From the Highlands to the Borders, Scottish people are set to
benefit from the UK's landmark trade deals with India, US and EU
announced in recent weeks.
The Prime Minister discussed the huge growth opportunities and
benefits for Scotland during a visit Clydeside Distillery in
Glasgow today.
Visit comes after Prime Minister visited BAE Govan this morning
to announce the Strategic Defence Review, which will see
significant investment in Scotland . More than £2 billion a year
is already spent by the Ministry of Defence with industry
organisations of all sizes in Scotland, supporting over 25,000
skilled jobs in Scotland.
The world-renowned Scotch Whisky industry is set to boom globally
– with the Scotch Whisky Association announcing they forecast £1
billion of extra exports in five years, plus 1,200 new jobs
thanks to the tariff reductions as part of the UK-India Free
Trade Agreement.
India is an important market for Scotland, with 457 Scottish
businesses exporting a total of £610 million in goods there last
year.
Under the India trade deal, tariffs have been cut on a range of
iconic Scottish goods, from whisky tariffs halved from 150% to
75% and dropping to 40% after 10 years to salmon reduced from 33%
to 0%. Iconic Scottish brands like Irn Bru and Scottish
shortbread will also see reduced tariffs.
Scotland's thriving life sciences and health tech hubs will be
strengthened by IP commitments on areas such as trade secrets and
copyright, helping companies export to India with confidence.
Prime Minister said:
Our trade deals with India, US and the EU will slash tariffs on
key industries and open markets set to help drive growth in
Scotland and put money in the pockets of the hardworking Scottish
people, delivering on our Plan for Change.
Scotland is home to some of the most world-renowned products,
which can now be enjoyed across the globe – all whilst saving
Scottish businesses money.
That is why we have secured these deals, and why we will continue
to go further and faster to improve the lives of everyone in the
UK.
Secretary of State for Scotland said:
Our trio of trade deals shows we are championing Scottish
products and businesses on the global stage. From our
world-renowned whisky distilleries to our cutting-edge green
energy sector, Scotland has so much to offer international
markets. But more importantly as part of our Plan for Change this
means more money in people's pockets.
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.
Mark Kent, Chief Executive Officer of the Scotch Whisky
Association, said:
As the UK's largest food and drink export to 180 markets
worldwide, Scotch Whisky producers welcome the work being done to
reduce trade barriers around the world. The landmark UK-India
free trade agreement will be transformational for the Scotch
Whisky industry over the longer term and has the potential to
increase exports to India by £1bn over the next 5 years and
creating 1,200 jobs across the UK.
It's also constructive to see a potential reduction in the burden
on exporters through the UK agreement with the EU. We continue to
support the UK government's efforts to address the issue of
tariffs with the US and establish a pathway to return to the
zero-for-zero tariff arrangement we have had with the US on
spirits for more than 30 years.
The new agreement with the European Union, the UK's largest
trading market, will directly address challenges faced by
Scottish exporters since 2019. The Scottish salmon industry has
estimated that between 2019 and 2023, Scottish Salmon export
values experienced a net loss of around £75 million. The deal
with the EU makes it significantly easier to sell Scottish goods
to European markets.
