India doesn’t want WTO dispute with EU; seeks to resolve this via dialogue.
India doesn’t want WTO dispute with EU; seeks to resolve this via dialogue.
David Jones & Nick Antonovics
PARIS: Pernod Ricard, the world’s second-largest wines and spirits group, said on Tuesday it was on the lookout for acquisitions in India and China — with vodka, tequila and liqueurs heading its global shopping list.
The French maker of Chivas Regal whisky and Martell cognac, which swallowed most of Allied Domecq 17 months ago, said it put a priority on securing the rights to Stolichnaya vodka, a brand which analysts say is worth 2 billion euros ($2.7 billion).
Pernod managing director Pierre Pringuet said he believed the future of the Indian market would be imports once import duties that can add 200 to 500% to the cost of a bottle of scotch whisky are reduced.
“This country being part of the World Trade Organisation (WTO), will have to scrap maybe not all, but a significant proportion of its very dissuasive duties,” he told Reuters.
DNA Business Bureau adds: India, meanwhile, will seek to resolve the wines and spirits trade row with the European Union through mutual consultations, commerce minister Kamal Nath said here on Monday after a meeting with the French trade minister Christine Lagarde who “strongly raised” the issue of high taxes imposed by Indian state governments on imported wines and spirits.
EU on November 20 took the dispute to the WTO dispute settlement body, but the multilateral trade rules allow 60 days for consultations between the parties to the dispute before setting up an international panel for adjudication.
While the EU feels that its access to India is impaired by levies imposed by Indian states, New Delhi too has raised the issue of Indian whiskies and other spirits being denied access to EU markets.
“She (the French trade minister) has strongly raised the issue, Nath told at a joint news conference with Lagarde. “I hope we will resolve this by dialogue and it won’t have to reach the next stage of dispute settlement.” —Reuters
Duties on imported wines and spirits are also an important source of revenue for state governments in India and thus, the Centre has to move cautiously on the matter.
They said, we said
European Union feels that its access to India, one of the largest markets for wines and spirits, is impaired by levies imposed by various states
New Delhi, too, has raised the issue of Indian whiskies and other spirits being denied access to EU markets
Kamal Nath hopes this will be resolved by dialogue
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