Panama Canal Authority (ACP) Administrator/CEO Alberto Alemán Zubieta and Port of Long Beach (POLB) Executive Director Richard D. Steinke signed a Memorandum of Understanding (MOU) in Panama aimed at generating new business and economic growth and promoting international trade between Long Beach and the East Coast of Latin America via the Panama Canal.
Both parties asserted their commitment to mutual cooperation at the official ceremony, which took place at the ACP’s Administration Building. The MOU is renewable after two years and will allow for technological and data interchange between the two parties, as well as opportunities for joint marketing activities and modernization efforts.
For example, the two entities may work to promote best practices in the areas of engineering, dredging or the environment, with an emphasis on programs that help reduce CO2 emissions. Collaborative efforts could also include joint advertising or opportunities in training to encourage economic growth.
“The ACP looks forward to entering into this partnership with the Port of Long Beach,” said Mr. Alemán Zubieta. “This MOU is the first of its kind between the ACP and a U.S. West Coast port and will allow both entities to strengthen trade flows throughout the region. We, at the ACP, continuously seek new and innovative ways to serve the ever-changing needs of global trade. This agreement will allow the Panama Canal to further reinforce its role as a regional logistics leader.”
Since 2007, the Panama Canal has provided a passageway for close to 21 million metric tons of trade between the Port of Long Beach and trading partners on the East Coast of South America.
“This partnership will help increase our reach to Latin America, an emerging trade partner for our region,” said Port of Long Beach Executive Director Richard D. Steinke.
“This accord expands the global network of port authorities, like the Port of Long Beach and the ACP, which are dedicated to green, sustainable and efficient development,” added Port of Long Beach Harbor Commissioner Mario Cordero, who also attended the MOU signing. “The Port of Long Beach is dedicated to growing that network and has signed similar agreements with several ports in China, Europe and Mexico.”