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The Cabinet Committee on Inter-Governmental Commercial Transactions (CCoIGCT) Meeting
Federal Minister for Finance and Revenue, Senator Ishaq Dar, chaired a meeting of the Cabinet Committee on Inter-Governmental Commercial Transactions (CCoIGCT) on Wednesday. The committee discussed various matters related to inter-governmental cooperation between the UAE and Pakistan.
Summary and G2G Agreement for KPT Development
During the meeting, the committee reviewed a summary presented by the Ministry of Maritime Affairs regarding the Government-to-Government (G2G) agreement between the UAE and Pakistan. The agreement focuses on cooperation for the development of a Bulk and General Cargo Terminal at the East Wharf of Karachi Port Trust (KPT). This initiative falls under the Inter-Governmental Commercial Transaction Act, 2022.
Negotiations and Framework Agreement
Following a detailed discussion, the Cabinet Committee allowed negotiations on a Framework Agreement. To facilitate these negotiations, a committee was constituted, consisting of the Secretary of Law & Justice, the Secretary of Maritime Affairs, and representatives from the Ministry of Foreign Affairs and Finance. The committee will be responsible for negotiating the draft framework agreement with the Government of UAE.
Ministerial Attendance and Participation
The meeting was attended by several federal ministers and senior officers, including Federal Minister for Maritime Affairs Syed Faisal Ali Subzwari, Federal Minister for Commerce Syed Naveed Qamar, Federal Minister for Power Khurram Dastgir, Minister of State for Petroleum Musadik Malik, SAPM on Finance Tariq Bajwa, SAPM on Revenue Tariq Pasha, Secretary of Finance, Secretary of Maritime Affairs, Secretary of Law & Justice, Secretary of Commerce, and other senior officials.
Government Set to Hand Over Seaports to UAE
Significance and Future Development
The formation of the committee and the initiation of negotiations for the framework agreement mark a significant step towards enhancing inter-governmental cooperation between Pakistan and the UAE. The development of a Bulk and General Cargo Terminal at Karachi Port Trust (KPT) will have far-reaching benefits for trade and logistics in the region. This project has the potential to boost economic growth, improve port infrastructure, and facilitate efficient cargo handling at KPT.
Looking Ahead
As negotiations progress, it is crucial to closely monitor the developments related to the framework agreement. The successful collaboration between the governments of Pakistan and the UAE will pave the way for further partnerships and opportunities in the maritime sector. Stay updated with the latest updates on this agreement, as it holds significant implications for the development of Karachi Port Trust and the overall economic progress of the country.
Conclusion
In conclusion, the formation of a committee to negotiate a framework agreement between Pakistan and the UAE marks an important milestone in the development of a Bulk and General Cargo Terminal at Karachi Port Trust (KPT). This inter-governmental cooperation will contribute to the growth and modernization of KPT, enhancing trade and logistics capabilities in the region. Keep an eye on the progress of this agreement as it unfolds, as it has the potential to significantly impact Pakistan’s maritime infrastructure and economic prospects.
