India-UK Trade Deal Shakes Up Alcohol Industry
The India-UK trade deal has resulted in a significant reduction in import duties on British whiskies and gin, sparking concerns within the domestic Indian alcoholic beverage industry. While foreign companies see it as a strategic advantage, local players fear potential adverse impacts on the industry and exports.
- Country:
- India
The newly finalized trade agreement between India and the UK has provoked alarm in India's domestic alcoholic beverage industry. The deal, which drastically reduces import duties on British whiskies and gin, is seen as a potential threat to local producers.
The Confederation of Indian Alcoholic Beverages Company (CIABC) has expressed concern that the government overlooked certain pleas from the local industry, leading to fears of dumping and under-invoicing by foreign brands. The CIABC warns of further implications if the government replicates this model in trade negotiations with other countries.
Conversely, the International Spirits and Wines Association of India (ISWAI), representing global liquor brands, has welcomed the agreement. They view the tariff cuts as promising strategic benefits and an opportunity to expand India's market for premium brands. However, domestic stakeholders remain wary of these developments.
(With inputs from agencies.)
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