Sunday 29 November, 2020

BVI passes Consumer Protection Act & Trade Commission Act

[iStock.com/Ridofranz]

[iStock.com/Ridofranz]

The British Virgin Islands has passed the Trade Commission Act and the Consumer Protection Act but Opposition Leader Sean Penn said fair trade law is needed to further level the playing field.

He said theirs is a small economy so extreme caution is needed when allowing big businesses to operate within the territory.

“We already have the advent of the Amazons of the world and what Amazon has done in terms of its impact on small businesses functioning within an environment. While we don’t want to restrict persons who have the right of choice, we also have to look at how those entities impact the businesses on the ground that drives the economy in the territory.”

The Opposition Leader said this concern also extends to local wholesalers who are competing with local retailers.

He insists that a legislative framework is needed to safeguard the more vulnerable entities and ensure that their bigger establishments don’t have an unfair advantage over entrepreneurs who are also trying to survive in the market.

“We have to educate our public on how their consumer behaviour sometimes has an adverse effect on the overall global picture and our local economic picture and how we could create some dire situations for businesses infrastructure and all the things that trickle down from economic activities.”

He urged the government to consider investing in educational campaigns that’ll arm entrepreneurs with the tools needed to take their businesses to the next level. 
 

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