Panama Canal and Port Everglades Strengthen Ties

An important step in strengthening trade relations between the Panama Canal and Port Everglades in Florida was made recently when a Memoradum of Understanding was signed. The memorandum, signed by a representative from each location, agrees that new business and trade will be encouraged by each of the parties.

What this means is that each area will be promoting business, trade and travel to the other. Achieving growth is the goal, one that will be beneficial to each party. It also means they will be interchanging information of efforts made to modernize, advertise and more. One reason this synergy is important for the US is that 185,000 jobs in Florida are directly impacted by activity at Port Everglades. Approximately $18 billion dollars is seen here through activity of the port.

A Master Vision Plan has been compiled to lead Port Everglades into the economic future. Some of the modernization techniques will be to increase capacity for larger ships. An expansion project is slated to begin in 2014 to add a new maritime traffic lane for the Panama Canal. This will not only double the amount of traffic but will also allow longer and wider ships to utilize the Canal. While the Plan carries a price tag of around $2 million dollars to fulfill all of the modernization detailed, it will be spread over a 20 year period.

It is crucial that all organizations work together to improve trade relations, with Panama Canal and Port Everglades a classic example. Working together to build and increase these trade potentials will not only benefit these two, but also all East Coast ports including South Carolina, Virginia as well as all Florida ports who hold a one of a kind position to benefit from changing patterns in trade.

Gateways to a lucrative trade business, Port Everglades and the Panama Canal literally hold the future of growth in trade in their hands, and the signing of the new memorandum is a good indication that it will indeed improve.