Hi everyone! I hope you are all doing well. Welcome back to another blog. This article will discuss the topic in detail “Government Backs UAE Ports Agreement”. In the most recent meeting of the Cabinet Committee on Inter-Governmental Commercial Transactions (CCoIGCT), a thorough examination took place regarding a summary presented by the Ministry of Maritime Affairs. Additionally, the summary pertained to a significant framework agreement between the United Arab Emirates (UAE) and Pakistan, focusing on the realms of ports and shipping.
Under the adept chairmanship of Finance Minister Ishaq Dar, the CCoIGCT meeting delved into the proposal for a government-to-government (G2G) agreement. Extensive discussions took place, allowing for a comprehensive examination of the draft framework agreement.
After careful consideration, the committee unanimously agreed to recommend the approval of the draft framework agreement to the federal cabinet. This endorsement marks a significant milestone in strengthening bilateral cooperation. And fostering strong economic relations between the UAE and Pakistan in the field of ports and shipping.
UAE commits to financing the Pakistan International Container Terminal (PICT) at Karachi Port Trust. UAE Ministry of Energy and Infrastructure and Pakistan’s Ministry of Maritime Affairs will jointly coordinate the agreement’s execution.
Comprising of six key articles, the framework agreement aims to establish a conducive environment for the container terminal’s operations. It encompasses various aspects such as infrastructure development, logistical support, and regulatory provisions, among others, to optimize the terminal’s efficiency and facilitate international trade.
The agreement is poised to take effect once it is formally signed by both nations, signaling their commitment to enhancing maritime connectivity and promoting bilateral trade. The initial validity of the agreement will span five years, providing a solid foundation for collaboration. Furthermore, there is an opportunity for extension based on the mutual understanding and consensus of both parties, ensuring the sustainability of the cooperative efforts in the long run.
The UAE and Pakistan form a strategic partnership. They aim to strengthen economic ties and leverage their strengths. Their focus is on propelling the growth of the container terminal at Karachi Port Trust. Also, this partnership boosts regional trade and emphasizes the importance of international cooperation in fostering prosperous maritime networks.
Moreover, terminating the framework agreement will not impact the accrued contractual agreements resulting from the deal. These agreements will remain binding upon all parties involved without any changes.
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