The wine production and consumption business is becoming truly global although the special European influence will stay for many decades to come. But don't think this is bad news for European wine makers.

They are happy that the global market is getting bigger while their own markets are shrinking. And who's giving them such  hopes? You guessed it: the  rising neo-rich class in China and India.

The World Trade Organisation recently pushed the two Asian emerging giants to cut import tariffs significantly so that European wine is made more affordable to customers. For example, China cut tariffs on wine from 44.6 per cent to 14 per cent and on spirits from 19.2 per cent to ten per cent.

Wine consumption is going up by more than ten per cent in China and close to 30 per cent in India, according to media reports. Despite the consumption growth, the numbers still remain quite small. It is said that the British drink more wine during the Christmas season than all the Indians put together in a year.

Nevertheless, China and India are not happy simply being consumers. The two are investing heavily in the domestic wine business and have also started exporting to Europe-a typical case of reverse culture.

It is now common knowledge that whatever China does, it does on a grand scale. China now has ambitions of becoming a big exporter  wine to the world and has been holding international events such as the China International Wine Exposition-seen as a global wine trade platform-which, it hopes, "will be a new centre of the world's wine business". Wine for Asia 2007-to be held in October in Singapore-is into its fifth consecutive year and is expected to host 500 exhibitors from over 30 countries. It is an indication that Asia is taking its wine business seriously indeed.