Panamanians celebrate the opening of the expanded Panama Canal.

Panama is the shiny new toy for global trade

Jul 1, 2016  | Ep4145

Congress is just nine working days from a 51-day weekend.

The House of Representatives was in session for half of June while the Senate gaveled-in for 18 days to conduct the people’s business.

Pressing bills on the to-do lists of leadership involves GMO’s, the Zika virus and gun control.

Unlikely to be completed in the shortened session is a vote on the Trans-Pacific Partnership or TPP.

That didn’t stop the president from entering into a summit with his trade brothers to the north and south of our borders.

John Torpy reports. 

 

 

Burgeoning possibilities for the shipping industry opened up this week as Panama christened its newly expanded locks, ushering in more opportunities in growing global markets.

Amid fireworks and fanfare, a Chinese ship carrying more than 9-thousand containers entered the locks to officially open the expanded canal.

At a cost of just over $5 billion, the new locks are expected to double the canal’s capacity and accommodate ships that carry up to three times the cargo of those previously able to use the canal.

As trading trails were widening in Central America, three of the world’s economic powers were meeting in the Great White North. This week, the leaders of the United States, Canada and Mexico met to reaffirm each country’s cooperation on trade during the North American Leaders' Summit in Ottawa.

President Enrique Pena Nieto, Mexico "Jobs are created, companies are incorporated, trade is free, and more development can reach people due to regional integration, isolationism is not a route toward progress.”

 

According to government data, the United States, the world’s largest single economy, had more than $1 trillion worth of trade with its two major trading partners.

At the meeting, President Obama pledged to keep working on the Trans-Pacific Partnership. The 12- nation trade agreement, which counts Canada and Mexico among its members, is stalled in the U.S. Congress. Both presumptive Presidential nominees have spoken out against the TPP.

Donald Trump, took exception to the trade pacts with Mexico at a speech in western Pennsylvania earlier in the week.

Donald Trump, Republican Candidate for President, “But our workers' loyalty was repaid - you know it better than anybody - with total betrayal. Our politicians have aggressively pursued a policy of globalization, moving our jobs, our wealth, and our factories to Mexico and overseas. Globalization has made the financial elite who donate to politicians very very wealthy. I used to be one of them."For Market to Market, I’m John Torpy.

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