Opportunities to help businesses that are small across the UK conquer barriers to transatlantic trade as well as development have been outlined in the latest report made by the best 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 sixty little and medium enterprises (SMEs) throughout London and the South of England, the Midlands, the North of England and Scotland, to hear their success stories and help deal with the difficulties they face.
The ensuing article, entitled’ Making a Difference’, currently uncovers 3 priority areas where the government is able to work with SMEs to inspire superior transatlantic trade and investment as part of its ongoing work to help SMEs across the UK:
Lower hurdles 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, useful support to businesses, such as sourcing reliable vendors or navigating complex tax requirements.
Making up ninety nine % of all companies in the UK, producing £2.2 trillion of earnings and employing 16.6 million individuals, SMEs are actually the backbone of the UK economy. As the report shows, nevertheless, they are frequently hit the hardest by red tape and substantial operating expenses.
For instance, Stoke-on-Trent-based ceramics manufacturer Steelite International currently faces 25.5 % tariffs on its US exports, despite facing small domestic competition within the US. TradingHub, an information analytics firm in London, revealed completing tax registration was excessively intricate, time-consuming and expensive, particularly when operating in a lot more than one US state.
The UK government is committed to creating far more opportunities for SMEs to exchange with partners around the world as it moves ahead with its impartial trade policy agenda, as well as negotiations are by now underway along with the US, Australia and New Zealand. In addition to constant swap negotiations, DIT has a process of support all set to help SMEs print on the advice they need:
A network of about 300 International Trade Advisors supports UK businesses to export and expand the business of theirs internationally.
With regard to December 2020 DIT build a £38m Internationalisation Fund for SMEs contained England to help 7,600 organizations grow their overseas trading.
UK Export Finance also offers a network throughout the UK which provide specialized support on trade and export finance, particularly SMEs.
Negotiations on a trade package with the US are ongoing, and the two sides have now reached large agreement on a small and medium-sized venture (SME) chapter. A UK-US SME chapter will provide additional support by boosting transparency and making it easier for SMEs to trade, for example by building new measures on information sharing.
SMEs may also benefit from measures throughout the majority of a UK-US FTA, on customs and change facilitation, business mobility, and digital trade, for instance, and we’re now 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 heart of the government’s change agenda as it moves forward as an unbiased trading nation. We have actually made good progress on an UK US trade deal, – the committed SME chapter will make it easier for these people to sell off items to the US and make the most of transatlantic opportunities.
From Stoke-on-Trent Ceramics, through earth reputable health-related therapy technology offered by Huddersfield, to Isle of Wight lifejackets – we are committed to a deal that operates for UK producers as well as customers, and ensuring it really works to the benefit of SMEs long time into the future.
After a challenging 2020 I want to thank the SMEs which took part in this exploration and gave us such valuable insight into how we are able to use our impartial trade policy to make sure we build back better as a result of the economic result of Coronavirus.
BritishAmerican Business Chief Executive Duncan Edwards said:
BAB is proud to be working strongly in partnership with Minister Hands as well as our colleagues on the Department for International Trade to deliver this roadshow as well as the Making a Difference article. The feedback we received from companies that are small throughout the UK on what they would love to see from a future 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 belongs to a continuation of yearlong efforts created by BAB and policy makers to place the needs as well as interests of developing organizations at the heart of trade policy. The report not just showcases just how government is able to put this into action; it also mirrors that the UK Government has presently embraced the’ triangle of action and support’ that the article suggests. We congratulate the UK Government inside its approach and expect doing the part of ours so that even more businesses can turn the transatlantic ambitions of theirs into reality.