The proposed agreement with the United Arab Emirates (UAE) to build a bulk and general cargo terminal at East Wharf, Karachi Port, received approval from the Cabinet Committee on Intergovernmental Commercial Transactions.
The federal cabinet must approve it before the governments of Pakistan and the UAE sign the deal.
The terms of the agreement, cost of terminal reconstruction, terminal lifespan, maximum cargo handling capacity, length of the quality wall, royalty, land rent per square meter in bonded areas, storage fees, dock labor fees, upfront payment (adjustable), (non-adjustable), and amount and type of investment are all included in the draught agreement that was approved by the cabinet committee.
The Cabinet Committee on Inter-Governmental Commercial Transactions meeting, which was held on Monday and during which the draft agreement was approved, was presided over by Finance Minister Senator Mohammad Ishaq Dar, according to the Ministry of Finance.
Under the Inter-Governmental Commercial Transaction Act of 2022, the cabinet committee reviewed a summary from the Ministry of Maritime Affairs on the government-to-government agreement between the UAE and Pakistan on cooperation for the development of a bulk and general cargo terminal at the East Wharf of Karachi Port.