Panama Canal And Port Of Miami Extend Strategic Partnership

by Mike Godfrey, for LawAndTax-News.com, Washington

02 December 2008

Panama Canal Authority (ACP) Administrator, Alberto Alemán Zubieta, and Port of Miami Seaport Director, Bill Johnson, have renewed a Memorandum of Understanding (MoU) to facilitate global trade and promote economic growth in the United States and Panama, it has been announced.

First initiated in 2003, the agreement is renewable on an annual basis and asserts the ACP's commitment to addressing growing international cargo and freight capacity needs.

"The Port of Miami is an internationally recognized trade hub and a key Canal business partner," Zubieta explained, going on to comment:

"The renewal of the Memorandum of Understanding with the Port of Miami underscores our strong commercial bonds and our joint commitment to market-based, regionally driven solutions for the international maritime community and its trade routes."

Both the ACP and the Port of Miami say they are dedicated to further increasing capacity and fostering growth. In 2007 alone, roughly 2.1 million tons of general cargo came to the Port of Miami through the Canal.

Additionally, the port serves more than 20 shipping lines that call on more than 100 countries and 250 ports across the world. Now, the port is preparing for the expansion of the Canal, which will further enhance its ability to serve the regional and international maritime community.

"The Port of Miami is proud to renew its partnership with the Panama Canal Authority", Johnson remarked, adding:

"The Port of Miami is the closest US port to the Panama Canal. We will be in a key strategic position to accommodate the world's largest cargo vessels as a result of the expansion of the Canal."

Slated for completion in 2014, the Panama Canal expansion project will build a new lane of traffic along the canal through the construction of a new set of locks, which will double capacity and allow more traffic and longer, wider ships.

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