Small businesses are welcoming the setting up of a “digital bridge” to ease red tape under the recently-announced Atlantic Declaration.
The deal for co-operation announced by Rishi Sunak and Joe Biden establishes a framework for a 21st century US-UK economic partnership.
One of its pledges is to set up a Data Bridge to facilitate data flows between the two countries while ensuring effective privacy protections.
The Atlantic Declaration aims to ensure joint leadership in critical and emerging technologies and sets out a series of sector-by-sector agreements on topics such as defence procurement, data and professional qualifications.
The two countries will build secure supply chains and collaborate on key industries including A1, 5G and 6G telecoms, quantum computing, semiconductors and engineering biology.
Tina McKenzie, Policy Chair of the Federation of Small Businesses (FSB) said: “There’s a clear appetite among UK small businesses to trade with the US, so the Atlantic Declaration is a welcome move.
“Our research shows the US is the top non-European market for small traders in the UK – a majority (59 per cent) of UK small exporters sell goods to the US, while almost a third of small importers buy from the States.
“FSB has been part of the UK-US Governments’ SME dialogues over the last few years and helped identify a number of areas to strengthen co-operation in order to unlock the export and import potential of small businesses on both sides of the Atlantic.
“This includes developing more detailed guidance to encourage more small firms take part in international trade and simplifying customs procedures to increase efficiency and reduce trade transaction costs for small businesses.
“We’re glad to see the creation of a new US-UK digital bridge, which will help remove red tape for small businesses and empower them to access new markets.
“Small firms currently need to work up contractual safeguards when sending data across borders. We hope this will no longer be needed, and is therefore a practical boost to digital and service exports.”
