DIT set up a £38m Internationalisation Fund for SMEs in England to help 7,600 companies grow their overseas trading.
UK Export Finance also has a network throughout the UK which provide specialist help on trade as well as export finance, especially SMEs.
Negotiations on a trade deal with the US are actually ongoing, and each of those sides have finally reached large agreement on a small and medium-sized venture (SME) chapter. A UK US SME chapter is going to provide additional support by improving transparency and making it a lot easier for SMEs to swap, for instance by building new actions on info sharing.
SMEs may also benefit from measures throughout the majority of an UK US FTA, on practices as well as change facilitation, company mobility, and digital swap, for example, and we’re now being focused on SME-friendly provisions across the agreement.
Minister of State for Trade Policy Greg Hands said: businesses that are Small are actually at the center of the government’s swap agenda as it moves forward as an impartial trading nation. We’ve actually made progress that is good on a UK-US swap deal, – the committed SME chapter is going to make it easier for them to offer goods to the US and make the best value of transatlantic opportunities.
Out of Stoke-on-Trent Ceramics, through earth reputable medical treatment engineering from Huddersfield, to Isle of Wight lifejackets – we’re dedicated to a deal that operates for UK producers as well as consumers, and ensuring it truly does work to the advantage of SMEs long time into the future.
After a tough 2020 I wish to thank the SMEs that took part in this particular research and gave us such valuable insight into just how we are able to use our impartial trade policy to make sure we build again better from 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 provide this roadshow and the Making a Difference report. The feedback we received from small companies throughout the UK on what they would love 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 first step belongs to a continuation of yearlong work made by BAB and policy makers to put the needs as well as interests of developing businesses at the heart of trade policy. The report not only showcases how government can put this into action; in addition, it mirrors that the UK Government has already embraced the’ triangle of action and support’ that the article suggests. We congratulate the UK Government inside the approach of its and look ahead to doing our part so that even more corporations are able to turn their transatlantic ambitions into truth.