Would less protectionism keep Spanish wine flowing to China?

CGTN Europe

CGTN speaks to a pioneer of the Spanish wine world, who has spent decades building up a huge customer base in China. Miguel Torres says he wants less protectionism and more open markets to keep trade flowing. Our correspondent Ken Browne reports.  #spain #wine #china #protectionism #freetrade

Transcript

00:00Voted the world's most admired wine brand in 2024 for the 7th time by Drinks International,

00:09Familia Torres is an icon of Spanish wine.

00:15Over 150 years and 5 generations, wines like Sangre de Toro have become household names.

00:23Torres vineyards like this one help produce over 30 million bottles of wine each year

00:28and they travel from here around the world.

00:33Much of their modern success is attributed to Don Miguel Torres.

00:37Living legend, visionary are some of the words used to describe him, but he prefers intuition,

00:43experience, common sense and audacity.

00:49Where many failed to stay the course in China during the 80s and 90s, the Torres family

00:54built an import empire.

00:56Now the company's revenues make up the best part of 300 million dollars a year.

01:02Well, I think China is a love story, you know, and I decided to go there at least as early

01:09as 1992.

01:10The Chinese, they love red wines, Sangre de Toro has been immediately, you know, sort

01:16of taken as an icon from Spain, no?

01:19We are always among the top 10 wine brands in China.

01:23The environment is crucial to winemaking and with protectionist winds blowing following

01:28European Union tariffs on Chinese electric cars and levies of up to 39% on EU brandy

01:35being imported into China, tariffs spell trouble for companies like Familia Torres, which also

01:41produces brandy.

01:43Well, I hope this comes down, you know, immediately, as soon as possible.

01:49Actually, I don't believe in this protection, I believe in free markets, you know, free

01:53to export wines, free to export the cars, whatever, and compete, you know?

01:59So I'm in favor of free markets, absolutely.

02:04With Chinese investigations ongoing into other European exports like pork and dairy products,

02:10further tariff hikes would be disastrous, particularly for Spain's pork industry, and

02:16the sector is holding its breath.

02:19Voting voices of Spanish industry, like Familia Torres, are hoping the disputes don't escalate

02:24into an all-out trade war where everybody loses.

02:28Ken Brown, CDTN, Barcelona.

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