Finance Minister Senator Ishaq Dar presided over a meeting of the Cabinet Committee on Inter-Governmental Commercial Transactions (CCoIGCT), where the Ministry of Maritime Affairs presented a proposal for a bilateral framework agreement with the United Arab Emirates (UAE). This agreement seeks further to strengthen the maritime relationship between Pakistan and the UAE.
The committee took into account the recommendations from the Framework Agreement Committee on creating a Government-to-Government agreement under the Inter-Governmental Commercial Transaction Act 2022. After an in-depth analysis and discussion, the committee proposed the draft framework agreement to be approved by the federal cabinet.
Upgrading the Karachi Port Trust
The proposed intergovernmental framework agreement specifically aims to foster a conducive environment for the operations, maintenance, upgrade, investment, development, and advancement of the container terminal at Berth 6–9, East Wharf, Karachi Port Trust, Karachi.
The agreement is articulated into six separate articles. It seeks to operationalize the Pakistan International Container Terminal in Karachi with financial backing from the UAE.
Duration and Oversight of the Agreement
The agreement is set to be enacted upon signing by both parties and has a validity of five years. This term can be extended through mutual agreement between both parties for as many terms and/or periods as they deem fit.
The agreement’s text clarifies that the termination or expiry of the agreement would not negate any obligations arising from the contractual arrangements entered into according to the agreement or which may have accrued before such termination.
The UAE Ministry of Energy and Infrastructure and Pakistan’s Ministry of Maritime Affairs are designated to oversee the coordination and implementation of the agreement.
