What importance do the Suez canal and the panama canal have for the economies of the world?

The Suez Canal opened in 1869 and represents, along with the Panama Canal, one of the most significant maritime "shortcuts" ever built. It brought a new era of European influence in Pacific Asia by reducing the journey from Asia to Europe by about 6,000 km by skipping a detour around the Cape of Good Hope.

Explanation:

The Suez Canal opened in 1869 and represents, along with the Panama Canal, one of the most significant maritime "shortcuts" ever built ... The strategic importance of the Suez Canal endures, particularly because of the Middle Eastern oil trade and the Pacific Asian commercial trad