Islamabad, August 13, 2023 – In a significant move, the government of Pakistan has taken a step to provide stability and continuity in the leadership of trade bodies by extending the tenure of office bearers and members of executive committees.
This decision, made under the leadership of Prime Minister Shehbaz Sharif, comes as a result of amendments to the Trade Organization Rules, 2023, issued by the Ministry of Commerce through a notification SRO 1057(I)/(2023) on August 8, 2023.
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The primary change brought about by these amendments is the extension of the election cycle for key trade organizations. Previously, elections for the Federation of Chambers of Commerce and Industry (FPCCI), chambers of commerce, associations, small chambers, and women’s chambers were held annually. However, the new rules stipulate that these elections will now take place on a biennial basis, effectively doubling the term length for office bearers.
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This change in the election cycle also means that the tenure of all office bearers and members of the executive committee of the Federation will be extended to two years. This principle of extending the tenure has been extended to various other trade bodies as well, providing them with a longer period to plan and execute policy measures, ensuring smoother operations and greater long-term impact.
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The decision to extend the tenure has been welcomed by business leaders, who have been advocating for this change for several years. They argue that the previous one-year term limit was too short to effectively strategize and implement significant policy measures. The extended tenure is expected to provide office bearers with ample time to formulate and execute plans that can drive sustainable growth and development within their respective trade organizations.
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This move by the government reflects a commitment to supporting trade bodies in their efforts to contribute to Pakistan’s economic progress. By providing stability and continuity in leadership, these organizations can better represent the interests of the business community and work towards fostering a conducive environment for trade and commerce. The extension of tenure is seen as a positive step that aligns with the needs of the business sector and the broader economic goals of the country.
