Opportunities to assist businesses that are small across the UK overcome hurdles to transatlantic trade and development have been reported in the latest report made by leading US-UK trade connection BritishAmerican Business (BAB).
BAB, within partnership using the Department for International Trade, hosted 4 virtual roundtables taking together leaders from over sixty little and moderate 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 challenges they face.
The ensuing report, entitled’ Making a Difference’, currently exposes 3 top priority areas in which the government is able to work with SMEs to motivate 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 standards and regulations.
Resolve trade disputes and allow easier business traveling across the Atlantic.
Increase on-the-ground, practical support to businesses, including sourcing reliable vendors or perhaps navigating complex tax requirements.
Making up 99 % of all businesses in the UK, producing £2.2 trillion of income and employing 16.6 million individuals, SMEs are the backbone of the UK economy. As the article shows, nevertheless, they’re oftentimes hit probably the hardest by cherry red tape and huge operating costs.
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 competitors within the US. TradingHub, an information analytics firm of London, revealed completing tax registration was excessively complex, expensive and time-consuming, especially when operating in more than a single US state.
The UK government is committed to producing far more opportunities for SMEs to exchange with partners across the world as it moves ahead with its independent trade policy agenda, and negotiations are currently underway with the US, New Zealand and Australia. In addition to constant trade negotiations, DIT has a program of support ready to help SMEs use the guidance they need:
A network of about 300 International Trade Advisors supports UK businesses to export and expand their business internationally.
In December 2020 DIT set up a £38m Internationalisation Fund for SMEs found England to help 7,600 organizations grow their overseas trading.
UK Export Finance also offers a network across the UK that supply qualified support on trade as well as export finance, particularly SMEs.
Negotiations on a trade deal with the US are actually ongoing, and the two sides have recently reached large agreement on a small and medium-sized venture (SME) chapter. A UK-US SME chapter will provide extra support by boosting transparency and making it easier for SMEs to swap, for example by establishing brand new actions on information sharing.
SMEs could also benefit from measures throughout the remainder of an UK US FTA, on customs as well as swap facilitation, company mobility, and digital trade, for instance, and we are now focusing on SME-friendly provisions throughout the agreement.
Minister of State for Trade Policy Greg Hands said: Small enterprises are at the center of the government’s swap agenda as it moves forward as an independent trading nation. We’ve actually made progress that is good on a UK-US change deal, – the committed SME chapter will make it easier to them to offer for sale goods to the US and produce the best value of transatlantic opportunities.
From Stoke-on-Trent Ceramics, via world leading medical treatment technology offered by Huddersfield, to Isle of Wight lifejackets – we’re committed to a deal that works for UK producers and consumers, and ensuring it really works to the advantageous asset of SMEs long into the future.
After a tough 2020 I would like to thank the SMEs which took part in this research and gave us such invaluable insight into just how we are able to use our impartial trade policy to make certain we build again better as a result of the economic effect of Coronavirus.
BritishAmerican Business Chief Executive Duncan Edwards said:
BAB is proud to be working strongly doing partnership with Minister Hands and our colleagues at the Department for International Trade to give this roadshow and also the Making a Difference report. The feedback we received from small companies throughout the UK on what they would love to see from a later UK-U.S. Free Trade Agreement echoes the opportunities the transatlantic economic corridor offers, as well as 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 and interests of growing organizations at the center of trade policy. The report not simply showcases just how government can put this into action; in addition, it mirrors that the UK Government has currently embraced the’ triangle of activity and support’ that the report recommends. We congratulate the UK Government in the approach of its and look ahead to doing the part of ours so that even more corporations can turn the transatlantic ambitions of theirs into truth.