
Scotch whisky toasts major breakthrough in troubled era
The deal is expected to pave the wave for significant investment by Indian companies to expand their operations in the UK and for British companies to boost exports to India (and vice versa) through the liberalisation of tariffs. The latter has been especially welcomed by the Scotch whisky industry, which has long highlighted the potential of India – the biggest whisky market in the world – as a lucrative overseas sales destination for the water of life.
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India has agreed to slash tariffs on Scotch whisky in half, with the import tax reduced immediately from 150% to 75% and then gradually cut to 40% over the next 10 years.
Jean-Etienne Gourgues, chairman and chief executive of Chivas Brothers said: 'Signature of the UK-India FTA is a sign of hope in challenging times for the spirits industry. India is the world's biggest whisky market by volume and greater access will be an eventual game changer for the export of our Scotch whisky brands, such as Chivas Regal and Ballantine's.
'The deal will support long term investment and jobs in our distilleries in Speyside and our bottling plant at Kilmalid and help deliver growth in both Scotland and India over the next decade. Let's hope that both governments will move quickly to ratification so business can get to work implementing the deal.'
More generally, India's average tariff on UK products will drop from 15% to 3%, which the Government says will make it easier for British companies making everything from soft drinks and cosmetics to cars and medical devices to sell into India.
UK exports to India are forecast to increase by 60% in the long run, equivalent to an additional £15.7 billion of UK exports to India when applied to projections of future trade in 2040.
Bi-lateral trade is expected to rise by 39%, equivalent to £25.5bn a year, when compared to 2040 projected levels of trade in the absence of an agreement.
However, behind the celebratory tone of the announcement lurks a slightly sobering factor: the boost to UK GDP from the deal with India will amount to 0.1% by 2040. This pales somewhat into insignificance compared with the 4% hit to UK GDP estimated to have arisen from Brexit.
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