Revamping the trade bodies

It, indeed, is heartening to learn from a Recorder Report, that the Director, Trade Organisations (DTO), Ministry of Commerce, has made possession of Computerised National Identity Card (CNIC), and valid National Tax Number (NTN) certificate obligatory for trade bodies for purposes of renewal of membership as well as for new membership.
According to the news report, he issued these directives after it was brought to his notice that membership of some of the trade bodies was being renewed on the basis of old National Identity Cards and/or invalid NTN certificates.
More to this, it has also stated the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has received a communication from the Ministry of Commerce, seeking feed-back in connection with contemplated changes in the Trade Organisations Ordinance 1961.
Reference, in this regard, has been made to the Commerce Minister's indication, at a recent function, of his ministry's desire for changes in the laws governing the conduct of the FPCCI too. Needless to point out, the DTO's directive can be seen as marking the beginning of a long awaited effort in the desired direction.
For, it will be recalled that, speaking as the chief guest, at the inaugural ceremony of the Centre for International Private Enterprises, in Karachi, earlier this year, Commerce Minister Humayun Akhtar Khan, had said that the event would help trade bodies enhance their legal and institutional capacity, besides boosting research activities.
However, seemingly doubtful of their representative character, he had dropped a hint of the government coming up with a new law to replace the Trade Organisations Ordinance 1961. The very idea of replacement of the law too long in vogue was widely welcomed by the business community at large, as it had come to be viewed as having become redundant.
Many and varied have been instances of their disillusionment at the failure to regulate the trade bodies in a manner conducive to advancement of business activity over the past decades. Now that challenges on the business front have been acquiring serious proportions, more so from the thrust of globalisation of world economies, the loopholes in the regulatory laws, have been seen as jeopardising the very purpose of regulation, thereby necessitating restructuring of trade regulatory system at all levels.
As such, the Commerce Minister's urge to review existing laws and to put in place a new legislation, with the idea of making trade bodies and chambers far more effective and representative, must have kept many waiting for the hinted initiative. It will be recalled that dilating upon the contemplated move, the minister had deemed it to opportune to say that "many leading businessmen are disinterested in the trade bodies and the chambers". Last but not the least, notable was his observation that a committee could be formed to review the law in vogue and to suggest changes or framing a new law.
It will also be noted that, while saying so, the minister appeared to have endorsed the views of CIPE Executive Director, John D. Sullivan, who had made no secret of his view that economic and political freedoms are intertwined. In other words, he had clearly stressed the need of building up market-oriented economy and democratic institutions at one and the same time.
One has every reason to hope that the initiative now taken will be earnestly pursued in order to ensure thorough restructuring of the trade bodies, in a manner conducive to the aims and aspirations of the business community.