Kemi Badenoch says UK joining CPTPP is 'very big deal'
Britain’s alcohol and cholocate companies have had a merrier Christmas than usual, after sales to countries in the UK’s latest trade partnership soared.
Sales of Christmassy treats, including chocolate, gin, whisky and sparkling wine, are up “significantly” this year after Britain joined the landmark Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) trade bloc.
The upbeat economic news comes thanks to the zero percent tariffs levied on the festive tipples, granted by the UK’s newly-approved membership.
Britain joined the CPTPP, a major post-Brexit victory that sees the UK granted access to ￡12trillion-worth of economies around the world, including Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.
Speaking of her “delight” at joining the group of free-trading nations, Business and Trade Secretary Kemi Badenoch predicted it would give British businesses “first-mover advantage in some of the fastest-growing markets in the world”, and would support “jobs and economic growth right across the country”.
CPTPP
READ MORE: Badenoch hails UK's ￡12 trillion post-Brexit deal as she attends CPTPP meeting
Ms Badenoch hailed the Christmassy boost (Image: Getty)
Today’s news appears to prove the Trade secretary right, with sales of Scotch Whisky to Singapore up by 31 percent - an increase of ￡90million in current prices - and 43 percent (￡11million) to Malaysia.
Meanwhile the booming English sparkling wine industry has seen a 140 percent increase in sales to Japan.
And when it comes to sweet treats, UK chocolate exports to Singapore have shot up by 220 percent, to over ￡26million.
With the Indo-Pacific region set to account for the majority of global growth over the decades the come, the Government hopes that CPTPP membership helps sell the benefits of Brexit, as Europe’s economy increasingly shrinks on the global stage.
Hailing the good trade news, Ms Badenoch said producers are “already reaping the rewards” of the UK’s newly-won independence.
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Pernod Ricard said they are "excited by the CPTPP" and its opportunities (Image: DBT)
She said: “This Christmas our fantastic British food and drink producers are already reaping the rewards of the UK’s tilt towards the Indo-Pacific, with high demand in fast-growing economies such as Singapore and Malaysia for our world-renowned festive staples.
“Once we become a fully-fledged CPTPP member, tariffs on more than 99% of UK goods will be set at zero percent, ensuring even more people across the globe will be able to celebrate next Christmas with a glass of English sparkling wine or dram of Scotch whisky.”
The Department for Business and Trade singled out producers across the UK who are benefiting from the boost, such as Summerdown, Isle of Harris distillers and Balfour Wines, the bosses of whom all championed the good news.
Jonathan Brenton of Pernod Ricard said they are “excited by the UK’s entry into the CPTPP”, with the Pacific rim “already the world’s most economically dynamic region and five CPTPP members are in the top 20 markets for our Scotch whiskies”.
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Peter Kwasniewski of Isle of Harris Distillers added: “Exporting to CPTPP is becoming an increasingly important part of our business, and we’ve seen an encouraging boost to our sales to member countries over the past year."
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Hampshire-based chocolates Summerdown have already seen a ￡18million increase in current exports to Singapore.
Chief Mint Officer Jo Colman said they were filled with “enormous pride” that their products are now being enjoyed all around the world.
He added: “The support we have received from DBT over the years in these key markets has always been invaluable in enabling us to focus on promoting and extolling the virtues of what makes everything we sell so special - our Black Mitcham peppermint.”
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