Commissioner Louis E. Sola delivered a speech at the Global Commerce Exchange in late October where he addressed the Federal Maritime Commission’s (FMC) regulatory responsibilities, the importance of Latin America trade to the United States, and the vital role maritime plays in exporting U.S. products to overseas markets.
Commissioner Sola highlighted the FMC’s oversight and regulation of over two billion tons of containerized cargo annually, valued at $5 trillion.
He also discussed “America First” initiatives, including the expansion of liquefied natural gas (LNG) facilities. He noted that over 500 LNG-powered ships are expected to be delivered by 2026, which will contribute to U.S. energy independence and a more sustainable maritime sector.
Additionally, the Commissioner focused on the importance of trade relations between the United States and Latin America. He highlighted data published by the U.S. Trade Representative showing that trade between the U.S. and Latin America totaled $2.4 trillion in 2022.
He emphasized the critical role of U.S. exports in supporting the economic growth and stability of the maritime sector. Notably, 75% of U.S. exports are transported by sea.
Commissioner Sola delivered his remarks in Fort Lauderdale, Florida on October 31, 2024.
Louis E. Sola is a Commissioner with the U.S. Federal Maritime Commission. The thoughts and comments expressed here are his own and do not necessarily represent the position of the Commission.