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Scotching tariffs

Whisky is the UK’s top agriculture export – £3.2bn-worth of whisky flowed out of the UK in 2008, accounting for just under a quarter of the UK’s agriculture exports (see Agriculture in the UK 2009). And the US was the top export market, sipping £421m worth of the stuff in 2009, a whopping 13% increase on 2008 in spite of the recession.
 
South Korea’s an important market too. It was already the 7th largest importer in 2009 (£113m). The EU-South Korea free trade agreement that was signed in Brussels last week, will provide even more market access opportunities, with the removal of Korea’s 20% tariffs on imports of whisky.
 
The EU-South Korea FTA will eliminate €1.9bn in duties for EU exporters, provide €19bn in new opportunities for trade in goods and services, and bring in £500m in economic benefits for the UK. Britain’s coalition government has committed itself to pushing liberalisation through deep and comprehensive free trade agreements like this. Our other trade priorities are the Doha Development Agenda (which should increase the global economy by at least $170bn a year), and FTAs like EU-India, EU-Canada and EU-Merosur. Hopefully all of these will bring more foreign market access opportunities for world famous Scotch Whisky and other high quality British goods and services.

That’s something everyone can toast: Slàinte mhath! (translation: good health)

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