SAN SALVADOR – In a move aimed at easing economic pressures on Salvadorans, President Nayib Bukele has signed into law the Special Law to Promote Competitiveness and Facilitate Access to Products in the Expanded Basic Basket. This legislation, which was recently passed by the Legislative Assembly, aims to stimulate both local and international competition by eliminating tariffs on 116 food products and agricultural inputs for the next decade.
«This initiative is designed to ensure that Salvadorans have access to essential products at more affordable prices,» stated the Presidential House. The decision comes amidst global inflationary pressures impacting economies worldwide, including El Salvador’s. By removing tariffs on a wide range of goods, the government aims to alleviate the financial strain on households while also supporting local farmers.
The law represents a proactive response from the Salvadoran government to mitigate the effects of rising international prices on consumer goods. It is expected to directly benefit consumers by making everyday items more accessible, thereby improving the overall standard of living for Salvadorans.
The President emphasized that fostering competition and reducing barriers to essential products are crucial steps towards economic stability and prosperity. The implementation of this law underscores the government’s commitment to ensuring a fair and competitive market environment that benefits all Salvadorans.
For more information on the newly enacted law and its implications, the Presidential House encourages citizens to stay informed through official channels and announcements.