Opportunities to help businesses which are small across the UK overcome obstacles to transatlantic trade and development have been reported in a new report produced by leading US UK trade association BritishAmerican Business (BAB).
BAB, inside partnership using the Department for International Trade, hosted four 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 England and Scotland, to hear the success stories of theirs and help tackle the challenges they face.
The ensuing article, entitled’ Making a Difference’, today uncovers 3 priority areas where the government is able to work with SMEs to encourage better transatlantic trade as well as investment as part of its ongoing work to help SMEs across the UK:
Lower hurdles to trade and buy by aligning standards and regulations.
Resolve trade disputes and allow easier business travel across the Atlantic.
Boost on-the-ground, useful assistance to businesses, like sourcing trusted suppliers or navigating complex tax demands.
Making up ninety nine % of all organizations in the UK, producing £2.2 trillion of income and employing 16.6 million individuals, SMEs are actually the backbone of the UK economy. As the article shows, however, they’re often hit probably the hardest by red colored tape and high operating expenses.
For instance, Stoke-on-Trent-based ceramics company Steelite International currently faces 25.5 % tariffs on its US exports, in spite of facing little domestic competition within the US. TradingHub, a details analytics firm of London, revealed completing tax registration was constantly complex, time-consuming and expensive, particularly when operating in more than one US state.
The UK government is focused on creating more opportunities for SMEs to exchange with partners throughout the world as it moves ahead with its impartial trade policy agenda, and negotiations are currently underway along with the US, Australia and New Zealand. Along with constant trade negotiations, DIT has a program of support ready to help SMEs use the advice they need:
A network of around 300 International Trade Advisors supports UK businesses to export and expand the business of theirs internationally.
With regard to December 2020 DIT set up a £38m Internationalisation Fund for SMEs found England to assist 7,600 businesses grow their overseas trading.
UK Export Finance also has a network throughout the UK that supply qualified help on trade and export finance, especially SMEs.
Negotiations on a trade package with the US are actually recurring, and both sides have finally reached broad agreement on a small and medium-sized enterprise (SME) chapter. A UK-US SME chapter will provide additional support by improving transparency and making it easier for SMEs to exchange, for instance by establishing brand new measures on info sharing.
SMEs can also benefit from measures across the majority of an UK US FTA, on customs as well as change facilitation, company mobility, and digital trade, for example, and we’re now focusing on SME-friendly provisions throughout the agreement.
Minister of State for Trade Policy Greg Hands said: businesses which are Small are actually at the center of the government’s change agenda as it moves ahead as an unbiased trading nation. We’ve already made good progress on an UK US change deal, – the committed SME chapter is going to make it easier for them to sell off items to the US and produce the best value of transatlantic opportunities.
From Stoke-on-Trent Ceramics, through planet leading health-related treatment engineering from Huddersfield, to Isle of Wight lifejackets – we’re devoted to a deal that operates for UK producers and customers, and ensuring it truly does work to the benefit of SMEs long time into the future.
Right after a tough 2020 I wish to thank the SMEs who took part in this research and gave us this kind of invaluable insight into how we are able to use our impartial trade policy to ensure we build again better as a result of the economic result of Coronavirus.
BritishAmerican Business Chief Executive Duncan Edwards said:
BAB is actually proud to be working closely doing partnership with Minister Hands and the colleagues of ours on the Department for International Trade to give this roadshow and also the Making a Difference report. The feedback we received from businesses which are small across the UK on what they would love to see from a future 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 work made by BAB and policy makers to put the needs and interests of developing organizations at the heart of trade policy. The report not simply showcases how government is able to put this into motion; it also mirrors that the UK Government has currently followed the’ triangle of activity and support’ that the article suggests. We congratulate the UK Government in its approach and expect doing our part so that more businesses can turn their transatlantic ambitions into reality.