Islamabad, 25 July, 2023 (GNP): The cabinet panel on Inter-Governmental Commercial Transactions has approved a draft agreement for the establishment of a bulk and general cargo terminal at East Wharf, Karachi Port, under the Inter-Governmental Commercial Transaction Act 2022.
The said accord will be approved by the federal cabinet before it is signed by the state governments of Pakistan and UAE.
Also Read: Pakistan plans to hand over Karachi port terminals to UAE
The standing committee of cabinet passed a summary of an agreement which covered the terms and conditions of the agreement, cost of reformation of the terminal, lifetime of the terminal, maximum capacity to handle cargo, length of the quality wall, royalty, land rent per square meter in bonded areas, storage charges, dock labor charges, upfront payment (adjustable), (non-adjustable) and quantum and type of investment.
Also Read: Pakistan receives $1bn from UAE, bolstering foreign exchange reserves
As per the statement by the Ministry of Finance, the meeting of the Cabinet Committee on Inter-Governmental Commercial Transactions was held under the supervision of the Federal Minister Senator Mohammad Ishaq Dar, on Monday.
The cabinet panel went through a draft, presented by the Ministry of Maritime Affairs, on the government-to-government agreement between Pakistan and UAE on collaboration for the establishment of a bulk and general cargo terminal at East Wharf, Karachi Port, under the Inter-Governmental Commercial Transaction Act, 2022.