The National Assembly Standing Committee on Commerce Thursday approved the Copyright (Amendment) Bill 2026 and the Insurance Bill 2026 during a meeting chaired by Javed Hanif Khan.
Addressing the meeting, Commerce Secretary Jawad Paul said that Pakistan's exports to the United Arab Emirates had declined by 24%, while India's decision to resume rice exports had increased competition in international markets due to lower prices.
Officials said that before the Middle East war, Pakistan's exports to Gulf countries had been showing a 10% year-on-year growth trend. However, disruptions at Jebel Ali Port, through which nearly 80% of Pakistan's Gulf trade passes, forced exporters to reroute shipments, increasing costs and affecting exports.
Committee members noted that Pakistani basmati rice continues to command a premium in global markets despite the growing competition.
Commerce Secretary Jawad Paul told lawmakers that the closure of the Pakistan-Afghanistan border in October 2025 had caused an estimated $1.1 billion loss in bilateral trade. He said the Middle East conflict had disrupted key trade routes, resulting in a $2 billion decline in agricultural and food exports.
The committee also received reports on the proposed legislation from the sub-committee, presented by its convener, MNA Muhammad Nauman.
Instead of amending the existing 25-year-old insurance law, the government had drafted an entirely new Insurance Bill 2026 on the directives of the cabinet.
Commerce Secretary Jawad Paul said the initial draft had been prepared by the Securities and Exchange Commission of Pakistan (SECP), adding that the new law would open the insurance sector to greater competition, simplify licensing procedures, and strengthen safeguards for policyholders.
The committee was informed that SECP would continue to regulate the insurance sector after enactment. Government institutions would also be allowed to obtain insurance services from private companies. The committee collectively approved the Insurance Bill 2026 and also cleared the Copyright (Amendment) Bill 2026. However, the Trade Organizations (Amendment) Bill 2026 was referred back to the main committee after MNA Farooq Sattar was unable to attend the meeting.
The committee also reviewed Pakistan's trade performance and the impact of regional developments on exports.