Report reveals trans-Atlantic trade challenges for SMEs

The BritishAmerican Business (BAB) report, titled Making a Difference, suggested policy areas where the government could increase greater trans-Atlantic trade to support SMEs across the UK, including:

• Lower barriers to trade and investment by aligning standards and regulations;
• Resolve trade disputes and enable easier business travel across the Atlantic; and
• Boost on-the-ground, practical support to businesses, such as sourcing trusted suppliers or navigating complex tax requirements.

The BAB report was put together in partnership with the Department for International Trade, and was based on four virtual roundtables bringing together leaders from over 60 small and medium enterprises (SMEs) across London and the South of England, the Midlands, the North of England and Scotland.

The report comes as negotiations on a trade deal with the US are ongoing, and both sides have now reached broad agreement on a small and medium-sized enterprise (SME) chapter.

Further, a UK-US SME chapter will provide additional support by boosting transparency and making it easier for SMEs to trade, for example by establishing new measures on information sharing.

“Small businesses are at the heart of the government’s trade agenda as it moves forward as an independent trading nation,” said Minister of State for Trade Policy Greg Hands.

“We’ve already made good progress on a UK-US trade deal – the dedicated SME chapter will make it easier for them to sell goods to the US and make the most of trans-Atlantic opportunities.

“After a challenging 2020 I want to thank the SMEs who took part in this research and gave us such valuable insight into how we can use our independent trade policy to ensure we build back better from the economic impact of coronavirus.”