The £2bn rail network aiming to bypass the Panama Canal | World | News

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A bold rail project hoping to shake up global trade forever is continuing full steam ahead.

The Interoceanic Corridor of the Isthmus of Tehuantepece, abbreviated as CIIT, is Mexico’s answer to the Panama Canal.

For decades, the 50-mile water-based stretch has dominated global shipping routes, being used by companies to get billions of pounds worth of goods from Asia to North America.

But Mexico hopes its CIIT project has the potential to become a game-changer.

The almost-complete project, expected to cost more than £2 billion, has been in the works since the start of the decade - and could be finished by next year.

CIIT bosses hope the 188-mile rail network will alleviate the congestion in the canal. It has been plagued by droughts in recent years, costing firms a fortune in expensive delays.

Unlike a traditional railway, CIIT uses state-of-the-art rail systems to move goods across Mexico’s narrowest point.

While the route is longer by mileage, it can take just six to seven hours to clear by track.

That’s faster than the eight to ten hours it takes by water, but some have pointed out it takes for cargo to be lifted from trains.

A new Wall Street Journal investigation said it was not clear if CIIT would ultimately prove quicker and cheaper than the Panama Canal.

The project faces its fair share of hurdles, including concerns about environmental impact.

Dr Yasmine Sabri, a logistics expert from University College London, said Mexico needed to convince the world of business of the attractiveness and the economic viability of the scheme.

Dr Sabri said: “Mexico might have a very good opportunity here to put itself as a key player on this map of international maritime shipping."

The Panama Canal Authority told WSJ its route remained the top choice for shippers.

“We are always monitoring potential projects that could compete with our route,” a spokesperson said.

“We remain confident in our service and we are making investments to strengthen our service for years to come.”

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Source link : http://www.bing.com/news/apiclick.aspx?ref=FexRss&aid=&tid=66f39a734d1e4aafa38385d602e5907e&url=https%3A%2F%2Fwww.express.co.uk%2Fnews%2Fworld%2F1952942%2Fpanama-canal-mexico-railway-shipping-route&c=11254932990022188882&mkt=en-us Author : Publish date : 2024-09-24 18:02:00 Copyright for syndicated content belongs to the linked Source .

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The £2bn rail network aiming to bypass the Panama Canal | World | News

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