ISLAMABAD: The Federal Government has reconstituted Cabinet Committee on Inter-Governmental Commercial Transactions (CCIGCT), with an authority to negotiate G2G agreement between the Federal Government and a foreign state.

The composition of the Committee shall be: (i) Minister for Privatisation (Chairman); (ii) Minster for Finance, Revenue and Economic Affairs (Member); (iii) Minister for Commerce, Industries and Production (Member); (iv) Minister for Communication, Railways and Maritime Affairs (Member); (v) Minister for Power and Petroleum; and (vi) Minister for Law & Justice, Climate Change and Water Resources.

The following Advisors and Special Assistants to the Prime Minister will attend CCIGCT meeting on special invitation: (i) Advisor to the Prime Minister on Establishment; (ii) Advisor to the Prime Minister on Finance; (iii) Advisor to Prime Minister on Aviation; (iv) SAPM on Maritime Affairs; (v) Deputy Chairman Planning Commission; (vi) Secretary Privatisation Division; and (vii) Committee Chairman may invite any Secretary or Head of Organisation depending upon the business under discussion before the Committee.

NA passes ‘Inter-Governmental Commercial Transactions Bill, 2022’

The Terms of Reference (ToRs) of the Committee are as follows: (i) The Cabinet Committee may (a) authorise negotiations for a G2G agreement between the Federal Government and Government of a foreign state, (b) constitute a negotiation committee for a G2G agreement or a commercial agreement, as the case may be, and approve price discovery mechanism, (c) recommend approval of the G2G agreement on a commercial agreement finalised by the Negotiation Committee, (d) recommend for relaxations, exemptions, exclusions or concessions from regulatory compliance, (e) authorise fast-track procurement of services of transaction advisors or consultants and (f) take such decisions necessary for expeditious execution of the commercial transaction; (ii) provided that the decision taken under clauses (c) and (d) of sub-section (2) of Section (4) of the Inter-Governmental Commercial Transactions Act, 2022 by the Cabinet Committee shall be placed before the Federal Government for approval; (iii) the Cabinet committee shall facilitate and supervise the commercial transactions under this Act and pass necessary directions for removal of hurdles or difficulties; (iv) the Cabinet Committee may co-opt any person as a member or may require attendance of any person by special invitation as it deems appropriate; and (v) no act, decision or proceedings of the Cabinet committee shall be invalid by reason of absence, vacancy or defect in the constitution of the Cabinet Committee.

Copyright Business Recorder, 2023