Mexico and Portugal will collaborate on an international maritime corridor between the countries after signing an agreement targeting the strengthening of energy security and supply chains.
The corridor between the ports of Coatzacoalcos in the Gulf of Mexico and Sines in Portugal was described as a “major gateway” for various forms of transport including containerized cargo, solid and dry bulk, and liquefied natural gas (LNG).
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A memorandum of understanding establishing the corridor was signed by the Mexico’s Undersecretary for Foreign Affairs Jennifer Feller and the Portugal’s Secretary of State for Foreign Affairs Francisco Gonçalo Nunes André.
The inauguration ceremony, held in Mexico, was also overseen by President Andrés Manuel López Obrador and the Portuguese Navy Secretary José Rafael Ojeda Durán.
The establishment of the corridor means that the two strategically placed countries will increase cooperation “at all levels” including the promotion of a joint economic agenda and the diversification of energy supply sources.
While shipping and trade corridors are not new to the maritime industry, they have become a key part of the sector’s efforts to strengthen global supply chains and work on decarbonisation initiatives.
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By GlobalDataThe Coatzacoalcos – Sines corridor is just one of many inaugurated during 2023, following other partnerships such as Singapore’s green corridors with China and Japan and the first trans-Pacific green corridor between the ports of Los Angeles, Long Beach, and Shanghai.
