TALKING to a delegation of Lahore Chamber of Commerce and Industry, Punjab Governor Chaudhry Muhammad Sarwar said reforms like establishment of commercial courts are few of the many which the government is committed to deliver in line with its vision of making the business environment conducive for trade and economic activities.
Indeed the promulgation of Commercial Courts Ordinance 2021 is a milestone initiative on the part of Punjab Government towards providing speedy and affordable justice to the business community.
This will ensure expeditious disposal of claims arising from commercial transactions by introducing timeframe for decision of suits, e-filing of pleadings and limited number of adjournments.
Pakistan’s present ranking of Doing Business is 108th while our country ranks at 156 on the indicator of Enforcing Contracts.
According to the World Bank Doing Business Index, it takes around 1,025 days to resolve a commercial dispute in Pakistan as compared to 164 days in Singapore, which bags the top position in this indicator.
In this context, the establishment of the commercial courts is a step in the right direction that would create tremendous ease for the business community by providing them a platform for prompt resolution of their commercial disputes.
We are confident that this will also go a long way in greatly improving the doing business ranking of Pakistan because such arrangements will directly influence one of its factors that is called ‘Enforcing Contracts’.
Overall, enhancing the efficiency of the judicial system can improve the business climate, foster innovation, attract foreign direct investment and secure tax revenues etc.
It is important to understand that facilitating the business community is a must to take the country towards rapid industrialization which will ultimately steer the country towards self-reliance.
It is only through industrialization that we can bolster our exports significantly and create immense job opportunities for the young generation.
Whilst the Punjab Government deserves appreciation for taking the initiative of commercial courts, other provinces should also follow the suit.
We will also suggest that the ordinance be given the shape of a law by getting it passed from the Provincial Assembly.