Government signs social compact with private sector for reduce prices Loop Barbados

Black Immigrant Daily News

The Barbados Private Sector Association assured their commitment to easing the financial burden afflicting Barbadians this weekend with the signing of a social compact with the Government and the labour movement.

The social compact will reduce prices on 47 items for the next six months. Prime Minister Mia Amor Mottley announced the list of reduced items on Thursday, July 14 during a live press briefing. She indicated that the decision was made recognising the high cost of living.

Prime Minister Mottley, Minister of Energy and Business, Kerrie Symmonds, President of the BPSA, Trisha Tannis, general secretary of the Barbados Workers Union, Senator Toni Moore, signed the compact on Saturday, July 16 following a meeting with the social partnership.

Trisha Tannis, BPSA president, expressed that she was pleased with the tripartite agreement which was signed by the majority of price influencers on the island.

“The compact is being signed on the majority of the price influencers in the country and I think that is very important. We do not obviously and cannot control every retailer on the island but we are satisfied that we are representing a surplus, 70 per cent of the market share,” said the BPSA president.

Tannis noted that the significant reductions will take effect this week, however, the association will not be able to control prices in the informal sector, which comprises minimarts and corner shops. She asserted that these businesses will not massively influence the market.

“I am very proud though that …generally speaking in spite of the concerns about pricing and the potential for exploiting the situation, as it relates to price gouging to the best of our knowledge, there have been no reports of such and therefore, the credibility of the sector to sign this compact stands steady,” she continued.

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