Region urged to take advantage of Panama Canal
WASHINGTON, USA (CMC) – The Inter-American Committee on Ports (CIP) of the Organisation of American States (OAS) wants Caribbean countries to take advantage of commercial opportunities offered by the Panama Canal expansion.
Addressing the opening of a three-day meeting on Wednesday, Sherry Tross, executive secretary for integral development of the OAS, recalled that more than 80 per cent of world trade is transported by sea, and noted that the redevelopment of the Panama Canal will increase traffic and maritime trade worldwide.
“This increased capacity not only implies savings for world trade, but has the potential to increase trade between Latin America and the world,” she said.
“The impending expansion of the Panama Canal presents both challenges and opportunities for the entire region,” she added.
“This expansion has the potential to stimulate trade in the region and, as we know, has already spurred infrastructure development designed to increase port capacity for large vessels post-Panama.”
The OAS official also said the increase in maritime traffic requires OAS member-states to modernise their laws, guidelines and regulations for the implementation and enforcement of international safety standards.
During the meeting, OAS member-states are expected to discuss the prospects for strengthening regional port dialogue in order to promote competitiveness in the sector with the imminent enlargement of the Panama Canal.