Islamabad: Pakistan and its territorial waters have been removed from the Listed Areas of Lloyd’s Market Association’s Joint War Committee, a change expected to lower war-risk insurance premiums and shipping costs, Federal Minister for Maritime Affairs Muhammad Junaid Anwar Chaudhry announced on Thursday.

According to Press Information Department, the minister noted that this decision could enhance the competitiveness of Pakistani exports and boost the confidence of international shipping companies, traders, and investors in the country. The removal from the list is anticipated to make Karachi Port, Port Qasim, and Gwadar more appealing to global shipping lines and investors, potentially creating new opportunities for regional trade, cargo transit, and transshipment.

The minister outlined that the issue was addressed on March 13, 2026, when it was acknowledged that Pakistan and its maritime areas had been on the JWC’s Listed Areas for decades, leading to additional war-risk insurance premiums and surcharges for Pakistani shipping and trade. In response, the Prime Minister established a special committee, led by Junaid Chaudhry, to engage with Lloyd’s officials. The committee presented Pakistan’s case using technical evidence and factual data, eventually resulting in the removal from the list after sustained negotiations, including lengthy meetings during Ramazan.

The minister emphasized that this development would alleviate the financial burden on the country’s maritime trade, allowing Pakistani exports to compete more effectively in international markets. He stated that the government would continue to improve maritime safety and efficiency, expand port capacity, and attract investment in the sector, positioning Pakistan as a major regional logistics, transit, and transshipment hub.