ISLAMABAD: Prime Minister Shehbaz Sharif has constituted the Cabinet Committee on Inter-Governmental Commercial Transactions (CCoIGCT).
Sources said that a notification was issued by the Cabinet Division dated 28th March 2024. They said the notification stated the prime minister has been pleased to constitute the CCoIGCT.
The Cabinet Committee on IGCT would be headed by the Minister for Defence while the Minister for Finance, Economic Affairs Division, Privatization, and Petroleum would be members of the committee.
By special invitation secretary Privatisation Division can participate in the committee meeting and the chairman of the committee may invite any secretary or head of organisation depending upon the business under discussion before the Committee.
The terms of reference (ToRs) of the committee are that the committee may: (a) authorise negotiations for a G2G agreement between the federal government and government of a foreign state; (b) constitute a negotiation committee for a G2G agreement or as the case may be, and approve price discovery mechanism; (c) recommend approval of the G2G agreement or a commercial agreement finalised by the negotiation Committee; (d) recommend for relaxations, exemptions, exclusions or concessions from regulatory compliance; (e) and authorise fast track procurement of services of transaction advisors or consultants etc.
Copyright Business Recorder, 2024