- The framework aims to further strengthen bilateral maritime relations.
- The agreement is intended to create favorable conditions for operations.
- The agreement will come into effect on the date of signing by all parties.
ISLAMABAD: Finance Minister Sen. Ishaq Dar on Tuesday chaired the meeting of the Cabinet Committee on Inter-Governmental Commercial Transactions (CCoIGCT) and considered the Maritime Ministry’s summary of a framework agreement between the governments of the UAE and Pakistan.
According to news reports, the framework aims to further strengthen bilateral maritime relations.
The Committee discussed the Framework Agreement Committee’s recommendations for a G2G agreement under the UAE-Pakistan Inter-Government Ports and Shipping Inter-Government Commercial Transactions Law 2022.
After detailed discussions, the committee recommended that the draft framework agreement be submitted to the Federal Cabinet for approval.
The Intergovernmental Framework Agreement aims to create favorable conditions for the operation, maintenance, upgrade, investment, development and advancement of Birth 6-9 Container Terminal at Karachi Port Trust East Terminal, Karachi.
The framework agreement has a total of six clauses aimed at bringing the Karachi International Container Terminal into operation in Pakistan. The UAE will arrange financing for the transaction.
This Agreement shall come into effect from the date of signing by both parties and shall be valid for five years, which may be extended according to the terms and/or terms mutually agreed by both parties.
“The expiration or termination of the agreement shall not affect any obligations arising from contractual arrangements entered into under the agreement or which may have arisen prior to such termination.”
Coordination and control of the implementation of the agreement will be carried out by the UAE Ministry of Energy and Infrastructure and the Ministry of Maritime Affairs.