ISLAMABAD: The National Assembly Standing Committee on Commerce has unanimously passed the Template of Memorandum for Trade Organization Bill.
As per this bill, the trade organizations will have to clearly specify all of their objects. The objects would need prior approval of the regulator to avoid overlapping of functions of the trade organizations. Any change in the objects would also require approval of the regulator.
The committee met here with Siraj Muhammad Khan in the chair and held detailed discussions on the said bill. The draft of the bill says that the income and property of the trade organization shall be applied solely on the promotion of the objects as set forth in this Memorandum of Association.
Moreover, no portion thereof shall be paid or transferred directly or indirectly by way of dividend or bonus or otherwise to the persons who at any time are or have been members of the trade organization or to any persons claiming through any of them.
Similarly, if upon the winding up or dissolution of the name of trade organization, there remains, after the satisfaction of all its debts and liabilities, any property whatsoever, the same shall not be paid to or distributed among the members of the name of trade organization, but shall be given or transferred to some other institution or institutions having objects similar to the objects of the name of trade organization.
Hence question of similarity in subjects shall be determined by the majority of the members of the name of trade organization with the approval of the Regulator, at or before the time of dissolution or by such judge of the High Court name of province which may have or acquire jurisdiction in the matter.
The committee also unanimously approved the Public Sector Development Program (I’SDP) in respect of Ministry of Commerce and its attached departments for the year 2016-17
Briefing the committee on Strategic Trade Policy Framework Minister for Commerce Khurram Dastagir Khan said that Ministry of Commerce (MoC) had formulated the ‘Strategic Trade Policy Framework (STPF) 2015-18’.
Ministry has been actively engaged in a consultative process with the business community and relevant Government Ministries regarding formulation of the STPF 2015- 18, and its proposed targets are From the current level of approximately $24 billion, increase Merchandise Export up to $ 35 billion by 201 8.
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