Businesses of all sizes – big, small and medium sized – stand to benefit from lower trading costs from TTIP.
But the real winners from TTIP should be our small and medium-sized businesses.
Small and mid-sized firms are disproportionally affected by trade barriers, given they often lack the time, budget and in-house legal and supply chain experts to deal with trade roadblocks and red tape.
A whole new market for businesses to sell to
Small and mid-sized businesses have about 60 million people to sell to in the UK – but there are over 300 million people in the US. And America’s economy is more than six times the size of the UK’s. TTIP will give many UK firms improved access to that huge American market – bringing big opportunities for them and their workers. Given our current access to the EU, signing TTIP would then give UK businesses 800m potential customers to sell to – a huge market for the UK’s small and mid-sized businesses.
Even those firms that don’t export will benefit from the TTIP deal. More orders from the US will create new business for exporting firms at the top of UK supply chains – they will need to meet those orders and so will in turn give more business to small and mid-sized companies in their supply chains.
SMEs and MSBs will gain the most from #TTIP as for each UK customer they get 5 more in the US to sell to
Quicker to market, quicker to success
‘Speed to market’ is a lifeblood for many small and mid-sized businesses – TTIP will help make sure that UK businesses can get their products to American consumers quickly and with certainty.
For example, there are common-sense measures in TTIP to ensure that many products approved in the EU do not have to go through further duplicate testing in the US. This will bring significant cost-savings for small and mid-sized businesses and also mean that they can get their products to market quicker – seizing the big opportunities on the other side of the Atlantic.
Removing unforeseen delays at the border will also allow the UK’s e-commerce frontrunners – worldleading and job creating – to get their products to customers in the US within days of them clicking the order button online.