After a marathon bargaining session, leaders from the International Longshore and Warehouse Union (ILWU) and the Pacific Maritime Association (PMA) announced in a joint statement a preliminary agreement on terms for a new six year contract covering more than 25,000 dockworkers at 29 West Coast ports. The leaders shook hands in San Francisco over the proposed agreement on July 29th. The agreement is subject to ratification by the ILWU and PMA membership. In the meantime the ILWU and PMA have agreed to extend the previous agreement (the agreement lapsed on July 1st) and resume normal port operations. ILWU President Bob McEllrath and PMA President Jim McKenna said the proposed agreement meets the needs of both workers and the industry. It allows West Coast ports to be competitive and provides the good jobs that workers and communities need. The parties have agreed not to discuss details of the agreement until the ILWU and PMA leadership teams have communicated with their respective membership. The PMA’s main business is to negotiate and administer labor agreements with the ILWU for its 71 members, which include steamship lines, terminal operators and stevedores that operate along the US West Coast. Since 2002, overall container volume is up 45%. As a result, West Coast port operations (including non-containerized cargo such as bulk and autos) and is estimated to contribute 11% of the US GDP. The domestic business impact of West Coast port trade is $1.3 trillion – roughly equivalent to the GDP of Canada or Mexico. The average full-time wages for fully registered workers top $136,000 annually. Among individual job classes, the figures for 2007 were: Longshoremen $125,461; Clerk $145,731; Foreman/walking boss $200,052. In addition, ILWU members receive a benefits package costing more than $50,000 per employee. This package includes fully paid health care with no premiums or deductibles and 100% coverage for standard medical benefits.