- The project will be built under the Inter-Governmental Commercial Transactions Act.
- The draft agreement was approved in a meeting chaired by the Finance Minister.
- A cargo terminal will be developed at the Eastern Ghat of Karachi Port.
Islamabad: The Cabinet Committee on Inter-Governmental Commercial Transactions gave a go-ahead to a proposed deal with the United Arab Emirates (UAE) to develop a bulk and general cargo terminal at the Eastern Ghats, Karachi port. news informed of.
The federal cabinet will ratify the agreement before it is signed by the governments of Pakistan and the United Arab Emirates.
The draft agreement approved by the cabinet committee includes the terms of the agreement, cost of terminal reconstruction, life of the terminal, maximum capacity to handle cargo, length of quality wall, royalty, land rent per square meter in bonded areas, storage charges, dock labor charges, advance payment (adjustable), (non-adjustable) and the quantum and type of investment.
According to the Finance Ministry, Finance Minister Senator Mohd Ishaq Dar chaired a meeting of the Cabinet Committee on Inter-Governmental Commercial Transactions on Monday when the draft agreement was approved.
The Cabinet Committee considered the summary of the Ministry of Maritime Affairs on the Government-to-Government Agreement between the United Arab Emirates and Pakistan on Cooperation for the Development of Bulk and General Cargo Terminal at the Eastern Ghat of Karachi Port under the Inter-Governmental Commercial Transactions Act 2022.