The Cabinet Committee on Inter-Governmental Commercial Transactions (CCoIGCT) reviewed a summary of the Ministry of Maritime Affairs for a framework agreement between the UAE and Pakistan on ports and shipping.
The CCoIGCT meeting, chaired by Finance Minister Ishaq Dar, addressed the proposal for a G2G agreement under the Inter-Governmental Commercial Transaction Act 2022.
Following a long discussion, the committee recommended that the draft framework agreement be approved by the federal cabinet.
The framework agreement is aimed at providing favorable conditions for the container terminal at Karachi Port Trust, Karachi. It includes six articles for the operationalization of the Pakistan International Container Terminal (PICT), Karachi. The transaction will be financed by the UAE.
The UAE Ministry of Energy and Infrastructure and Pakistan’s Ministry of Maritime Affairs will coordinate and control the agreement’s execution.
The agreement will be implemented when both countries sign the deal, which will be valid for five years and can be extended as per mutual understanding.
In case of termination of the framework agreement, the contractual agreements accrued as a result of the deal will not be impacted in any way.
