KARACHI: The Cabinet Committee on Inter-Governmental Commercial Transactions gave a go-ahead for the proposed deal with the United Arab Emirates (UAE) to develop a bulk and general cargo terminal at East Wharf, Karachi Port.
The federal cabinet will ratify the agreement before the governments of Pakistan and UAE sign it.
The draft agreement approved by the cabinet committee includes the terms of the agreement, cost of reconstruction of the terminal, lifespan 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 labour charges, upfront payment (adjustable), (non-adjustable) and quantum and type of investment.
According to the Ministry of Finance, Finance Minister Senator Mohammad Ishaq Dar chaired the Cabinet Committee on Inter-Governmental Commercial Transactions meeting on Monday, when the draft agreement was okayed.
The cabinet committee considered a summary of the Ministry of Maritime Affairs on the government-to-government agreement between the UAE and Pakistan on cooperation for the development of bulk and general cargo terminal at the East Wharf of Karachi Port, under the Inter-Governmental Commercial Transaction Act 2022.
