National Assembly Passes The Inter-Governmental Commercial Transaction Bill,2022

The National Assembly on Monday passes The Inter-Governmental Commercial Transaction Bill, 2022 aiming to provide a mechanism to attract and encourage foreign states to have economic and business relations with Pakistan

ISLAMABAD, (UrduPoint / Pakistan Point News - 15th Aug, 2022 ) :The National Assembly on Monday passes The Inter-Governmental Commercial Transaction Bill, 2022 aiming to provide a mechanism to attract and encourage foreign states to have economic and business relations with Pakistan.

According to the Statement of Objects and Reasons of the bill, moved by Minister for Law and Justice Azam Nazir Tarar, there is no legislation for authorizing, negotiating and supervising inter-governmental agreements between the government of Pakistan and government of a foreign state for the purpose of entering into business agreements.

Under the proposed law, the Federal Government shall constitute a Cabinet committee on Inter-Governmental Commercial Transactions and the Primary function of the said committee will be negotiate and enter into inter-governmental agreement to allow state owned enterprises of both countries to carry out a commercial venture either in Pakistan or in a foreign country.

The enactment of the proposed bill is imperative to promote, attract and encourage foreign states to have economic and business relations with Islamic Republic of Pakistan.