The planned deal with the United Arab Emirates (UAE) to establish a bulk and general cargo terminal at East Wharf, Karachi Port, was approved by the Cabinet Committee on Inter-Governmental Commercial Transactions.
The agreement will be ratified by the federal cabinet before it is signed by the governments of Pakistan and the UAE.
The cabinet committee approved the draught agreement, which includes the terms of the agreement, the cost of reconstruction of the terminal, the terminal’s lifespan, the maximum cargo capacity, the length of the quality wall, royalty, land rent per square meter in bonded areas, storage charges, dock labor charges, upfront payment (adjustable), (non-adjustable), and the quantum and type of investment.
According to the Ministry of Finance, Finance Minister Senator Mohammad Ishaq Dar presided over a meeting of the Cabinet Committee on Inter-Governmental Commercial Transactions on Monday, during which the draught agreement was approved.
The cabinet committee heard a summary from the Ministry of Maritime Affairs on the UAE-Pakistan government-to-government agreement on cooperation for the development of a bulk and general cargo terminal at Karachi Port’s East Wharf under the Inter-Governmental Commercial Transaction Act 2022.
