An “introductory” meeting of the Tripartite Economic Committee — a group comprising union, Government and private sector representatives — was held yesterday, Cabinet Office announced.

Home Affairs Minister Michael Fahy was appointed chairman of the committee, which is tasked with addressing the Island’s economic challenges, and improving communications between the three groups.

The meeting was also joined by Premier Craig Cannonier, Economic Development Minister Grant Gibbons and Finance Minister Bob Richards.

Bermuda Trade Union Congress (BTUC) representatives included members from the Bermuda Industrial Union, the Bermuda Union of Teachers, the Bermuda Public Services Union, Prison Officers Association and the Bermuda Police Association.

The private sector was represented by the Chamber of Commerce, the Bermuda Employers Council and the Bermuda Hotel Association.

Premier Cannonier stressed the importance of “shared sacrifice with a view to shared prosperity”.

Senator Fahy said the creation of the group had been a One Bermuda Alliance platform promise to “enhance communication and the critical working relationship among the unions, Government and business”.

The group settled on November 14 as a full day of discussion as part of “an Economic Tripartite Retreat that will result in a work plan that will take us through 2015”, Sen Fahy added.

The formation of the committee was agreed under the Memorandum of Understanding signed between Government and the BTUC in July.