Islamabad (Staff Report): The Cabinet Committee on Inter-Governmental Commercial Transactions (CCoIGCT), chaired by Federal Minister for Finance and Revenue Senator Mohammad Ishaq Dar, convened a meeting to discuss a summary presented by the Ministry of Maritime Affairs. The summary pertained to a Government-to-Government (G2G) agreement between the Governments of UAE and Pakistan concerning the Cooperation for the Development of Bulk and General Cargo Terminal at East Wharf, Karachi Port Trust (KPT), under the Inter-Governmental Commercial Transaction Act, 2022.
The meeting was attended by Federal Minister for Maritime Affairs Syed Faisal Ali Subzwari, Federal Minister for Commerce Syed Naveed Qamar, Federal Minister for Power Mr. Khurram Dastgir Khan, Minister of State for Petroleum Mr. Musadik Masood Malik, SAPM on Finance Mr. Tariq Bajwa, SAPM on Revenue Mr. Tariq Mehmood Pasha, Secretary Finance, Secretary Maritime Affairs, Secretary Law & Justice, Secretary Commerce, and other senior officials.
During the session, the CCoIGCT engaged in a detailed discussion and approved negotiations on the Framework Agreement. Additionally, a committee was constituted, comprising representatives from the Ministry of Foreign Affairs, Finance, and Secretary Law & Justice, to negotiate the draft framework agreement with the Government of UAE.
The meeting underscores the government’s commitment to fostering international cooperation and promoting commercial transactions for the development of essential infrastructure at Karachi Port Trust. The G2G agreement with UAE signifies a significant step towards enhancing trade and cargo handling capabilities, contributing to the economic growth of Pakistan.