Peel Ports Group, owner of the UK’s Port of Liverpool, has entered a memorandum of understanding (MoU) with Panama Canal Authority (ACP) to encourage international trade.

The collaboration also aims to generate new business by promoting trade routes between Liverpool and South America via the Panama Canal.

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Apart from driving economic growth, the new trade is expected to create jobs and increase revenues.

Peel Ports Group chief executive Mark Whitworth said: “Liverpool and Panama have both responded to the growth of the global container ship fleet with major investment programmes in recent years to accommodate newer generations of container ships.

"The development of Liverpool2 provides an opportunity for the Port of Liverpool to develop its role as a destination for these larger vessels."

“The opening of the expanded canal has the potential to open up new markets for trade and has the potential to shift international trade patterns.”

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In November, the company is set to open a new container terminal, Liverpool2, at the Port of Liverpool.

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UK Panama ambassador Ian Collard said: “The Panama Canal Authority has made considerable investments in recent years to expand its lock gates and thereby unlock the potential for a new generation of Neo-Panamax vessels to cross quickly between the Pacific and Atlantic Oceans. 

“At the same time, the development of Liverpool2 provides an opportunity for the Port of Liverpool to develop its role as a destination for these larger vessels and create a new stream of traffic across the Atlantic.”

Last week, Swale Borough Council approved Peel Ports Group’s 20-year plan to redevelop the Port of Sheerness.

Image: Peel Ports Group, Panama Canal Authority and other representatives. Photo: courtesy of Peel Ports Group.