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  "title": "Inter-Governmental Commercial Transactions Act, 2022",
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  "text": "Page 1 of 4 \r\n \r\n \r\n \r\nTHE INTER-GOVERNMENTAL COMMERCIAL TRANSACTIONS \r\nACT, 2022 \r\n \r\n \r\n \r\n \r\nCONTENTS \r\n__________ \r\n \r\n1. Short title, extent and commencement \r\n2. Definitions \r\n3. Inter-governmental framework agreement \r\n4. Constitution of Cabinet Committee \r\n5. Power to relax or exempt from regulatory compliance \r\n6. Conflict of interest \r\n7. Bar of jurisdiction \r\n8. Indemnity \r\n9. Overriding effect \r\n10. Rules \r\n  \r\n \r\n\r\n \r\nPage 2 of 4 \r\n \r\nTHE INTER-GOVERNMENTAL COMMERCIAL TRANSACTIONS \r\nACT, 2022 \r\nACT NO. XXX OF 2022 \r\n[2nd November, 2022] \r\nto provide for a mechanism to carry out a commercial transaction under an inter-governmental \r\nframework agreement to promote, attract and encourage foreign states to have economic and \r\nbusiness relations with the Islamic Republic of Pakistan. \r\nWHEREAS in order to facilitate inter-governmental economic and commercial transactions, it \r\nis necessary to provide for a legal framework and for matters connected therewith and ancillary thereto; \r\nIt is hereby enacted as follows: — \r\n1. Short title , extent and commencement.— (1) This Act shall be called the Inter- \r\nGovernmental Commercial Transactions Act, 2022. \r\n2. It shall extend to the whole of Pakistan. \r\n3. It shall come into force at once.  \r\n2. Definitions.— (1) In this Act, unless there is anything repugnant in  the subj ect or \r\ncontext, — \r\n(a) “commercial a greement” means business agreements entered under t he G2G \r\nagreement; \r\n(b) “Cabinet Committee” means Cabinet Committee on Inter -Governmental Commercial \r\nTransactions; \r\n(c) “commercial transaction ” includes sale , purchase, investment , divestment, \r\nprocurement, licensing, lease, joint ventures, assignments, concessions, services \r\ncontracts, management co ntracts or such other mode of business transactions arising \r\nout of a G2G agreement or a commercial agreement; \r\n(d) “Federal Government” means the Government of Pakistan as defined under Article 90 \r\nof the Constitution of the Islamic Republic of Pakistan; and \r\n(e) “G2G agreement” or “inter-governmental framework agreement” means an agreement \r\nor memorandum of understanding entered be tween the Federal Government and \r\ngovernment of a foreign state. \r\n3. Inter-governmental framework agreement.__ (1) The Federal Government may enter \r\ninto a G2G agreement with the government of a foreign state for the purposes of this Act. \r\n(2) The G2G agreement under sub -section ( 1) shall include broad  parameters and \r\nmechanism for execution of intended commercial transaction. \r\n(3) Unless provided otherwise by the Cabinet Committee, a commercial agreement  under \r\nthe G2G agreement shall be negotiated and executed between the nominated entities of the F ederal \r\nGovernment and government of the foreign state. \r\n \r\nPage 3 of 4 \r\n \r\n(4) In case of entity nominated by the government of the foreign state, that government \r\nshall have either shareholding or control of the entity. \r\n4. Constitution of Cabinet Committee. __ (1) The Federal Government sha ll, by \r\nnotification in the official Gazette, constitute a Cabinet Committee on Inter -Governmental \r\nCommercial Transactions. \r\n2. The Cabinet Committee may: \r\n(a) authorize negotiations for a G2G agreement between the Federal Government and \r\ngovernment of a foreign state; \r\n(b) constitute a negotiation committee for a G2G agre ement or a commercial agreement, \r\nas the case may be, and approve price discovery mechanism; \r\n(c) recommend approval of the G2G agreement or a commercial agreement finalized by \r\nthe negotiation committee; \r\n(d) recommend for relaxations, exemptions, exclusions or concessions from regulatory \r\ncompliance; \r\n(e) authorize fast track procurement of services of transaction advisors or consultants; and \r\n(f)     take such decisions necessary for expeditious