Monday, 4 July 2011
“TRADE PACT IS A BOOST FOR BANFFSHIRE” - WHITEFORD
Banff & Buchan MP Eilidh Whiteford has welcomed the signing of a Free Trade Agreement between the EU and South Korea that is expected to see the whisky industry as one of the biggest beneficiaries.
The agreement will reduce taxation on Scotch whisky making its way into the Asian country and removes a range of onerous warehousing and labelling requirements that added cost to the process.
The Agreement should help the already significant South Korean market for whisky grow and expand.
The most popular single malt brands in South Korea are Macallan and Glenfiddich – both significant producers from Banffshire.
Commenting, Eilidh said:
“This agreement between the EU and South Korea is of real significance for the whisky industry with the European Trade Commissioner stating it could even double exports from the current level of over 150 million pounds.
“In addition to the opening up of much bigger sales opportunities the agreement also includes important brand protection measures put in place to prevent forgery and fakes from undermining the brand quality that is of crucial importance to one of Scotland’s most recognisable products.
“This is particularly important to Banffshire as the home of the Scotch whisky industry.”