Chinese distiller Kweichow Moutai Co. Ltd. has signed an agreement with the Wine and Spirit Trade Association, a U.K. industry body, to form a strategic, cooperative partnership between China and the U.K.
Under the terms of the agreement, the parties will work together to promote a regular and open dialogue on matters related to the trade.
According to a release from the association, Moutai plans to open five international offices as it seeks to grow overseas sales by 2020. In the U.K. alone, Moutai recorded almost £2.5 million in revenue from its exports of liquor in 2017.
The company disclosed in a Dec. 7, 2017, filing that it earmarked 3.56 billion Chinese yuan through 2020 for its expansion plans.
As of April 24, 2017, US$1 was equivalent to 6.31 Chinese yuan.
