UK: Pacific trade pact overshadowed by domestic pressures, says WSTA

Confirmation that the UK has signed up to the Asia-Pacific trade pact will open new markets down the line for some in the drinks trade, but will offer little sustenance in the short term. Yesterday’s announcement (30 March) that the UK will join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), covering 11 Asia and Pacific nations, is designed to ease barriers to trade between the nations concerned. However, with the government’s own estimate that joining this combined market of around 500 million people will add just 0.08% in terms of a boost to the British economy, the Wine & Spirit Trade Association (WSTA) was quick to turn the focus back to the plight of many in the UK drinks trade. • Read more: Budget misery for UK drinks trade “It’s positive that the UK is joining CPTPP and opening up more and better trading opportunities with some of the fastest growing economies in the world. There are some important markets among them – for both imports ...