Namely, Panama’s Minister of Maritime Affairs Jorge Barakat and the United States’ Maritime Authority Administration (MARAD)’s Admiral Mark. H. Buzby, signed this agreement to promote favourable conditions for the private sector and present the maritime investment projects promoted by Panama to US investors.

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The agreement aspires to contribute to the growth of the industry and meet the world's expectations regarding to safety, environmental protection and responsibility.

The deal will also enhance Panamna's ties with the US with regard to maritime commercial activities, and has also achieved a main objective that both administrations proposed, which aimed at the strengthening of bonds and maritime cooperation between the two countries.