Panama signs pacts to enhance trade route between Asia, U.S.

The Panama Canal Authority (ACP) on Thursday said it cut a deal with the Tennessee-Tombigbee Waterway Development Authority to boost sea trading route connecting Asia, the Gulf of Mexico and U.S. eastern coast.

Under a memorandum of understanding, both sides will strive to enhance the route, known as "all water." The route serves 17 states and 14 rivers in the United States and conveys 1.2 billion metric tons of goods each year.

"Our alliance with the Tennessee-Tombigbee Waterway is expected to generate mutual benefits," ACP manager Alberto Aleman Zubieta said.

The agreement, which can be renewed in two years, would allow both sides to share market strategies, information and technology.

ACP had signed similar agreements earlier with U.S. shipping authorities, such as Alabama Port Authorities and Mississippi Port Authority.
(Source:xinhua)