ISLAMABAD: Prime Minister Shehbaz Sharif on Monday highlighted the opportunity presented by a recent drop in global oil prices and said the government is working to harness its long-term benefits for the country`s e conomy.

Presiding over a meeting to review progress on the government`s wide-ranging reforms in the maritime sector, the prime minister said that reforms in maritime and energy sectors would boost trade, reduce costs, and unlock the country`s economic potential.

He said that reduction in elec-tricity tariff of almost Rs7.5 per unit was a direct result of the focused work of a dedicated task force on reforms in energy sector.

He emphasised that the same results-driven model is now being applied to the maritime sector.

The electricity tariff cut is a major relief not only for the people but also for agriculture, commerce, trade and industry sectors, PM Shehbaz said, adding that it will bring down cost of production, improve local manufacturing, generate employment and enhance exports.

He said that structural reforms are central to the government`s economic strategy, which the prime minister claimed has already stabilised the country`s macroeconomic indicators.

He said that efforts are underway to transform the country`s port infrastructure, streamline customs operations, and strengthen the country`s maritime economy for long-termnational benefit.

He hailed the task force on maritime reforms for its diligent work and praised its efforts in preparing a comprehensive set of recommendations to end decadeslong stagnation in the sector.

The meeting reviewed a detailed presentation on the roadmap for maritime sector reforms.

The participants of the meeting were briefed on introduction of the Pakistan Maritime Port Act, unifying regulations across all ports and creation of a national dredging plan, including the formation of a National Dredging Company, to serve ports across the country.

The forum also discussed modernisation of the Pakistan National Shipping Corporation (PNSC) with a 25-year rehabilitation plan and inclusion of the private sector through public-private partnerships.

The meeting was informed thata hazardous waste disposal plant has been set up in Gadani to manage chemical and industrial waste.

The prime minister instructed authorities concerned to accelerate installation of modern scanning systems at all ports, and expedite customs clearance procedures, particularly in red and yellow channels.

He also directed that a plan be developed to quickly auction longheld containers to free up port space and improve efficiency.

The taskforce also briefed on conducting financial, HR, and performance audits at national ports, enhancing training and human resource development at Karachi Port Trust, and reviewing trade tariffs to boost the competitiveness of the country`s ports.

He said that maritime resources are key to global trade and the country`s economic future, adding that timely action is essential to remain competitive in an evolving global market.