UK wine and whisky exports boom in Asia-Pacific

Published 2024년 1월 3일

Tridge summary

The UK Government has decided to join the CPTPP Asia-Pacific trade bloc, leading to increased exports of UK goods to countries within the bloc. The UK is set to formally join the CPTPP in 2024, offering lower trade barriers and creating opportunities for the export of goods such as wine, Scotch whisky, and chocolate. UK exports, especially in the food and beverage industry, to CPTPP countries like Japan, Malaysia, and Singapore have seen significant growth, with sparkling wine exports to Japan increasing by 140% and chocolate exports to Singapore increasing by 220%.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Following the UK Government’s decision to join the CPTPP Asia-Pacific trade bloc in July, drinks exporters are toasting success in the region with sparkling wine exports to Japan up 140%. In July 2023, the UK formally agreed to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), an Asia-Pacific trade bloc made up of 11 other countries: Australia, Brunei Darussalam, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam. As the first new member since the bloc was established in 2018, and the first European member, the Government has said the agreement will offer lower trade barriers to a region “expected to become increasingly significant in the global economy”. In 2022, the UK exported £61.3 billion of goods and services to the CPTPP countries (7.5% of the UK total) and imported £52.1 billion (5.8%). From an F&B standpoint, CPTPP countries, especially those in Asia, offer huge opportunities. Wine in Asia is expected to ...

Source: Thedrinkbusiness