Transforming Karachi Port: Cabinet Panel’s Nod to UAE Deal for Modern Cargo Terminal
ISLAMABAD: The proposed deal between Pakistan and the United Arab Emirates (UAE) to develop a bulk and general cargo terminal at East Wharf, Karachi Port, has received approval from the Cabinet Committee on Inter-Governmental Commercial Transactions, as reported by The News.
The next step will involve the federal cabinet ratifying the agreement before it is signed by the governments of Pakistan and UAE.
The approved draft agreement includes various terms, such as the cost of reconstructing the terminal, the terminal’s lifespan, its maximum cargo-handling capacity, the length of the quality wall, royalty, land rent per square meter in bonded areas, storage charges, dock labor charges, and details of upfront payment, both adjustable and non-adjustable, as well as the quantum and type of investment.
Finance Minister Senator Mohammad Ishaq Dar chaired the Cabinet Committee on Inter-Governmental Commercial Transactions meeting, during which the draft agreement received the green light.
The agreement comes under the Inter-Governmental Commercial Transaction Act 2022, and it aims to strengthen cooperation between Pakistan and UAE in developing the bulk and general cargo terminal at Karachi Port’s East Wharf.
