Venezuelan govt signs fair prices deal with textile firms

05 Apr '14

2 min read

The Government of Venezuela has signed an agreement with 17 private companies for establishment of fair prices, so that these products can be more acquired by the citizens.

The 17 signatory private companies, which are engaged in import, distribution and marketing of clothing and other household items, said the application of fair prices is necessary for balancing the economy.

During the meeting with representatives of the private companies, President Nicolas Maduro said the agreement is overwhelmingly good and practical.

The companies that have agreed to improve their sales rate by applying fair prices are Grafiti, Tijerazo, Traki, Tiendas Macuto, Centro Beco, EPK, Zara, Pull&Bear, BSK, Arcadia, Abismo, Tennis Shop, Planeta Sport, Aldo, Helly Hansen, Timberlant and Volpe.

The signing of the agreement should result in balancing the prices and break heavy profiteering, President Maduro said, and urged everyone to work together for real and permanent prosperity of the country.

The Organic Law of Fair Prices, which came into effect on January 23 this year, has been designed by a team of lawyers, and was approved by President Maduro as a tool to address the wave of speculation that occurred last year making the country’s traders sell essential products with prices up to 2,000 percent more than their real value.

The Fair Prices law sets a maximum upper limit of 30 percent on production cost to ensure fair prices.

Fibre2fashion News Desk - India

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