“We welcome the UK’s ambition to join the CPTPP as part of its broader strategy to unlock international trade and investment opportunities for British companies.
“We are excited about the growth opportunities this trade agreement will help unlock in the long term, where addressing import tariffs and improving the broader regulatory environment are key priorities for a number of markets,” said Wilson Del Socorro, global director of Diageo Government Affairs.
The company already has a significant presence and scale in many of the countries represented in this Agreement and it expects the TIPAT to create stronger economic ties with the UK.
For example, in Mexico, a key export destination for Scotch whiskey, Diageo is the largest international spirits player and directly employs more than 1,200 people at various production sites and offices in the country.
Diageo is also a market leader in the fast-growing Premium and Super Premium tequila category with its acquisition of Tequila Don Julio in 2015, Casamigos in 2017 and Pierde Almas 2018.
The company reported net sales of 11,752 million pounds in the 12 months ended June 30, a year-on-year decrease of 8.7 percent.
The CPTPP reduces and eliminates tariff and non-tariff barriers in goods, services and agriculture.
It includes 30 chapters, with traditional disciplines such as: trade in goods, rules of origin, sanitary and phytosanitary measures, technical barriers to trade, services, investment, among others, as well as next generation topics such as: disciplines for state-owned companies, trade and labor, trade and environment, intellectual property, regulatory coherence, treatment of SMEs, and electronic commerce.