Scotch whisky to toast £1bn export boost under UK-India trade deal
The Scotch whisky industry has hailed the landmark UK-India trade deal as “transformative”, with tariffs set to be cut and exports to the world’s largest whisky market expected to soar.
A Prime Minister-led trade mission to India this week aims to highlight the benefits of the new UK-India trade deal for Scottish businesses, with Scotch whisky among the biggest winners. The agreement is expected to add £190 million a year to the Scottish economy.
Under the deal, Indian import tariffs on Scotch whisky will be significantly reduced – a move forecast to drive an increase in sales to India worth up to £1 billion annually. The Scotch Whisky Association (SWA) said the changes would help grow the spirit’s market share in India, currently the world’s largest whisky market.
Scottish secretary Douglas Alexander and representatives from the whisky industry are joining the Prime Minister’s trade mission to India to promote the deal and strengthen trade and diplomatic ties. The delegation will meet with senior Indian ministers and business leaders during the visit.
“Transformative” opportunity for Scotch
Douglas Alexander said: “The historic trade deal the UK Government struck with India this year is great news for Scotland and especially our whisky industry. But, having secured the deal, our challenge and responsibility now is to put this deal into action. That requires implementation of the deal by the governments of India and the UK, and the utilisation of the deal by British and Indian businesses.”
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He added: “Leading this trade mission, the Prime Minister will be beating the drum for Scotland’s finest products. With the strength and support of the UK Government they can be world-reaching in terms of export markets.
“Over the last year, as Trade Minister, I’ve worked closely with the Scotch Whisky Association and other Scottish businesses. I understand the challenges they face and that this deal with India could be transformative for the industry over the long term. On this trade mission we will be looking to take full advantage of the opportunities this crucial trade deal brings for Scotland.”
Before his current role, Alexander served as Trade Policy Minister in the Department of Business and Trade and was part of the team that helped secure the trade agreements with India, the US, and the EU.
SWA welcomes new access to Indian market
Mark Kent, Chief Executive of the Scotch Whisky Association, said: “We’re delighted to join this visit following the efforts of the UK Government to secure the UK–India Free Trade Agreement, and look forward to its swift and smooth implementation. Delivering liberalised tariffs on all our exports to India will open up access to the world’s largest whisky market in the years to come and give greater choice to Indian consumers.”
The Business and Trade Secretary, Peter Kyle, and the Investment Minister, Lord Jason Stockwood, will also be part of the UK Government’s delegation to India.
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