Goal to Boost Trade between Asia and East Coast through the Panama Canal
“All-Water Route” is most Safe, Reliable and Economical Link to Bring Asian Goods to U.S. Consumers
PANAMA CITY, Panama – June 17, 2003 – With more than 60 percent of Panama Canal traffic originating from or traveling to the East Coast of the United States, the Panama Canal Authority (ACP) today announced an historic move by partnering with several U.S. East and Gulf Coast ports to boost trade. Beginning with the Port of New York & New Jersey, the Panama Canal Authority will be signing Memorandums of Understanding (MOU) with a total of seven major U.S. ports over the next several weeks. These partnerships will increase cooperation – such as joint marketing – between the Panama Canal and the ports and will seek to boost trade along the All-Water Route, the route from Asia to America’s East Coast via the Panama Canal.
Panama Canal Authority executives will travel to the seven ports in June and July to codify the MOUs. The ACP is partnering with the port authorities in: New York/New Jersey; Norfolk, Virginia; Savannah, Georgia; Charleston, South Carolina; New Orleans, Louisiana; and Houston, Texas. The signings are an example of all parties’ desire to work together to promote economic development, generate jobs and increase trade.
“Having recently shifted our model to run the Canal as a business, these partnerships with the ports are an example of the ACP’s aggressive strategy to improve services for our customers, generate economic development in port areas and increase trade along the All-Water Route,” said Canal Administrator Alberto Alemán Zubieta. “There will be real, tangible benefits from these agreements – a win-win for our customers, the ports and the Canal. The joint marketing, exchange of ideas and shared modernization projects demonstrate that we will execute solutions for the long-term growth needs of the shipping community and international trade,” Alemán concluded.
Specifically, the parties involved may conduct the following activities:
- Joint Marketing Activities to generate new shipping business via promotions, advertising and public relations activities;
- Data Sharing to forecast future trade flows and market trends;
- Market Studies Exchange that may benefit either party in future product development or business venture;
- Sharing of Modernization and Improvement projects that serve as a benefit to business and spur increased demand; and
- Technological Interchange of advanced technology capabilities and programs to spur cutting-edge programs in the shipping and maritime community.
The MOUs will continue for one year, and will be renewable on an annual basis.
About the Panama Canal
The Panama Canal Authority is the autonomous agency of the Government of Panama in charge of managing, operating, and maintaining the Panama Canal. The operation of the Panama Canal Authority is based on its organic law and the regulations approved by its Board of Directors. For more information, please refer to the website: www.pancanal.com.