Opportunities to help small businesses across the UK overcome obstacles to transatlantic trade as well as growth have been outlined in the latest report made by the best US UK trade association BritishAmerican Business (BAB).
BAB, within partnership with the Department for International Trade, hosted four virtual roundtables bringing together leaders from over sixty tiny 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 tackle the difficulties they face.
The resulting article, entitled’ Making a Difference’, today exposes 3 top priority areas in which the government is able to work with SMEs to motivate improved transatlantic trade and investment as a part of its ongoing work to support SMEs across the UK:
Lower barriers to trade and purchase by aligning regulations and standards.
Resolve trade disputes and allow easier business traveling across the Atlantic.
Boost on-the-ground, practical assistance to businesses, including sourcing reliable vendors or even navigating complicated tax requirements.
Making up 99 % of all organizations in the UK, generating £2.2 trillion of earnings and employing 16.6 million individuals, SMEs are actually the backbone of your UK economy. As the report shows, however, they’re oftentimes hit probably the hardest by red colored tape as well as high operating expenses.
For example, Stoke-on-Trent-based ceramics manufacturer Steelite International presently faces 25.5 % tariffs on its US exports, in spite of facing small domestic competition inside the US. TradingHub, a data analytics tight in London, revealed finishing tax registration was excessively complex, time-consuming and expensive, specifically when operating in more than a single US state.
The UK government is focused on creating more possibilities for SMEs to exchange with partners around the world as it moves forward with its independent trade policy agenda, and negotiations are already underway with the US, Australia and New Zealand. Besides constant swap negotiations, DIT has a process of support all set to aid SMEs print on the help and advice they need:
A network of around 300 International Trade Advisors supports UK companies to export and expand the business of theirs worldwide.
With regard to December 2020 DIT set up a £38m Internationalisation Fund for SMEs in England to help 7,600 organizations grow their overseas trading.
UK Export Finance also has a network across the UK that provide specialist support on trade as well as export finance, particularly SMEs.
Negotiations on a trade offer with the US are ongoing, and the two sides have now reached large agreement on a medium-sized and small venture (SME) chapter. A UK-US SME chapter will provide extra support by improving transparency and making it a lot easier for SMEs to swap, for instance by establishing brand new measures on information sharing.
SMEs can also benefit from measures throughout the rest of a UK-US FTA, on customs as well as swap facilitation, business mobility, and digital swap, for example, and we are currently focusing 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 trade agenda as it moves forward as an unbiased trading nation. We have already made good progress on an UK US swap deal, – the committed SME chapter will make it easier for them to sell goods to the US and create the best value of transatlantic opportunities.
From Stoke-on-Trent Ceramics, via planet top health-related treatment engineering from Huddersfield, to Isle of Wight lifejackets – we are dedicated to a deal that operates for UK producers and customers, and ensuring it truly does work to the benefit of SMEs long into the future.
After a hard 2020 I want to thank the SMEs who took part in this exploration and gave us this kind of invaluable insight into just how we are able to use our impartial trade policy to make sure we build again better as a result of the economic effect of Coronavirus.
BritishAmerican Business Chief Executive Duncan Edwards said:
BAB is satisfied to be working strongly doing partnership with Minister Hands as well as the colleagues of ours on the Department for International Trade to deliver this roadshow and the Making a Difference report. The feedback we received from companies that are small across the UK on what they would love to see through a future UK-U.S. Free Trade Agreement echoes the opportunities the transatlantic economic corridor provides, 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 as well as policy makers to place the needs as well as interests of cultivating businesses at the center of trade policy. The report not simply showcases how government can put this into action; furthermore, it echoes that the UK Government has already welcomed the’ triangle of activity and support’ that the report recommends. We congratulate the UK Government in its approach and anticipate doing our part so that more corporations are able to turn the transatlantic ambitions of theirs into reality.