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27 June 2019

Use G20 to ease trade tensions and help all small firms globally

Ahead of this week’s G20 summit in Osaka, Japan, Federation of Small Businesses (FSB) National Chairman Mike Cherry, said:

“One of the central issues that should be on the agenda for the outgoing Prime Minister is ensuring a smooth trading relationship with other G20 members across the world as the UK prepares to exit the European Union.

“While we wait for the new Prime Minister to take their place and set out their priorities when it comes to Brexit, trade and future relationships, the message of open and tariff-free trade will remain just as important in a few weeks’ time as it does now, which is why this needs hammering home on the world stage.

“But whatever the Brexit outcome, 2019 must be the year we refocus our efforts on our plans to trade around the world.

“A nervous global economy, underwritten by turbulent trade wars can cause significant damage to small firms down supply chains, and it’s critical we ease these international tensions for the good of businesses and economies across the globe.

“The WTO has pointed out that new trade restrictions have already significantly hit trade flows which is only hurting small firms, lowering investment and weakening growth. Almost half (47%) of all currently exporting small firms say that the imposition of tariffs plays a role as to whether they decide to export.

“Overseas trade is essential for the success of small businesses, which are the backbone of the UK economy. So it’s vital that world leaders can address these issues for the benefit of all.”