Businesspersons laud SC decision, supremacy of Constitution

LAHORE: Businesspersons appreciated the Supreme Court’s decision that ruled the deputy speaker’s ruling as contrary to the Constitution with no legal effect, and termed it supremacy of the Constitution which would have both immediate and long-term positive effects.

The immediate positive impact of the decision was witnessed in the stock market and rupee recovery against the dollar on Friday, while long-term impact would be visible in the future.

Lahore Chamber of Commerce and Industry (LCCI) President Mian Nauman Kabir appreciated the Supreme Court’s unanimous decision. “This decision will have lasting impact on the economy and politics of the country as the supremacy of the constitution is established. Further, the Supreme Court made it clear that the Parliament decision and working should be done in Parliament and Constitution should not be overstepped,” he said.

Rupee and stock market recovery were quick barometers to gauge any decision’s positive impacts, he said, hoping that “other long-term economic indicators will also responds positively”.

Chainstore Association (CAP) Chairman Rana Tariq Mehboob said that if the Supreme Court’s decision creates stability and economic activities it would be remembered as a good and right decision, but if “anarchy, lawlessness increases” and economic instability rises, then the decision would be considered wrong.

Kohat Cement Industry Chairman Aizaz Mansoor Sheikh said the constitution was supreme. “We believe in the rule of law and supremacy of constitution, and have to step forward. There is nothing in confrontation and Pakistan cannot confront its trading partners.”

He said Pakistan was a responsible and peaceful nuclear state, and the Supreme Court’s decision was right and would bring stability. “The objective should be reducing inflation, creating jobs, and running the country peacefully,” he added.

Group Leader of Pakistan Hosiery Manufacturers Association Ijaz Khokar said the current business scenario was very alarming as foreign buyers were worried with the ongoing political uncertainty in Pakistan.

“They are inquiring about the political situation and are concerned about timely delivery of their ordered shipments.” Further, he said the country’s image was once again shifting from being a reliable supplier to an unreliable one. A similar situation was created some three years ago during the global cotton crisis, when a large number of suppliers canceled their orders.

This time around, the political turmoil could have negative consequences. The Supreme Court decision should bring stability, while whosoever would be in the parliament should focus on trading partners to increase the exports of the country.

There was need to work on continuation of GSP+ status as Prime Minister Imran Khan’s message to European Union adversely affected the relations, Khokar added.