Business community for restoration of Trade Organisations Act 1961

ISLAMABAD: The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) and Saarc Chamber of Commerce and Industry (Saarc CCI) has demanded of the government to overturn the Trade Organisations Ordinance 2007 and reintroduce Trade Organisations Act 1961, after necessary amendments.

The Ordinance enacted on June 5, 2007, has not been approved by the National Assembly as it is not serving economy, business community or nation, said Senator Haji Ghulam Ali, President FPCCI.

Speaking at a reception hosted in honour of the Federal Minister for Law, Justice and Parliamentary Affairs, Moula Baksh Chandio, he said that economic growth is difficult unless laws governing the businesses are altered to suit the needs of the business community.

Senator Ghulam Ali said that the role of regulators needs to be strengthened to guarantee enabling environment for business community which is in the national interest.

We will be better positioned to focus on exports once we settle our problems at home, the Senator said.

At the occasion, Iftikhar Ali Malik, VP Saarc CCI said that we have one of the most controlled economies where laws are not supporting growth in businesses.

He said we need a constitutionally-protected economic advisory board on the pattern of Indonesia which can ensure consistency and continuity in policies while remaining above the political considerations.

However, he quickly added, this is something alien to our country.

Malik said that laws pertaining to trademarks, piracy, IPR should be improved so that the investors can take interest in Pakistani market.

Trade Development Fund, is an additional burden on business community which has not served any purpose so far.

The VP, Saarc CCI said that we should know about the usage of funds generated through TDF.

Federal Minister Moula Baksh Chandio assured the business community of resolution of all just demands.

He said that business community can meet him anytime with solid proposal and recommendations aimed at improvement or countermanding any existing laws.

He said that all the changes would be made with the entire stakeholder on board adding that all the legal support would be ensured to promote trade and business activities for industrial development in the country.

Copyright PPI (Pakistan Press International), 2011