HYDERABAD, April 19 Federation of Pakistan Chamber of Commerce and Industries (FPCCI) president Sultan Ahmed Chawla has called for abolition of the Trade Organisations Ordinance 2007, saying that traders and businessmen can regulate themselves on their own and do not need any such regulation.

Addressing at a reception hosted by the Hyderabad Chamber of Commerce and Industry president Shafiq Ahmed Qureshi here on Sunday, Mr Chawla said that the country`s economy could improve only if the interest-based banking was abolished.

He described Trade Organisations Ordinance 2007 a black law and called for its abolition. He said that the FPCCI runs 38 chambers and 76 associations, therefore, it doesn`t need any supervision. “We are capable of guiding our institutions”, he said. He promised representation to every chamber of the country in international trade delegations of FPCCI. He said FPCCI also wanted opening of India`s consul general office in Karachi. He said that federation also stands for research and development.

He said that Pakistan was faced with serious crisis and businessmen don`t have solution to their issues adding that until recently government was not showing seriousness towards issues with the result problems had multiplied. He said that with 18 to 20 per cent of mark-up, the economy couldn`t show progress which had given rise to joblessness. He said that inflation had increased and price-hike had made lives of a common man miserable.

He said that there is stagnation in economy due to interest rate and people don`t have job opportunities. He pointed out that cost of borrowing and cost of production are increasing. He said that it was all due to poor pace of supplies and not due to increase in demand. “There is no change in demand but certainly there is stagnation in supply”, he said. He stated that government`s policy of deficit financing had led to problems of consumers.

He observed that inattention to agriculture sector had caused hike in prices of products which were necessary for survival. He said that wheat used to be sold between Rs12 but was now being sold at Rs36 to Rs38 per kilogram which was indicative of economic conditions.

“Unless our economy gets rid of interest-based system, its health will not improve. The mark-up system had destroyed our economy and it never promoted it”, he said. Besides cost of borrowing, shortage of energy and increasing tariffs of electricity, gas and water also caused problems for economy. He said that these were essential for our economy and slow pace of their supply had led to insurmountable problems.

He said that energy crisis have not surfaced suddenly but it was looming over our economy for quite sometime. He called for addressing law and order issue which was worsening due to unemployment. He said that unemployed youth should be employed as much as possible by businessmen and private sector.

Mr Qureshi criticised the TOO-2007 and said that Director Trade Organisation consider himself answerable to none. He said that DTO is not guiding HCCI on various issues despite repeated representations. He said that role of DTO should be got restricted by government in new trade rules.