Cabinet panel okays draft of maritime deal with UAE

ISLAMABAD: Finance Minister Senator Ishaq Dar Tuesday chaired a meeting of the Cabinet Committee on Inter-Governmental Commercial Transactions (CCoIGCT) and considered a summary of the Ministry of Maritime Affairs for a framework agreement between the governments of the UAE and Pakistan.

The framework aims to further strengthen bilateral maritime relations.

The committee discussed the recommendations of the Framework Agreement Committee for a G2G agreement under the Inter-Governmental Commercial Transaction Act 2022 between the governments of the UAE and Pakistan on ports and shipping. After detailed discussions, the committee recommended the draft framework agreement for approval by the federal cabinet.

The objective of intergovernmental framework agreement is to create favorable conditions for operations, maintenance, upgradation, investment, development and advancement of the container terminal at Birth 6–9, East Wharf, Karachi Port Trust, Karachi.

The framework agreement possesses six articles in order to operationalize Pakistan International Container Terminal, Karachi. The UAE will arrange financing for the transaction.

The agreement shall come into force on the date of its signing by the parties and shall be valid for five years, which may be extended, for as many terms and/or periods as the parties may mutually agree.

Expiry or termination of the agreement shall not affect any obligations, arising out of the contractual arrangements entered into pursuant to the agreement or which may have accrued prior to such termination.

The coordination and control over the implementation of the agreement is to be performed by the UAE Ministry of Energy and Infrastructure and the Ministry of Maritime Affairs.