Govt Constitutes Cabinet Committee on Inter-Governmental Commercial Transactions

Prime Minister Shehbaz Sharif has constituted the Cabinet Committee on Inter-Governmental Commercial Transactions (CColGCT). The Minister for Defense will be the chairman of the committee while the Minister for Finance, Minister for Economic Affairs Division, Minister for Privatization, and Minister for Petroleum will be its members By special invitation, the Chair may invite Secretary Privatization Division or any Secretary or Head of Organization depending upon the business under discussion before the committee. The committee will authorize negotiations for a G2G agreement between the Federal Government and the government of a foreign state. It will constitute a negotiation committee for a G2G agreement or agreement, as the case may be, and approve the price discovery mechanism. Recommend approval of the G2G agreement or a commercial agreement finalized by the negotiation Committee. Recommend for relaxations, exemptions, exclusions, or concessions from regulatory compliance and authorize fast-track procurement of services of transaction advisors or consultants.