ALLIANCE AIMS TO FOSTER ECONOMIC GROWTH, SPUR INTERNATIONAL TRADE AND PROMOTE THE “ALL-WATER ROUTE”
Point Clear, Alabama, August 26, 2010 – Panama Canal Authority (ACP) Administrator/CEO Alberto Alemán Zubieta and Tennessee-Tombigbee Waterway (TTW) Administrator Michael D. Tagert signed a Memorandum of Understanding (MOU) yesterday to foster economic growth, spur international trade and promote the “All-Water Route” (the route from Asia to the U.S. East and Gulf Coasts via the Panama Canal).
During an official ceremony in Point Clear, Alabama, both parties affirmed their commitment to mutual growth and cooperation. Renewable after two years, the ACP-TTW agreement will allow for joint marketing ventures, information sharing and technological interchange.
“Today’s MOU signing is significant for both of our organizations as we look ahead to a rapidly changing business landscape,” said Mr. Alemán Zubieta. “Our partnership with the Tennessee-Tombigbee Waterway will be mutually beneficial and we look forward to our close collaboration.”
Based in Columbus, Mississippi, the TTW is a four-member interstate compact consisting of the States of Alabama, Kentucky, Mississippi, and Tennessee. It serves 17 states, 14 river systems, and more than half the nation’s population. Opened to commercial traffic in January 1985, the TTW provides passage for as much as 1.2 billion ton-miles of commerce each year with an annual savings of nearly $100 million in transportation costs.
“It is increasingly important that we recognize the ‘All-Water Route’ to include the navigable inland systems such as the Tennessee-Tombigbee Waterway,” said Mr. Tagert. “We are pleased that the Canal Authority, such a major component of the global supply chain system, recognizes the value and potential of the inland waterway system.”
The ACP-TTW agreement builds upon previously signed pacts between the ACP and the Alabama State Port Authority, as well as the Mississippi State Port Authority at Gulfport. Now, two new states will be engaged in the Panamanian economic partnership.
About the Panama Canal Authority (ACP)
The ACP is the autonomous agency of the Government of Panama in charge of managing, operating and maintaining the Panama Canal. The operation of the ACP is based on its organic law and the regulations approved by its Board of Directors. For more information, please refer to the ACP’s website: http://www.pancanal.com/. You can also follow the ACP on Twitter: http://twitter.com/thepanamacanal.
About the Tennessee-Tombigbee Waterway (TTW)
The Tennessee-Tombigbee Waterway is an interstate compact ratified by Congress to promote the development of the Waterway and its economic and trade potential. The compact consists of the States of Alabama, Kentucky, Mississippi and Tennessee. For more information, please refer to the TTW’s website: http://www.tenntom.org/. You can also follow the TTW on Twitter: http://twitter.com/TennTomWaterway.