Speakers at a seminar on Saturday identified discrepancies in the country's trade and investment related laws, which they urged should be removed immediately to realise the full potential of game-changer project China Pakistan Economic Corridor (CPEC) in near future. They emphasized upon the need of a highly competitive and effective legal framework to cater the needs of CPEC business pacts and other transnational trade agreements.
They were speaking at a seminar on 'China Pakistan Economic Corridor (CPEC)- laws & policy' organised by Shaheed Zulfiqar Ali Bhutto University of Law. Speakers touched upon the whole gambit of issues concerning CPEC and highlighted the various issues, which need to be tackled forthwith for make the project a success.
They also stressed for producing such law graduates in Pakistan, which are not only well-versed with the Pakistan legal system but have in-depth knowledge of Chinese laws and rules & regulations for arbitrations and dispute resolutions.
Board of Investment Sindh chairperson Naheed Memon pointed out that Pakistan's trade and business sector lacks the capability of contractual framework, which needs to be put in place before entering into joint venture with Chinese investment companies under CPEC.
"We need to formulate a legal framework that would cover all the legal aspects and secure the interests of both China and Pakistani companies," she suggested.
She urged private sector to gear up for availing the opportunities under CPEC as next phase of this project is industrialization and that mainly rests with private sector. Government will only facilitate the private sector as it has no business to do the business. She also noted that China industry wants to work with Pakistani entrepreneurs I partnership especially in export-oriented industry.
Secretary Planning, Development & Reform Shoaib Siddiqui said CPEC is an agreement between two independent nations, which gave the confidence to the nation that Pakistan is a country that can handle mega project. He said CPEC cells have been established in universities to carryout our research on it. He said CPEC has provided an opportunity to Pakistan for socio-economic development and now it is our responsibility that how we exploit the opportunities it offered. He assured that government would look into the suggestions of legal minds bringing improvement in the trade and investment laws concerned CPEC.
Anwar Mansoor Khan, a leading lawyer and advocate of Supreme Court of Pakistan described the existing laws related to trade, investment and logistics outdated and would not be able to cater the needs of executing CPEC smoothly.
He particularly touched upon the land acquisition laws, transport laws, license rules and road safety regulations, which should be revamped to ward off the troubles, which may arise in future if the required work is not done in time.
Mansoor also referred to the matter of having access to documents on CPEC and disclosed that 51 MoUs have been signed between China and Pakistan companies and not between the two governments, which is a stumbling block to have access to the required information.
Anwar called for discussing legal policy concerning CPEC immediately to execute the project smoothly and expeditiously for achieving goal of substantial economic development in Pakistan.
Shaheed Zulfiqar Ali Bhutto University of Law's vice chancellor Qaiz Khalid Ali said an effective legal system can secure interests of a least developed country like Pakistan when it enters into trade agreement with a economic giant like China.
For dispute resolutions and arbitration in CPEC related projects, it is necessary that law graduates of high legal skills having information about both countries should be produced in Pakistan, he maintained.