Framing ‘Charter of Economy’: LCCI, ICAP and PIPFA announce launch of joint efforts

LAHORE: Minister of State and Chairman Reforms and Resource Mobilization Committee - Ashfaq Yousaf Tola, led an economic briefing session hosted by Lahore Chamber of Commerce & Industry (LCCI).

The delegation also included President Institute of Chartered Accountants of Pakistan (ICAP) - M Ali Latif and Council Members - M Maqbool and Zeeshan Ijaz.

The event, held at the LCCI, was attended by LCCI President Kashif Anwar, Senior Management of LCCI, Stakeholders representing the business community, as well as prominent journalists.

The Minister of State stated that they have been discussing the Charter of Economy for a long time. This is a dream that will soon be realized. He further suggested that stakeholders should sit with ICAP, suggest solutions, bring up issues one by one, and work to resolve them.

The Lahore Chamber of Commerce & Industry (LCCI), the Institute of Chartered Accountants of Pakistan (ICAP), and the Pakistan Institute of Public Finance Accountants (PIPFA) announced collaborative efforts aimed to develop a comprehensive document on Charter of Economy to be led by LCCI President Kashif Anwar and President ICAP, M Ali Latif.

Both Presidents emphasized that all Chambers of Commerce should work together to help frame the Charter of Economy, which can then be presented to the Government and other political parties.

While addressing the participants of the briefing session, President ICAP stated that Political Stability is important for economic stability and then growth.

Our country is currently suffering from severe political instability which is having a direct impact on our economy. He stated that it is imperative that efforts be made to bring together all Stakeholders through Sectoral Consultative Sessions for framing this Charter of Economy.

The most important Stakeholders are the Political Parties as without their express commitment to implement the Charter of Economy, it would only reduce to a piece of paper.

President ICAP further stated that Sectoral Policies of Tariff and Taxation would be developed with an aim for import substitution after obtaining comments from FBR and Ministry of Finance.

President ICAP urged political parties to share their economic manifestos and engage in debates on important economic issues.

M Ali Latif further stated that achieving political consensus on economic policies is crucial to addressing the country’s economic problems and advancing sustainable economic growth - which is the primary goal of the current Minister of Finance.

President LCCI stated that whichever political party comes to power, should then fully implement this Charter. Pakistan has been facing economic crisis for many years.

The country has suffered from low growth rates, high levels of debt, inflation, low productivity, and poor competitiveness, which has led to widespread poverty and slow development.

Overcoming these economic challenges is crucial for the future of Pakistan.

A meeting was planned in next month between representatives of ICAP, PIPFA and LCCI to share research work and schedule consultative sessions.

Copyright Business Recorder, 2023