Opportunities to assist businesses which are small throughout the UK conquer hurdles to transatlantic swap and growth have been reported in the latest report created 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 small and medium enterprises (SMEs) across London as well as the South of England, the Midlands, the North of Scotland and England, to hear their success stories and help deal with the difficulties they face.
The ensuing article, entitled’ Making a Difference’, nowadays uncovers three top priority areas in which the government is able to work with SMEs to encourage greater transatlantic trade and investment as part of its ongoing work to help SMEs across the UK:
Lower barriers to trade and buy by aligning regulations and standards.
Resolve trade disputes and make it possible for easier business traveling across the Atlantic.
Increase on-the-ground, useful assistance to businesses, including sourcing reliable vendors or even navigating complex tax demands.
Making up 99 % of all organizations in the UK, producing £2.2 trillion of income and employing 16.6 million people, SMEs are actually the backbone of your UK economy. As the report shows, nonetheless, they are often hit the hardest by reddish tape as well as huge operating costs.
For instance, Stoke-on-Trent-based ceramics company Steelite International presently faces 25.5 % tariffs on its US exports, despite facing small domestic competition inside the US. TradingHub, an information analytics firm in London, revealed completing tax registration was constantly intricate, expensive and time-consuming, particularly when operating in a lot more than one US state.
The UK government is focused on producing far more opportunities for SMEs to swap with partners across the world as it moves forward with its independent trade policy agenda, as well as negotiations are already underway with the US, Australia and New Zealand. Along with constant trade negotiations, DIT has a process of support ready to help SMEs use the guidance they need:
A network of around 300 International Trade Advisors supports UK businesses to export and expand their business worldwide.
With regard to December 2020 DIT set up a £38m Internationalisation Fund for SMEs in England to help 7,600 businesses grow the overseas trading of theirs.
UK Export Finance even offers a network across the UK which provide specialist assistance on trade and export finance, particularly SMEs.
Negotiations on a trade deal with the US are actually recurring, and each of those sides have now reached wide agreement on a medium-sized and small enterprise (SME) chapter. A UK US SME chapter is going to provide extra support by improving transparency and making it easier for SMEs to exchange, for example by building brand new actions on info sharing.
SMEs may also benefit from measures throughout the majority of a UK-US FTA, on traditions as well as trade facilitation, business mobility, and digital swap, for example, and we’re now concentrating on SME friendly provisions across the agreement.
Minister of State for Trade Policy Greg Hands said: businesses which are Small are actually at the heart of the government’s trade agenda as it moves ahead as an independent trading nation. We have actually made progress which is good on an UK US swap deal, – the dedicated SME chapter will make it easier for them to offer for sale goods to the US and make the best value of transatlantic opportunities.
From Stoke-on-Trent Ceramics, via planet top health-related therapy technology from Huddersfield, to Isle of Wight lifejackets – we are committed to a deal that functions for UK producers as well as consumers, and ensuring it truly does work to the advantage of SMEs long into the future.
Right after a hard 2020 I wish to thank the SMEs which took part in this research and gave us this sort of valuable insight into the way we are able to use our independent trade policy to ensure we build again better as a result of the economic impact of Coronavirus.
BritishAmerican Business Chief Executive Duncan Edwards said:
BAB is satisfied to be working strongly in partnership with Minister Hands as well as the colleagues of ours at the Department for International Trade to deliver this roadshow and also the Making a Difference article. The feedback we got from small businesses throughout the UK on what they’d like to see from a later UK U.S. Free Trade Agreement reflects 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 represents a continuation of yearlong work made by BAB as well as policy makers to place the needs and interests of developing businesses at the heart of trade policy. The report not just showcases just how government is able to put this into action; it also reflects that the UK Government has already embraced the’ triangle of activity as well as support’ that the article suggests. We congratulate the UK Government in the approach of its and look ahead to doing our part so that more corporations can turn their transatlantic ambitions into truth.