ISLAMABAD, Dec 13 (APP): Minister for Commerce Syed Naveed Qamar on Tuesday presented the Trade Organization (Amendment) Bill, 2022 as reported by the standing committee which was unanimously passed by the National Assembly (NA).
According to the statements of objects and reasons, the trade organizations (TOs) are regulated under the Trade Organization Act 2013. The act and its subsequent rules aim to define the purpose, role, responsibility and operational framework including the code of corporate government for TOs and their related matters.
The Trade Organization Act, 2013 has given certain functions and powers to be exercised by the federal government. These functions and powers relate to regulations of operational matters of TOs and hence, it is appropriate that such functions and powers are given to the Commerce Division or the Regulator of Trade Organization.
The purpose of the amendment is that the power of the federal government relating to operational matters of the TOs should be given to the Commerce Division of the Regulator Trade Organizations for the smooth functioning of day-to-day affairs.
Moreover, the tenure of office bearers of trade bodies also needs to be increased from existing one year to two years to provide adequate time for the office bearers to implement their agenda.
The proposed amendments in the Trade Organizations Act, 2013 will enable the office of the expeditious disposal of operational issues in the regulation of TOs by the Directorate General of Trade Organization and Commerce Division. Increasing the tenure of trade bodies to two years from the existing one year will enable the management of trade bodies to implement their policies and agendas by getting sufficient time.
