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The voluntary agreement states that labels should include information on the number of units, a message about responsible drinking, a logo and link for Drinkaware, the recommended NHS limits and advice on drinking when pregnant.
The consultation includes three options: Do nothing and continue with the current voluntary agreement, renew and strengthen the existing self regulatory agreement and introduce a mandatory requirement on labelling.
Health secretary Nicola Sturgeon said: "Many people now understand the importance of sticking to recommended guidelines when drinking and what the risks are if you drink too much. But it can be difficult to monitor your drinking if you don't know how many units are in each drink.
"That's why we believe it's important that the drinks industry play their part by making this information available.
"While some labels now include this information, far too many do not. This consultation makes it clear that, if the drinks industry does not act responsibly, the government will not hesitate to take action."
Jeremy Beadles, chief executive of the Wine Spirit and Trade Association, is disappointed: "We have analysed three times as many products at two major supermarket outlets and they show significantly higher levels of compliance with all 5 elements of the labelling scheme. Over 50% of our sample is using the Pregnancy logo for example.
"What's more in the last few months several major companies have signed up to the voluntary scheme. We urge all companies in the sector to do this voluntarily. It is clearly in their interests to do this rather than face further labelling legislation."
The consultation runs until May 9.
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