ISLAMABAD: Prime Minister Shehbaz Sharif has constituted a four-member committee on Regulatory Reforms (CCoRR) to take policy decisions on the overall reform process to ensure fast-track implementation while maintaining compliance with legal provisions.

The committee will comprise of:

(i) Minister for Investment/Chairman, BoI (Chairman);

(ii) Minister for Commerce (Member); (iii) Minister for Industries & Production (Member); and

(iv) Minister of State for Finance & Revenue (Member). The committee may co-opt any additional member(s) as per requirements.

Ease of doing business, investment: PM approves reform programme

The Terms of Reference (ToRs) of the Cabinet Committee shall be as follows:

(i) to consider, review, and approve the legislative and regulatory reform (Regulatory Guillotine) process as established for the implementation of Asaan Karobar Act;

(ii) to ensure that the approved reform process is followed with diligence and obtain, as required, the evidence on reviews done under the process;

(iii) to approve the initial list/areas of reforms that are considered most problematic to be reviewed for making reform recommendations by 25th December, 2024;

(iv) to approve an ‘Appeals’ process to provide the relevant Minister-in-Charge an opportunity to justify a position against the reform proposal made by the Board of Investment after the due review process;

(v) to conduct the ‘Appeals’ process with the relevant Minister-in-Charge and based on the evidence decide in favor or against any challenged recommendation submitted for approval;

(vi) to consider, review and approve the recommendations made by the Board of Investment to eliminate and/or revise legislation, regulations, procedures, processes, and other relevant requirements, licenses, and approvals to improve the business environment country, Cabinet for ratification;

(vii) to take policy decisions on the overall reform process to ensure fast-track implementation while maintaining compliance with legal provisions;

(viii) to consider and approve any other reform recommendations made by the Board of Investment to ease the business environment and facilitate investment;

(ix) to monitor the overall progress of the Asaan Karobar Project and ensure timely delivery of agreed milestones including the establishment and operationalisation of the legal registry; and

(x) to assign any other task relating to easing out the business environment and investment climate to the Board of Investment.

Copyright Business Recorder, 2024