Pakistan on Wednesday set up a negotiating committee to finalize a deal with the United Arab Emirates to build a new multi-purpose cargo terminal at the port of Karachi that will give Dubai control of 85 percent of the port’s east coast.
The Cabinet Committee on Interstate Trade Transactions (CCoIGCT) decided to finalize the agreement on an interstate basis and abandon the bidding process. Finance Minister Ishaq Dar chaired a Cabinet Committee meeting.
A new terminal will be built to handle food and other goods, including fertilizers.
“Following extensive discussion, the committee approved negotiations for the framework agreement and appointed a committee composed of the Minister of Justice, the Secretary for Maritime Affairs, the Ministry of Foreign Affairs and financial representatives to negotiate the draft framework agreement with the UAE government,” reads in the Treasury Department statement.
After the finalization of the draft framework contract, the government will set up a price negotiation commission. A senior government official has hoped a trade deal to build a new multipurpose terminal will be signed in the first week of August.
