ISLAMABAD
\nThe National Assembly Standing Committee on Commerce Wednesday unanimously approved two bills-Trade Dispute Resolution Bill, 2022 and Trade Organization (Amendment) Bill 2022.
\nDuring the meeting, it was infomred that due to absence of proper trade dispute resolution system, the ranking of Pakistan in Ease of Doing Business (EODB) Index of World Bank was being adversely affected.
\nFor the first time in history of the country, if the draft law is passed, exporters would be able to file claim or complaint in Pakistan against their foreign respondent, Secretary Commerce Muhammad Sualeh Ahmed told the meeting.
\nThe meeting was chaired by Khursheed Ahmed Junejo and was attended by Minister for Commerce Syed Naveed Qamar, MNAs Usman Ibrahim, Shaza Fatima Khawaja, Muhammad Aslam Bhootani, Dr Ramesh Kumar, and Shaista Pervaiz.
\nThe meeting was informed that Pakistan\u2019s foreign trade is being expanded due to international trade liberalization under World Trade Organization (WTO), and also resulting in growth in number of disputes. If not the issue is not resolved efficiently, it can damage Pakistan economically as well as its image.
\nThe Secretary informed that currently there is no law in Pakistan which settles the disputes of Pakistani exporters with their foreign buyers. The imports and exports Control Act 1950 addresses the disputes of foreing importers only with the Pakistani exporters.
\nHe said arbitral award obtained in Pakistan would be enforceable in any member countries who has ratified UN Arbitration convention.
\nThe committee was informed that the new law is swift, relatively inexpensive and expeditious. Further the new ADR system contract enforcement position would improve the level of trust of foreign buyers of Pakistan.
\nThrough ADR system, contract enforcement position would also improve, leading to elevation of Pakistan\u2019s WB EODB Index.
\nFurther Pakistani exporters would also have level playing field besides the country\u2019s exports would also promoted with the passing of the law.
\nThe meeting was informed that unlike litigation, arbitration and mediation could be devolved to traders association and burden on the courts would be lessen.
\nThe Draft TDR Bill also proposes independent five members Trade Dispute Resolution Commission (TDRC), appointed by a Chairman.
\nDiscussing on the Trade Organization (Amendment) Bill, 2022, Commerce Minister Syed Naveed Qamar said that with the approval of the Bill, the elections of chambers and other trade organization would be held after every two years instead of one year.
\nHe said this law would be applicable from January, 2023.<\/p>\n","protected":false},"excerpt":{"rendered":"
ISLAMABAD The National Assembly Standing Committee on Commerce Wednesday unanimously approved two bills-Trade Dispute Resolution Bill, 2022 and Trade Organization (Amendment) Bill 2022. During the meeting, it was infomred that due to absence of proper trade dispute resolution system, the ranking of Pakistan in Ease of Doing Business (EODB) Index of World Bank was being […]<\/p>\n","protected":false},"author":2,"featured_media":292693,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[257],"class_list":{"0":"post-297055","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business","8":"tag-national-assembly"},"yoast_head":"\n