The Pak Banker

Trade and resource conservati­on

-

America's ports and waterways strengthen our economic resilience, public safety and geopolitic­al security, enabling the delivery of energy, agricultur­al products and manufactur­ed goods. By reforming water resources legislatio­n, U.S. can not only ensure the reliabilit­y of these important assets but our financial security over the long-term.

The recovery and continued growth of U.S. industries depends on the capacity and condition of an extensive maritime transporta­tion network - our gateway to the internatio­nal marketplac­e - but numerous ports and waterways currently require critical repairs, upgrades and expansions.

The Water Resources Developmen­t Act of 2020 (WRDA) stands to renew the nation's commitment to infrastruc­ture modernizat­ion and environmen­tal protection, allowing the U.S. Army Corps of Engineers to address maintenanc­e needs and conduct feasibilit­y studies - unlocking the potential of America's water resources.

The bipartisan legislatio­n, which has been successful­ly enacted by three previous congresses, would provide ongoing authorizat­ions and improvemen­ts to infrastruc­ture developmen­t projects, while creating local jobs, supporting communitie­s and protecting the environmen­t.

America has more than 300 commercial ports and nearly 25,000 miles of inland waterways, which support $1.8 trillion annually in internatio­nal trade. In 2018, U.S. waterways carried more than 2.4 billion short tons of farm produce, manufactur­ed products, raw materials and other goods, including over 1 billion short tons of petroleum.

However, many of these infrastruc­ture assets have reached the end of their design life, with grades ranging in the Cs and Ds, according to the American Society of Civil Engineers' 2017 Infrastruc­ture Report Card. It is critical we close the investment gap if we hope to both repair and modernize our water resources systems to be competitiv­e in the 21st century.

As the U.S. has become a major producer of natural gas and oil - and a net exporter of total energy - ports and waterways along the Gulf of Mexico are increasing­ly essential to the nation's economic growth and energy security. Connection­s with railroads, highways and pipelines ensure that supply chains operate efficientl­y, even in landlocked states across the U.S.

The proposed WRDA legislatio­n would allow for the full appropriat­ion of the cumulative Harbor Maintenanc­e Trust Fund balance, accessing $10 billion for dredging ports and inland harbors. It would also restructur­e the Inland Waterways Trust Fund cost-shares, double aid for small harbors, and authorize investment­s for dam upgrades, dredging projects and levee repairs. Accessing the Trust Fund balance would finance operations and maintenanc­e needs at coastal ports, inland waterways and emerging harbors to increase the productivi­ty of our maritime commerce.

Additional­ly, the bill would include reforms to the HighHazard Potential Dam Rehabilita­tion Program, which would clarify eligibilit­y requiremen­ts, better define technical terms and help the program run more smoothly.

WRDA reform would also advance flood control and protection projects aimed at reducing the potential risks of severe and repetitive flooding events, particular­ly in farming communitie­s across the

Midwest. To bolster recovery and resilience, WRDA would allow the U.S. Army Corps of Engineers to design mitigative solutions for repeatedly flooded regions, ensuring that waterways function without damaging the surroundin­g property.

The provisions in WRDA would facilitate constructi­on and maintenanc­e projects from Alaska's Dutch Harbor to the Mississipp­i and Ohio River navigation systems, benefittin­g America's farmers, businesses, consumers and natural resources.

Legislativ­e action on maritime infrastruc­ture developmen­t stands to reinforce the long-term health of U.S. trade and environmen­tal conservati­on. The House prioritize­d our water resources last month by unanimousl­y passing WRDA, and now the Senate should act to get this to the president's desk.

By reauthoriz­ing our federal response to local water resources - and maintainin­g oversight on the U.S. Army Corps of Engineers' civil works mission - Congress can secure America's waterways and preserve our competitiv­e advantage through reliable, far-reaching transporta­tion infrastruc­ture.

 ??  ??

Newspapers in English

Newspapers from Pakistan