U.K. flags new Indian market for Scottish salmon trade after FTA
The U.K. Government has flagged the unlocking of the Indian market for Scottish salmon following the Free Trade Agreement (FTA) with India, finalised earlier this month and expected to be formally signed off in the coming weeks.
Downing Street has this week been highlighting benefits of the India-U.K. FTA and other trade pacts struck in its wake with the U.S. and European Union (EU) in an effort to showcase the sectors and regions across the United Kingdom set to benefit.
'These trade deals deliver long term security for people in Scotland. They will create opportunities for more seamless trade and attract inward investment to grow the economy, making a difference to people's lives,' Prime Minister Keir Starmer said in a statement.
'These changes will be felt everywhere, whether it's lower food prices at the checkout, more choice for consumers and higher living standards that will improve livelihoods across Scotland,' he said.
Downing Street noted that the FTA had 'unlocked a new salmon market through our deal with India, with tariffs dropping from 33% to 0%'.
'Securing frictionless access to key markets such as the EU, along with expanding opportunities in India, is crucial to protect our producers from unnecessary barriers like tariffs and red tape,' said Tavish Scott, chief executive of Salmon Scotland, the key representative of the sector.
'Ministers rightly recognise salmon as the jewel in the crown of our world-class produce and its vital role in the economy of coastal communities and across the U.K.,' he said.
However, in Scotland, the spotlight remains on the whisky industry which is set to see tariffs for exports to India slashed significantly over the next decade following what the U.K. has dubbed as a 'landmark deal' — agreed on May 6 and expected to add an extra GBP 25.5 billion annually in the long run to the current two-way trade of GBP 41 billion.
Under the pact, Scottish distillers will immediately see tariffs halved from 150% to 75% and eventually to just 40% over the next decade.
U.K. Business and Trade Secretary Jonathan Reynolds said, 'The three landmark deals secured this month with the U.S., India, and the EU have shown this government is serious about striking the deals that our businesses want and need.
'For Scottish businesses, these deals will mean stability and jobs protected as they seize new opportunities to sell to some of our biggest trading partners."
"From our world-renowned whisky distilleries to our cutting-edge green energy sector, Scotland has so much to offer international markets... By securing better access to the European Union, United States and India, we're creating real opportunities for Scottish businesses to grow, supporting jobs in communities from the Highlands to the Borders,' added Secretary of State for Scotland Ian Murray.
At the Indian end, leading Goa-based whisky producer John Distillers welcomed the India-U.K. FTA as a "significant step" towards strengthening bilateral trade and economic cooperation between the two countries.
'This may have a short-term impact on Indian products in India, however, we are confident about the quality of our products and believe we can rise to the challenge,' the makers of Paul John whisky said in a statement.
'We also hope that this deal will allow better ease of business for Indian products in the U.K.. It is crucial to ensure that both nations maintain a level playing field, safeguarding the interests of domestic industries and promoting fair competition,' it noted.
Until further details of the FTA emerge, the Indian distiller said it plans to continue to 'build awareness and availability' of its portfolio in the U.K.
Other industries boosted by the FTA include soft drinks and food that the UK government says will 'ramp up' Scotland's export economy.
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