Alternative corridors and routes in global trade, in a world where geopolitics and the routes intertwine, along with the emergence of new trade corridors due to melting polar ice caused by climate change, are expected, according to the experts.
Straits and channels significantly impact the strategic position of the countries where they are located.
The Suez Canal, as well as the later-built Panama and Nicaragua canals, have significantly shortened the distances ships travel in sea routes and reduced security risks.
In this regard, there are around 50 significant canals worldwide.
The Panama Canal has come into focus due to the lowering of water levels caused by drought. Experts predict that the melting of ice in the polar regions in the future, similar to the example of the Panama Canal, could lead to the emergence of new trade routes.
Speaking to Anadolu Agency (AA), Turgut Kerem Tuncel, a senior analyst at the Center for Eurasian Studies, said: "Of course, there's also the issue of polar ice melting. Opening up transportation routes in the Arctic region could come to the agenda in the long term. In this regard, competition has already begun between Russia, China, the U.S. and Scandinavian countries."
"Developing alternative trade routes is important for global trade. From our own geographical perspective, further enhancing the functionality of the Middle Corridor, which passes through Central Asia, the South Caucasus and Türkiye, connecting Asia and Europe overland, will be a significant step for the smooth continuation of global trade," he said.
Tuncel stated that if the Panama Canal becomes inoperative, the only alternative for maritime transportation would be the Drake Passage between the southern tip of Argentina and Antarctica or establishing a connection via land routes. However, he noted that transportation costs would increase in both scenarios.
Professor Şafak Ertan Çomaklı from Hacı Bayram Veli University's Department of Finance also pointed out that the Panama Canal, situated in the narrowest part of the American continent, allows about 14,000 ships to transit between the Pacific and Atlantic Oceans annually, making it one of the world's most recognized artificial canals.
He emphasized that over the past 150 years, canals have become large projects serving the political and economic goals of funding countries. Çomaklı mentioned that the route called the Middle Corridor, in which Türkiye is also included, is the most suitable way to transport Chinese products to Europe and the Middle East by land.
"The Kanal Istanbul Project, which is part of this strategic route, aims to make Türkiye an important logistics center by supporting this corridor. While the Suez Canal brings in over $6 billion annually and the Panama Canal generates an annual trade volume of $2 billion, if built, Canal Istanbul's expected annual revenue would be around $8 billion," Çomaklı said.
Between Asia and Europe, trade and transportation are facilitated through three main corridors: the "Northern Corridor" involving Russia, the "Southern Corridor" passing through Iran, and the "Middle Corridor," including Türkiye.
The strategic importance of the historical Silk Road, specifically the Middle Corridor, starting from Türkiye and reaching Central Asia and China via the Caucasus and the Caspian Sea, is increasing day by day.