2013 Update on the Panama Canal Expansion and Ports in the Atlantic and Gulf Coast States
|Thursday, May 9, 2013 at 12:00 AM
A Transformative Global Transportation Project: Panama Canal Expansion
The ongoing Panama Canal expansion is perhaps the most transformative global transportation project now in progress. Upon completion in 2014, the expanded Panama Canal will facilitate an even greater flow of trade between Asia and the Americas and will substantially impact the
volume of trade reaching Gulf and Atlantic Coast ports in the United States. The impetus for the expansion of the Canal, approved by the people of Panama in October 2006, sprang from that nation’s desire to continue as a pivotal player in global trade patterns and strategically leverage its greatest asset—the Panama Canal—for its own economic well-being.
For Panama, the only nation in the world with port terminals in two oceans, the Canal plays an extraordinary role, impacting practically every aspect of society. At the economic level, activity flowing from the Canal accounts for nearly 15 percent of gross domestic product, a clear indication of the enormous economic footprint of the Canal on the nation. The expansion project not only will ensure the Canal’s dominance as one of the most critical global transportation linchpins, but it also will strengthen the links between Asia, the United States and