Trade deal with DR will help lower price of goods in VI- Premier - said such a deal is necessary with minimum wage increase

FAT HOGS BAY, Tortola, VI- Premier and Minister of Finance Dr the Hon Natalio D. Wheatley (R7) has reminded that he will soon be leading a trade mission to the Dominican Republic to secure a trade deal.

The Premier, speaking on ‘Da Morning Braff’ on Tola Radio (100.5 FM) on Tuesday, February 4, 2025, explained the government’s new approach to implementing the increased minimum wage which will now be $8.50 per hour. With this increase of $2.50 taking effect sometime this year, Dr Wheatley said companies are bound to pass this on to their customers, driving up the cost of living.

DR trade mission may help lower prices of goods- Premier

The Dominican Republic, Premier Wheatley told listeners and host Mr Floyd P. Burnett aka ‘Heritage’, is one of the largest recipients of foreign direct investment in the Western Hemisphere and one of the VI’s neighbours. “They have a lot of agriculture, and they produce a lot of products. I’m going to be taking a trade mission to the Dominican Republic to see how we can secure a trade relationship that can help us to lower the price of goods in the Virgin Islands,” he explained.