Pakistan has been removed from the Lloyd's Joint War Committee's listed areas, a move expected to significantly reduce shipping costs, boost investor confidence and enhance the country's maritime trade.
Federal Minister for Maritime Affairs Junaid Anwar Chaudhry announced the development, describing it as a historic achievement following four months of coordinated efforts by a committee formed on the instructions of Prime Minister Shehbaz Sharif.
According to the minister, the success was achieved under the prime minister's vision and the guidance of Field Marshal Syed Asim Munir.
Chaudhry said Pakistan's removal from the listed areas would eliminate war risk insurance premiums and additional surcharges imposed on shipping lines operating in the country's maritime boundaries.
He said lower shipping costs would benefit both importers and exporters by reducing freight expenses and improving Pakistan's competitiveness in international trade.
The minister added that the decision would strengthen the confidence of global shipping companies and foreign investors while enhancing the strategic importance of Karachi Port, Port Qasim and Gwadar Port.
He said the development would also create new opportunities for regional trade, cargo transit and maritime connectivity.
Pakistan's exit from the Lloyd's Joint War Committee's listed areas is expected to improve the country's maritime profile and support efforts to expand trade through its key seaports.
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