Panama Canal Authority (ACP) Administrator/CEO Alberto Alemán Zubieta and Tennessee-Tombigbee Waterway (TTW) Administrator Michael D. Tagert signed a Memorandum of Understanding (MOU) to foster economic growth, spur international trade and promote the All-Water Route (the route from Asia to the U.S. East and Gulf Coasts via the Panama Canal).
During an official ceremony in Point Clear, Alabama, both parties affirmed their commitment to mutual growth and cooperation. Renewable after two years, the ACP-TTW agreement will allow for joint marketing ventures, information sharing and technological interchange.
Based in Columbus, Mississippi, the TTW is a four-member interstate compact consisting of the States of Alabama, Kentucky, Mississippi, and Tennessee. It serves 17 states, 14 river systems, and more than half the nation’s population. Opened to commercial traffic in January 1985, the TTW provides passage for as much as 1.2 billion ton-miles of commerce each year with an annual savings of nearly $100m in transportation costs.
The ACP-TTW agreement builds upon previously signed pacts between the ACP and the Alabama State Port Authority, as well as the Mississippi State Port Authority at Gulfport. Now, two new states will be engaged in the Panamanian economic partnership.