execution of the commercial transaction: \r\nProvided that the decision taken under clauses (c) and (d) of sub-section (2) by \r\nthe Cabinet Committee shall be placed before the Federal Government for approval. \r\n(3) The Cabinet Committee shall facilitate and supervise the commercial transactions under \r\nthis Act and pass necessary directions for removal of hurdles or difficulties. \r\n(4) The Cabinet Committee may co-opt any person as a member or may require attendance \r\nof any person by special invitation as it deems appropriate. \r\n(5) No act, decision or proceedings of the Cabinet Committee shall be invalid by reason of \r\nabsence, vacancy or defect in the constitution of the Cabinet Committee. \r\n5. Power to relax or exempt from regulatory compliance.— The Federal Government \r\non recommendation of the Cabinet Committee, by notification in the official Gazette and subject to \r\nsuch conditions, limitations or restrictions if any as may be specified therein, may relax or exempt \r\nfrom a regulatory requirement or operation necessitated by any law f or the time being in force for \r\nimplementing the inter-governmental commercial transaction. \r\n6. Conflict of interest. — If a person acting on behalf of the Federal Government or \r\nnominated entity has direct, indirect or perceived personal interest in any agree ment under this Ac t, \r\nthat person shall— \r\n(a) immediately disclose such interest in writing to the Cabinet Committee; and \r\n(b) not take part in any consideration on that ma tter unless the Cabinet Committee directs \r\notherwise. \r\n7. Bar of jurisdiction.__ (1) No court shall entertain an application, petition or suit against \r\nany process or act undertaken or done, intended or purported to be undertaken or done under this Act. \r\n \r\nPage 4 of 4 \r\n \r\n(2) No court shall grant an injunction or entertain any application for injunction against any \r\nprocess undertaken, intended or purported to be undertaken for a commercial transaction or agreement \r\nunder this Act. \r\n8. Indemnity. — (1) No sui t, prosecutions or any other legal proceedings or ac tion in \r\ndamages shall lie for anything done, procedural lapses or omission in exercise or performance of any \r\nfunctions, power or duty conferred or  imposed by or u nder this Act or any administ ered legislation \r\nunless the act or omission is shown, beyond reasonable doubt to have been in bad faith. \r\n(2) Notwithstanding anything contained in any other law, an investigating agency , anti-\r\ngraft agency, law enforcement agency or a court shall not inquire into or initiate investigation for any \r\nprocedural lapse or irregularity by any person in a commercial transaction or agreement under this Act \r\nunless there exists an evidence of personal monetary gain with corroborative evidence of link between \r\nsuch monetary gain to the undue benefit rendered to any party of the agreement. \r\n(3) No person shall be sued in his personal capacity for action taken in his official capacity. \r\n(4) Any procedural irregularity or lapse shall not affect, vitiate, set- aside, annul or rescind \r\na commercial transaction or a commercial agreement under this Act. \r\n9. Overriding effect . —The provisions of this Act shall have effect notwithstanding  \r\nanything inconsistent therewith contained in the Co mpanies Act, 2017 (XIX of 2017),  Privatization \r\nCommission Ordinance, 2000 (LII of 2000), the Public Procurement Regulatory Authority Ordinance, \r\n2002 (XXII of 2002), Public -Private Partnership Authority Act, 2017 (VIII of 2017), Securities and \r\nExchange Commission of Pakistan Act, 1997 (Act No. X LII of 1997), Securities Act, 2015 (Act No. \r\nIII of 2015) or any other law for the time being in force or in any instrument having effect by virtue of \r\nany law other than this Act. \r\n10. Rules. — The Federal Government may, by notification in the official Gazette, make \r\nrules for carrying out purposes and giving effect to the provisions of this Act. \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\nRGN-Dated.22-10-2025",
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