Liverpool’s new US$510 million container terminal looks set for a transatlantic expansion, despite global worries that a Trump presidency may halt trade negotiations in favour of securing US jobs.
The new deep water terminal, paid for by the UK’s second largest cargo operator Peel Ports, opened last month. The decision to convert the terminal so that it can handle bigger ships, displays a strong commitment to secure and bolster trade, even in the wake of current industry concerns. The fact that industry leaders such as Diageo and Jaguar Land Rover have already made investments in the North West region reflects how the Liverpool terminal is set to grow. These companies would also greatly benefit from the boost that transatlantic deals could potentially offer.
Mark Whitworth, Chief Executive of Peel Ports, said Liverpool, on England's northwest coast, already had 45% of the UK's transatlantic trade and “there is no reason why our aspiration should not exceed 60%”.
It is believed that Britain’s decision to leave the EU is also having an effect on desires to seek new deals worldwide and in particular with the US. Commenting on this, Mark Whitworth told Reuters “I genuinely believe that Brexit, in conjunction with the U.S. presidency, will force greater trade between us and the US”.
Whitworth also suggested that the Liverpool2 terminal was looking to secure ties with the Panama Canal, with significant talks to bolster trade in South America taking place over the past few weeks.
PTI recently covered the MoU partnership between Peel Ports and the Panama Canal Authority (ACP).
The new Liverpool2 terminal is capable of handling the biggest cargo vessels in the world and is already a vital UK terminal with mainland links by rail, road and canal.