Opportunities to help businesses that are small throughout the UK overcome hurdles to transatlantic trade as well as development have been outlined in a brand new report made by leading US UK trade association BritishAmerican Business (BAB).
BAB, in partnership with the Department for International Trade, hosted 4 virtual roundtables bringing together leaders from more than 60 small and moderate enterprises (SMEs) across London and also the South of England, the Midlands, the North of England and Scotland, to hear their success stories and help tackle the challenges they face.
The resulting article, entitled’ Making a Difference’, nowadays reveals 3 top priority areas where the government can work with SMEs to encourage improved transatlantic trade as well as investment as a part of its ongoing work to help SMEs across the UK:
Lower hurdles to trade and purchase by aligning regulations and standards.
Resolve trade disputes and enable easier business traveling across the Atlantic.
Increase on-the-ground, practical assistance to businesses, such as sourcing reliable suppliers or perhaps navigating complex tax requirements.
Making up ninety nine % of all companies in the UK, generating £2.2 trillion of earnings and employing 16.6 million people, SMEs are actually the backbone of the UK economy. As the report shows, nonetheless, they are oftentimes hit the hardest by cherry red tape as well as high operating costs.
For example, Stoke-on-Trent-based ceramics company Steelite International presently faces 25.5 % tariffs on its US exports, despite facing little domestic competitors in the US. TradingHub, a details analytics firm in London, revealed finishing tax registration was excessively complex, expensive and time-consuming, specifically when operating in more than a single US state.
The UK government is committed to generating far more opportunities for SMEs to swap with partners across the world as it moves forward with its independent trade policy agenda, and negotiations are by now underway along with the US, New Zealand and Australia. Along with ongoing trade negotiations, DIT has a process of support ready to aid SMEs access the help and advice they need:
A network of around 300 International Trade Advisors supports UK businesses to export and grow the business of theirs internationally.
With regard to December 2020 DIT build a £38m Internationalisation Fund for SMEs found England to help 7,600 businesses grow the overseas trading of theirs.
UK Export Finance even offers a network across the UK who supply specialist support on trade as well as export finance, particularly SMEs.
Negotiations on a trade package with the US are ongoing, and the two sides have now reached broad agreement on a small and medium-sized enterprise (SME) chapter. A UK US SME chapter is going to provide extra assistance by boosting transparency and making it easier for SMEs to trade, for example by creating new methods on info sharing.
SMEs could also benefit from measures throughout the remainder of an UK US FTA, on traditions as well as trade facilitation, business mobility, and digital swap, for example, and we are now concentrating on SME friendly provisions throughout the agreement.
Minister of State for Trade Policy Greg Hands said: businesses which are Small are at the center of the government’s swap agenda as it moves forward as an unbiased trading nation. We have actually made good progress on an UK US trade deal, – the dedicated SME chapter is going to make it easier for these people to sell goods to the US and produce the most of transatlantic potentials.
From Stoke-on-Trent Ceramics, by way of earth leading medical treatment technology from Huddersfield, to Isle of Wight lifejackets – we’re committed to a deal that operates for UK producers and customers, and ensuring it really works to the advantage of SMEs long time into the future.
Right after a hard 2020 I wish to thank the SMEs that took part in this particular research and gave us this sort of invaluable insight into the way we are able to use our independent trade policy to ensure we build again better from the economic result of Coronavirus.
BritishAmerican Business Chief Executive Duncan Edwards said:
BAB is actually satisfied to be working closely in partnership with Minister Hands and the colleagues of ours at the Department for International Trade to deliver this roadshow and also the Making a Difference article. The feedback we received from businesses that are small 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 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 work manufactured by BAB and policy makers to put the needs as well as interests of developing companies at the heart of trade policy. The report not simply showcases just how government can put this into action; in addition, it echoes that the UK Government has currently followed the’ triangle of activity and support’ that the article recommends. We congratulate the UK Government in its approach and anticipate doing the part of ours so that more companies can turn the transatlantic ambitions of theirs into reality.