ISLAMABAD: Pakistan and its territorial waters have been removed from the Listed Areas of the Lloyd’s Market Association’s Joint War Committee (JWC), it emerged on Thursday, a move that will help reduce war-risk insurance premiums and shipping costs.

Federal Minister for Maritime Affairs Muhammad Junaid Anwar Chaudhry welcomed the decision and said it would improve the competitiveness of Pakistani exports and strengthen the confidence of international shipping companies, traders and investors in the country.

He added that Pakistan’s removal could also make Karachi Port, Port Qasim and Gwadar more attractive to global shipping lines and investors, creating opportunities for regional trade, cargo transit and transshipment.

According to the minister, the issue was taken up on March 13, 2026, when it was noted that Pakistan and its maritime areas had been among the JWC’s Listed Areas for two decades — after the US declared its war on terror following the 9/11 attacks in 2001.

Their inclusion had resulted in additional war-risk insurance premiums and surcharges for Pakistani shipping and trade.

The prime minister subsequently constituted a special committee, headed by Chaudhry, to pursue the matter. This committee held negotiations with Lloyd’s officials and presented Pakistan’s case on the basis of technical evidence and factual data.

“Even during Ramazan, lengthy meetings were held for several hours after iftar,” the minister said, adding that sustained negotiations eventually resulted in Pakistan being removed from the list.

He added that the decision would reduce the additional financial burden on the country’s maritime trade and help Pakistani exports compete more effectively in international markets.

Chaudhry hailed the development as an important step towards making Pakistan a major regional logistics, transit and transshipment hub, adding that the government would continue efforts to improve maritime safety and efficiency, expand port capacity and attract investment in the sector.