Pakistan, July 31 -- In a major development for Pakistan's maritime sector, the country and its territorial waters have been removed from the Listed Areas of Lloyd's Market Association's Joint War Committee (JWC), a move that will help reduce war-risk insurance premiums and shipping costs, Federal Minister for Maritime Affairs Muhammad Junaid Anwar Chaudhry said on Thursday.

The Joint War Committee Listed Areas are high-risk maritime zones designated by London marine insurers, specifically representing the Lloyd's Market Association (LMA) and the International Underwriting Association (IUA).

Describing the development as a historic achievement, the minister, in a statement, said the decision would improve the competitiveness of Pakistan...