NEW DELHI: UK food and drink exporters are toasting success this festive season with luxury British staples such as Scotch Whisky, chocolates, and sparkling wine being ordered en masse by the trading bloc of Comprehensive and Progressive Agreement for TransPacific Partnership (CPTPP).
The UK is the first non-founding member to join the CPTPP and the second biggest economy in the bloc after Japan. The decision to join the grouping was taken after Britain’s exit from the European Union.
Demand from consumers in CPTPP – the massive trade bloc in the Indo-Pacific comprising 11 countries – boomed ahead of the festive season, according to UK’s Department for Business and Trade. Singapore, Japan, Mexico, and Malaysia are among the members.
The Indo-Pacific region is set to account for the majority of global growth and around half of the world’s middle-class consumers in the decades to come, presenting huge opportunities for UK businesses, the statement added.
Under CPTPP, which the UK is set to formally join next year, tariffs on 99 per cent of UK goods exports such as chocolate to Mexico and Malaysia will be zero, helping drive even more export success.
Over the past year, UK chocolate exports to Singapore have increased by a significant 220 per cent in current prices to over £26 million, while sparkling wine exports to Japan have increased by 140 per cent to over £26 million.
Scotch Whisky continues to dominate the Singapore market, with over £380 million worth exported from the UK over the last year. This marks an increase of 31 per cent (£90 million) in current prices on the previous year. Its huge popularity extends to other markets in CPTPP, with a 43 per cent (£11 million) increase of Scotch Whisky exports to Malaysia over the past year.
Singapore is not the only country with an increasing taste for British alcohol. For Kent-based Balfour Winery, Japan – which buys more sparkling wine from the UK than any other CPTPP country – is by far their biggest market, totalling 35 per cent of sales.
