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Suppliers and sellers of products agree to curb price increases together

An agreement was reached between economic entities on signing of an agreement on adoption of measures to support prices for socially significant goods. The Ministry of Economy and Finance of Kyrgyzstan reported.

The ministry held meetings with representatives of the Association of Markets, enterprises in the service sector of the Kyrgyz Republic, retail chains Frunze, Globus, Narodny, the Association of Suppliers (Manufacturers and Distributors), the Association of Industrial Sugar Consumers of the Kyrgyz Republic and other large suppliers of food products.

The parties decided to sign an agreement between retail chains and product suppliers.

It was accepted by TD Narodny LLC — Globus and Narodny chain stores, Partner KG CJSC — Frunze chain stores, Association of Suppliers (Manufacturers and Distributors), Doolot Trading LLC, Vital Vista LLC, Kaindy Kant OJSC, Koshoi OJSC. The agreement comes into force on March 9, 2021 and will be valid until June 1, 2021.

The participants undertake to take the necessary efforts and measures to ensure the possibility of purchasing food products by the population at stable prices.

The subject of the agreement is the adoption of measures to support prices for four types of food products: sunflower oil (excluding premium segment), first grade flour, granulated sugar and tin formed bread.

Suppliers undertake to set in the supply contracts in effect on the date of signing the agreement or concluded during the term of its validity the selling prices for the goods in the size specified in the annex to the agreement. At the same time, they will not increase prices until the end of the agreement. The retail chains undertake to set retail prices when selling goods in the size specified in the annex to the agreement, and also not to increase prices.

«Thanks to this, the sale of goods in retail chains on the territory of Kyrgyzstan will be carried out at the retail prices set in the agreement. The agreement is open for signing by other representatives of the business community,» the ministry said.