Pakistan has taken a momentous step by establishing a negotiation committee to finalise an agreement with the United Arab Emirates (UAE) for the transfer of Karachi port terminals. This groundbreaking intergovernmental transaction, enabled by a recently enacted law aimed at generating emergency funds, signals a new era of economic collaboration. Chaired by Finance Minister Ishaq Dar, the Cabinet Committee on Intergovernmental Commercial Transactions convened a meeting where it was decided to form a negotiation committee responsible for orchestrating a comprehensive commercial agreement between the Karachi Port Trust (KPT) and the UAE government.
This committee, headed by Minister for Maritime Affairs Faisal Sabzwari, has been granted the mandate to draft a comprehensive operation, maintenance, investment, and development agreement under government-to-government arrangements with a nominated UAE agency. The transfer of Karachi port terminals to Abu Dhabi Ports (ADP), a distinguished subsidiary of the Abu Dhabi Ports Group, is the primary objective of Pakistan. The UAE government has previously expressed keen interest in acquiring these terminals, which were formerly under the administrative control of Pakistan International Container Terminals (PICT). As Pakistan seeks to secure additional funding following the expiration of its agreement with the International Monetary Fund, this strategic collaboration presents an unprecedented opportunity for mutual growth and prosperity.
