ISLAMABAD, Nov. 24 (Xinhua) -- Pakistani National Assembly's Standing Committee on Commerce unanimously approved a couple of bills on Wednesday in order to promote the business and trade sectors of the country, Pakistan's Commerce Ministry said.
During the approval of the Trade Dispute Resolution Bill 2022 and Trade Organization (Amendment) Bill 2022, it was informed in the meeting that "due to the absence of a proper trade dispute resolution system, the ranking of Pakistan in the Ease of Doing Business Index of the World Bank was being adversely affected," the ministry said in a statement.
The meeting was informed that the country's foreign trade is being expanded due to international trade liberalization under the World Trade Organization, and it is also resulting in growth in the number of disputes, the ministry said.
If the issue is not resolved efficiently, it can damage Pakistan's economy and image, it added.
Commerce Secretary Sualeh Ahmad Faruqui said that currently there is no law in Pakistan in accordance with which Pakistani exporters could settle their disputes with foreign importers.
Under the existing imports and exports Control Act 1950, only the foreign importers can get their disputes settled with their Pakistani exporters, he added.
He said the arbitral award obtained in Pakistan would be enforceable in any member country that has ratified the United Nations Convention on the Recognition and Enforcement of Foreign Arbitral Awards, according to the statement. ■