Director General Trade Disputes Resolution Organization, Ministry of Commerce, Abdul Salam Shah on Monday said a new law for the resolution of trade disputes was coming in the cabinet to define a time frame to resolve the different disputes of international trade through ‘The Trade Dispute Act 2022.’
Under the new law, trade disputes would be decided in a time frame for providing ‘Ease of Doing Business’ to the Import and export business, he told APP here.
President of Faisalabad Chamber of Commerce and Industry Dr. Khurram Tariq, told APP that trade agreements must be strictly implemented.
Earler,the joint sitting of the parliament passed “The Trade Dispute Resolution Bill, 2023” to establish a commission attached with the Ministry of Commerce to settle the dispute between trading parties and “The Trade Organizations (Amendment) Bill, 2023”.
The House passed the bill with a majority incorporating minor amendments.
The Trade Dispute Resolution Bill, 2023 provides for the establishment of a comprehensive regime in Pakistan for the swift and effective resolution of disputes relating to the export and import of goods and services including through E-Commerce.
Clause 61 of the bill described as “All law enforcement agencies and authorities in the federal and the provinces shall be under an obligation to provide and render full and complete assistance to the Commission as and when the secretariat thereof may require such assistance.”
According to objects and reasons of “The Trade Dispute Resolution Bill, 2023”, “as Pakistan embarks upon trade liberalization and expansion so does the probability of trade dispute arise between trading parties.—APP
