ISLAMABAD, April 12: The ministry of commerce on Wednesday constituted a task force for revising the trade bodies’ legislation to make it on a par with changing economic environment in the country.

The task force, to be headed by the commerce secretary, would examine, review and finalise its terms of reference (TOR) within a period of two weeks for making amendments to the Trade Organisations Ordinance (TOO), 1961.

After the approval of amendments by the ministry of commerce, the ministry would submit the report to the federal government within a period of six weeks.

According to the notification, members of the committee included Justice (retd) Saleem Akhtar, the Federation of Pakistan Chambers of Commerce and Industry president or his nominee, the Securities and Exchange Commission of Pakistan chairman or his nominee, Pakistan International Freight Forwarders Association Chairman Babar Badat and Centre for International Private Enterprise country-director Moin M. Fudda.

The TOO 1961 regulates the functioning of trade organizations in Pakistan. There are currently one Federation of Pakistan Chambers of Commerce and Industry and around 200 regional chambers and all Pakistan trade associations representing specific trade and industry.