Opportunities to help small businesses throughout the UK conquer hurdles to transatlantic swap as well as growth have been reported in a brand new report created by top US UK trade association BritishAmerican Business (BAB).
BAB, in partnership using the Department for International Trade, hosted four virtual roundtables bringing together leaders from more than 60 small and medium enterprises (SMEs) across London and the South of England, the Midlands, the North of England and Scotland, to hear the success stories of theirs and help deal with the difficulties they face.
The ensuing report, entitled’ Making a Difference’, today exposes three top priority areas in which the government can work with SMEs to inspire superior transatlantic trade as well as investment as a part of its ongoing work to support SMEs across the UK:
Lower hurdles to trade and investment by aligning standards and regulations.
Resolve trade disputes and make it possible for easier business traveling across the Atlantic.
Increase on-the-ground, useful support to businesses, like sourcing trusted suppliers or even navigating complicated 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 actually the backbone of your UK economy. As the report shows, nevertheless, they are often hit the hardest by cherry red tape and substantial operating costs.
For instance, Stoke-on-Trent-based ceramics company Steelite International currently faces 25.5 % tariffs on its US exports, in spite of facing little domestic competition in the US. TradingHub, a data analytics tight in London, revealed finishing tax registration was constantly complex, time-consuming and expensive, particularly when operating in a lot more than a single US state.
The UK government is actually committed to generating more opportunities for SMEs to swap with partners around the world as it moves ahead with its independent trade policy agenda, and negotiations are already underway with the US, Australia and New Zealand. Along with ongoing swap negotiations, DIT has a program of support ready to help SMEs use the help and advice they need:
A network of about 300 International Trade Advisors supports UK businesses to export and grow the business of theirs internationally.
When it comes to December 2020 DIT build a £38m Internationalisation Fund for SMEs in England to help 7,600 organizations grow their overseas trading.
UK Export Finance even offers a network across the UK that provide specialized assistance on trade as well as export finance, particularly SMEs.
Negotiations on a trade package with the US are recurring, and each of those 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 boosting transparency and making it easier for SMEs to exchange, for instance by creating new methods on info sharing.
SMEs may also benefit from measures throughout the rest of a UK-US FTA, on customs and trade facilitation, business mobility, and digital trade, for example, and we are currently concentrating on SME friendly provisions throughout the agreement.
Minister of State for Trade Policy Greg Hands said: Small businesses are at the heart of the government’s trade agenda as it moves forward as an unbiased trading nation. We’ve actually made good progress on a UK-US swap deal, – the committed SME chapter is going to make it easier for them to sell off goods to the US and produce the most of transatlantic potentials.
Out of Stoke-on-Trent Ceramics, through planet top medical treatment technology from Huddersfield, to Isle of Wight lifejackets – we are dedicated to a deal that functions for UK producers as well as consumers, and ensuring it really works to the advantageous asset of SMEs long time into the future.
Right after a tough 2020 I would like to thank the SMEs which took part in this particular exploration and gave us such invaluable insight into just how we are able to use our impartial trade policy to ensure we build again better from 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 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 would love to see through 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 efforts made by BAB and policy makers to place the needs as well as interests of cultivating companies at the center of trade policy. The report not just showcases just how government can put this into action; what’s more, it reflects that the UK Government has already followed the’ triangle of activity as well as support’ that the article suggests. We congratulate the UK Government inside the approach of its and look ahead to doing our part so that more businesses can turn the transatlantic ambitions of theirs into reality.