The two nations have agreed upon mutually-beneficial maritime developments in safety, navigation, port costs and registration, according to a report from industry news outlet Seatrade Maritime.
Panama, home of the Panama Canal, inked a maritime agreement with China.
Panama and the People’s Republic of China have signed an agreement on maritime transport after having established diplomatic relations last June, according to a report from maritime news outlet Seatrade Maritime.
The agreement will help in “promoting maritime and port development of Panama and China, strengthen [our] Ship Registry and support the Chinese Maritime Authority in the maritime safety issues of Panama-flagged vessels sailing in its waters,” said Panama’s Minister of Maritime Affairs Jorge Barakat, who is also administrator of the Panama Maritime Authority and head of the Panama Ship Registry.
The agreement also gives Panama-flagged vessels lower port costs and transfer of knowledge and technical control of ships’ documentation and crews on board of Panamanian vessels, said Seatrade Maritime. Panama will be able to register shipping companies and Chinese-owned vessels in China as it is now qualified to establish technical offices in maritime safety and navigation. “It is the commencement of a fruitful cooperation for China and Panama maritime sectors that will benefit from this accord as it opens a new era for our Ship Registry that is granted ‘the Most Favored Nation’ treatment with regard to access to [Chinese] ports,” said Barakat.