�Interest-based economic system root cause of all evils�

PESHAWAR: The Voice of Traders, a newly formed body of the businessmen, has vowed to struggle for improvement of trade and business with a new vision of introducing reforms in this vital sector of economy.

Addressing a gathering on Sunday, trader leaders said Pakistan’s economy could be put on track by introducing reforms and adopting interest-free banking.

The body’s chairman, Malik Ihsan Elahi, said the organisation formed in 2011 aimed at giving a new vision and suggestions to the chambers of commerce and industries and trade unions for bringing reforms and working for the unity and welfare of trade organisations in the country.

He said the 35-member body consisting office-bearers, the executive council and board of governors would work for uniting the trade organisations and struggling for the overall improvement of trade and business.

He said the body would be extended to other parts of the province and the country. He said there should be a portfolio of trade minister at the provincial level and the minister should be elected from the trade organisations, new laws should be framed for dealing with trade and traders and unnecessary harassment and arrest of traders be avoided. He said that drastic reforms were needed in the trade sector and traders’ access to international market should be made easy.

Ihsan Ilahi also called for reforms in the Federally Administered Tribal Areas (Fata) and Provincially Administered Tribal Areas (Pata) to bring an end to kidnappings for ransom. He asked the chief justice to pursue the petition seeking an end to usury as the country’s economy could be put on track to progress and prosperity if interest-free banking and economic system was introduced.

“Interest-based western economic system is the root cause of all evils and it has made the country dependent on the World Bank and International Monetary Fund,” he argued. Addressing the function as chief guest, District Coordination Officer Siraj Ahmad Khan lauded the organisation’s manifesto and efforts and assured the administration’s help in solving traders’ problems.

He said the traders of the provincial metropolis faced great hardships and losses with courage and supported the government in the maintenance of law and order. However, he said Peshawar was nowadays facing two main problems i.e. price-hike and traffic jams, and asked the traders, especially of the inner city, to cooperate with the administration in the removal of encroachments.

The encroachments on footpaths have made life miserable for pedestrians as well as motorists and shopkeepers and trade leaders can play a vital role in coping with the problem, he added. The DCO said that around 180,000 vehicles were plying the Peshawar roads daily while the capacity was for around 50,000 vehicles only.

He admitted that the ongoing development work on roads had aggravated the situation, but said the work would be completed before the stipulated time and the traffic problems would be solved to a great extent. ‘Voice of Traders’ General Secretary Zafar Khattak, Abdullah Khan, Imran Aziz of the All Pakistan Commercial Exporters Association, Mamoor Khan and Humayun Fazal also addressed the function.