Panama Canal Authority, Virginia ports sign trade promotion deal

THE Panama Canal Authority (ACP) and the Virginia Port Authority (VPA) have reaffirmed an alliance to increase growth and trade, facilitate the flow of information sharing and promote the "all-water-route" from Asia to the US east coast via the Panama Canal.

ACP administrator and CEO Alberto Aleman Zubieta and VPA executive director Jerry Bridges signed the new Memorandum of Understanding (MoU) to further enforce the alliance between the Canal and the port authority that was first initiated in June 2003.

Mr Aleman said, "Our partnership with the VPA is more important than ever. As we embark on the next phases of the expansion project, data sharing and market studies exchange will continue to be essential elements of our collaboration."

Sharing information and best practices related to modernisation and improvement are key benefits of this agreement. Both the ACP and the VPA will continue to implement measures to increase capacity and spur growth, a joint statement said.

Mr Bridges said: "While the expansion of the Canal is vital to world commerce, the Virginia Port Authority is also positioning itself for increased demand by building infrastructure and incorporating the necessary enhancements to accommodate the growth that is to come."

Expansion will build a new lane of traffic along the Panama Canal through the construction of a new set of locks, which will double capacity and allow more traffic and longer, wider ships.