Panama and the People’s Republic of China have inked an agreement on maritime transport, on the sidelines of the historic meeting between their Presidents, Juan Carlos Varela Rodríguez and Xi Jinping, the first after the establishment of diplomatic relations.
The agreement intends to enhance the cooperation and development in the traffic of commercial vessels between both countries for facilitating cargo and passengers transport.
According to Panama’s Minister of Maritime Affairs and administrator of the Panama Maritime Authority, Jorge Barakat, this agreement is expected to promote maritime and ports development of the two countries, upgrade the Panama Ship Registry, as well as helping the Chinese Maritime Authority in maritime safety issues of Panama-flagged vessels sailing in Chinese waters.
As a result from the agreement, Panama-flagged vessels will enjoy lower port costs as do other States which have similar agreements with China. In addition, Panama will be able to register shipping companies and Chinese vessels, directly in the main Chinese maritime cities.
Furthermore, reinforcing the role of the isthmus as “the great connection”, Panama adheres to the Chinese initiative of the Strip and the Route, in which the country plays a key role thanks to the Panama Canal, the logistical and financial platform and neutrality. This, in addition, opens the doors to consolidate Panama as a gateway from China to Latin America.
