Signifies vital importance of the Panama Canal in world trade

Panama City, Panama.-Representing one of the world’s most vital waterway, Panama Canal Authority (ACP) Administrator, Alberto Aleman Zubieta, was invited to attend the Asia Pacific Economic Cooperation (APEC) CEO Summit in Santiago, Chile from November 19-21. Considered as the most important business conference held in the Asia-Pacific Region this year, Alemán Zubieta joins other key businesspeople from North America, Latin America and Asia.

The CEO Summit will discuss issues such as the challenges of global trade and the prospects for multilateral trade negotiations. The participation of the ACP in such an important event is crucial, since it offers the opportunity to meet with several top users and exchange views on international trade. This clearly signifies the vital role of the Panama Canal in world commerce.

Commenting on his participation, Administrator Alberto Alemán Zubieta said, “This is a significant opportunity for the Panama Canal. An invitation from the world’s largest economic forum is an honor for the Canal and its employees since it signifies the vital role of the Panama Canal in world trade”.

The Presidents and Heads of States of the member economies are participating in the summit, including the leaders of three of the largest economies in the Asia Pacific and Panama Canal top users: George W. Bush, President of the Unites States of America; Hu Jintao, President of the People’s Republic of China; and Junichiro Koizumi, Prime Minister of Japan.

This is the first time the event is being held in a Latin American country. This distinction will enable APEC benefits to expand to several Latin American countries, offering new business opportunities between Latin America and the Asia-Pacific region. Chile has signed trade agreements with four APEC members and is currently negotiating or exploring possible trade agreements with six other members. Chile is also one of the Panama Canal top users.

World leaders and business experts and leaders attending the summit will address issues such as the present and future of the global trading system and Asia-Pacific Regionalism, achieving sustainable development in an unequal world, Free Trade Agreements and their implications, perspective on the threat of global terrorism and regional response, challenge of good governance, and realizing the promise of technology.

Mr. Andrónico Luksic Craig, Vice Chairman of Banco de Chile and Panama Canal Advisory Board member is the Chairman of the CEO Summit. He was appointed by President Ricardo Lagos of Chile.

APEC is an intergovernmental consultative forum in which the economies of the Asia-Pacific region promote open trade and economic cooperation. Member economies include: Australia, Brunei Darussalam, Canada, Indonesia, Japan, Republic of Korea, Malaysia, New Zealand, The Philippines, Singapore, Thailand, the United States, People’s Republic of China, Chinese Taipei, Hong Kong, Mexico, Papua New Guinea, Chile, Peru, Russia, and Vietnam.