A new report produced by the US-UK trade association British American Business (BAB) has outlined opportunities in which small businesses can overcome barriers to transatlantic trade to take advantage of trading relationships with the US.

BAB has worked in partnership with the Department for International Trade (DIT) to host a series of virtual meetings in which business leaders from SMEs across the UK have discussed opportunities, success stories and challenges that they face.

As a result, a report has now been published, identifying three ‘priority’ areas for the Government to work on with SMEs to foster further trading relationships with the US:

• Resolve trade disputes and enable easier business travel between the US and UK
• Lower the barriers to trade and investment by aligning regulations and standards
• Boost ‘on-the-ground’ practical support that is available to businesses, including negotiating difficult tax requirements and finding trusted suppliers.

SMEs are a key component of the UK economy, contributing £2.2 trillion in income, employing more than 16 million people and making up 99 per cent of the total number of businesses in the UK.

However, the report has expressed concerns about the amount of ‘red tape’ and operating costs that these businesses are often faced with when trading internationally.

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

“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 transatlantic opportunities.”

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