4o trade bodies in Pakistan face disqualification

Lahore: No less than 40 out of 176 top trade bodies in Pakistan may be disqualified next month as Federal Commerce Minister Humayun Akhtar Khan is likely to crack down on phony entities which have not been fulfilling their corporate requirements since inception.

Khan stepped forward last month to banish fake trade bodies after agreeing with a section of the country's business leadership that these institutions had been created by rivals to increase their voting might in the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), the country's umbrella trade body of 48 chambers of commerce and 128 trade associations.

However, the minister now faces allegations of siding with one group of business leaders which has only four per cent representation in the 110-member managing committee of the FPCCI.

Siraj Kassim Teli, a former Karachi Chamber president and leader of the group, said, "Professional powerbrokers are controlling the affairs of apex trade institutions by securing votes through registration of phony trade bodies."

Protest

The Commerce Minister hoped the new law would regulate the affairs of the trade bodies.

Khan said, "This new law would delist fake trade bodies that have been registered with the Commerce Ministry at the behest of some vested interests, who are terming it a Black Law, since they are afraid of accountability. This law will not be changed in their favour.

"However, certain amendments may well be on the cards if all the stakeholders endorse them unanimously."

Shahzada Alam, ex-president of the Karachi Chamber said, "The new law is unconstitutional. It is aimed at usurping the rights of genuine business leaders. Under the pretext of de-listing bogus trade bodies, the newly-enacted law will also hit the institutions contributing handsomely towards economic growth."