Standing Committee on Commerce on Wednesday unanimously recommended to approve the Trade Organisations Bill 2006 which is aimed at abolishing the fake and dummy Trade Organisations and making the trade bodies as lively business support organisations.
A meeting of the Standing Committee on Commerce was held here under the chairmanship of Iqbal Muhammad Ali Khan, MNA to discuss the Trade Organisations Bill 2006.
The law was formulated in consultation with all the stakeholders. According to the new Trade Law, multiple trade associations in same sector have been disallowed. Territorial jurisdiction of Chambers has been defined at district level.
Women Entrepreneurs and services sector have been allowed to form trade bodies while the right of vote to trade bodies in FPCCI elections shall accrue two years after grant of license. The right of vote to the new members in a trade body will accrue two years after grant of membership.
Only business concerns and not individuals shall be eligible for membership of Trade Organisations. All these provisions will provide a self-run mechanism for purging the system of the non-operational, non-functional, fake and ghost Trade Bodies which used to play decisive role in the elections of FPCCI in the past.