New Diplomatic Relations Between Panama And China: Recent Updates
On June 12, 2017, President Juan Carlos Varela of the Republic of Panama announced that he had established diplomatic ties with the People’s Republic of China.
On November 17, 2017, China and the Panamanian government signed a 19-nation memorandum of cooperation in Beijing including the free trade agreement. According to the Panamanian authorities, it is expected that the two sides will begin negotiations in the middle of this year. At present, only Peru, Chile and Costa Rica have reached free trade agreements with China.
In addition, the governments also signed maritime transport, railway and air transport agreements; agriculture, international trade, investment, power transmission and tourism, especially for Chinese citizens wishing to travel to Panama given the new flexible immigration visa.
Panama will become a bridge between China and Latin America
Similarly, governments of all countries have recognized Panama’s participation in the transnational development and infrastructure projects known as the New Silk Road.
Industrial and Commercial Bank of China (ICBC) in Panama
The government announced that, as announced by the presidential palace in an official statement, it is believed that China’s largest ICBC will be installed in the country.
Non-stop Panama – China International Airlines
Air China’s first direct flight will arrive in Panama at Tocumen International Airport on March 29. The flight will be carried on a Boeing 777-300ER aircraft, which will accommodate 380 passengers and will last 16 and a half hours. The flight will have two flights from Beijing and will connect with Panama through Houston. The technical scale will be two hours.
