Minister of Foreign Affairs and Foreign Trade Kerrie Symmonds (centre) and Barbados Chamber of Commerce & Industry president Anthony Branker shaking hands on the proposed new Social Compact. Looking on is BCCI executive member Tomilson Bynoe. (Picture by Lennox Devonish.)

Business, Editors Pick, News

on February 9, 2023

New six-month food compact agreed on

Article by COLVILLE MOUNSEY

Within a week, Barbadians should benefit from the savings of a second Social Compact between Government and the private sector.

This was disclosed today by Minister of Foreign Affairs and Foreign Trade Kerrie Symmonds, who brokered the deal among stakeholders.

He said that he expected the proposal, which was now over to Cabinet, would be signed off within a week. In the meantime, business entities agreed to maintain the parameters of the old compact, which expired last month.

The new arrangement will be for a six-month period on the same 47 items as the previous. However, on this occasion, instead of the 12 to 15 per cent markup across the board, distributors and manufacturers have agreed to a markup range of between 15 per cent to 18 per cent to on dry goods and up to 20 per cent on cold storage products as listed in the basket of goods. It was agreed that Government will remove Value Added Tax on the items under the Compact.

The pork producers have committed to a markup of 10 per cent on pork hocks and knuckles, pork mixed/stew from the hind and shoulder legs.

While the Egg and Poultry Producers Association has opted out of the new agreement, some poultry farmers will work with individual supermarket retailers to bring the best pricing to consumers. (CLM)