Businessmen vehemently reject trade law changes
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Chambers of commerce and industry, trade and industrial associations of the entire Punjab have unanimously rejected amendments to the Trade Organisations Act 2013 at a convention held at the Lahore Chamber of Commerce and Industry (LCCI) and urged the government to immediately withdraw the decision.
A joint declaration was issued, which demanded that the government immediately reverse the amendments and hold consultations with the business community.
All participants of the convention, while categorically rejecting the amendments made to the Trade Organisations Act, announced that if the government forcibly conducted elections of trade bodies in 2025, offices of all bodies would be locked and their keys would be handed over to the state.
They formed an action committee, led by former Federation of Pakistan Chambers of Commerce and Industry (FPCCI) president Mian Anjum Nisar and comprising all presidents and representatives of the chambers and associations present in the meeting. They will engage with the government and devise a strategy for the future.
They urged the president, prime minister and minister for commerce to take immediate notice as bureaucracy was once again attempting to create a rift between the business community and the government.
The businessmen emphasised that the decision to conduct re-elections of trade bodies under the "controversial" amendments was nothing but a waste of time and resources. Previous elections were held for a two-year term and holding fresh voting with the same duration makes no sense.
In addition, the excessive increase in the regulator's powers will undermine the autonomy and efficiency of chambers and associations. Therefore, "it is crucial that all stakeholders are consulted extensively."
Convention participants said that the institutions concerned should facilitate a favourable business environment instead of creating difficulties for businessmen. Policies related to the industry and trade could not be formulated effectively without consulting and incorporating the suggestions of stakeholders, they said.
They were of the view that bureaucratic interference in policymaking should be minimised and policies must be aligned with real needs of the business community. "All business organisations, chambers and relevant associations must be included in the policymaking process."
Meeting participants stressed that such measures in the current economic situation would severely impact business growth and the economy. With the federal budget approaching, business-related proposals and activities would be disrupted, they voiced fears, adding that the economy runs on taxes, yet traders are being excluded from policy discussions pertaining to their own state of affairs.
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