The Panama Canal Authority (ACP) has entered into a significant Memorandum of Understanding (MOU) with major UK ports operator Peel Ports, who own the Port of Liverpool, The World Maritime News reports.
The signed agreement creates a strategic alliance aimed at facilitating international trade and generating new business by promoting trade routes between Liverpool and the west coast of South America via the Panama Canal.
The agreement follows a number of investments by the Panama Canal Authority to expand its lock gates and unlock the potential for a new generation of Neo-Panamax vessels, as well as the development of Liverpool2, which provides an opportunity for the Port of Liverpool “to develop its role as a destination for these larger vessels,” according to UK’s Panama Ambassador, Ian Collard
The opening of the expanded canal has the potential to open up new markets for trade and has the potential to shift international trade patterns.
Mark Whitworth, Chief Executive of Peel Ports Group is very exciting about “the time times ahead for Liverpool, with improved trade connectivity and business opportunities between the UK and South America, which will not only generate economic growth but also create jobs and increase revenues”.
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