ISLAMABAD: A meeting of the Cabinet Committee on Inter-Governmental Commercial Transactions (CCoIGCT) on Wednesday constituted a committee to negotiate the draft framework agreement with the government of the UAE on cooperation for the development of bulk and general cargo terminal at East Wharf at Karachi Port Trust (KPT).

The meeting presided over by Finance Minister Ishaq Dar considered a summary of the Ministry of Maritime Affairs regarding G2G agreement between the UAE and Pakistan in this regard under the Inter-Governmental Commercial Transaction Act, 2022.

The meeting was informed that the Ministry of Foreign Affairs forwarded a draft Framework Agreement and Expression of Interest (EOI) proposed to be signed between the AD Port, Government of the United Arab Emirates and Karachi Port Trust, for the development of bulk and general cargo terminal and developing associated infrastructure at East Wharf Karachi Port.

The draft Framework Agreement, received from MoFA, was sent to the KPT for examination and necessary action. The KPT offered their comments and informed that the KPT Board after examining the matter directed the management to inform the Ministry of Maritime Affairs in order to take up the matter further as per prevailing laws in vogue.

Simultaneously, the draft Framework Agreement was sent to the Ministry of Foreign Affairs and Law and Justice Division for views/comments and legal vetting and Law and Justice Division stated that the matter relating to administrative decision which required to be taken by the MoMA itself form its policy perspective and no specific legal question has been raised to be answered by the MoMA.

However, in any specific legal issue/question remains to be resolved, the same may be sent to Law Division and that will be glad to render necessary assistance in the matter, whereas, MoFA has granted NOC from a political point of view In terms of the Inter-Governmental Commercial Transactions Act, 2022, “the federal government may enter into a G2G agreement with the government of a foreign state for the purposes of this Act”, which shall include broad parameter and mechanism for execution of intended commercial transaction.

After a detailed discussion, the meeting allowed negotiations on Framework Agreement and constituted a committee comprising secretary Law and Justice, secretary Maritime Affairs, and representatives from the Ministry of Foreign Affairs and Finance to negotiate the draft framework agreement with the government of UAE on cooperation for the development of bulk and general cargo terminal at East Wharf at KPT.

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 Khurram Dastgir Khan, Minister of State for Petroleum Musadik Masood Malik, SAPM on Finance Tariq Bajwa, SAPM on Revenue Tariq Mehmood Pasha, Secretary Finance, Secretary Maritime Affairs, Secretary Law and Justice, Secretary Commerce, and other senior officers attended the meeting.

Copyright Business Recorder, 2023