Panama to deepen ties with China at ongoing trade show

Panama is eyeing opportunities created by the ongoing 2019 China International Fair for Trade in Services aiming to deepen cooperation with China in fields including tourism and logistics, said Ariadna Padron Di Bello, charge d'affaires at the embassy of Panama in China.

This is the first time for Panama to take part in CIFTIS, Di Bello said.

"During the fair, we hope to seek more cooperation opportunities with our location advantage as the gateway of China to Latin America."

Located at the American continent, Panama borders both the Caribbean Sea and the Pacific Ocean. It is home to the Panama Canal and the Colon Free Trade Zone, a global commodity distribution center.

The Panama Canal carries nearly 6 percent of the world's trade volume annually.

Panama's domestic market is mainly based on the service-oriented economy and the country has become a regional financial hub, signing more than 20 business agreements with relevant parties in Latin America, said Di Bello.

"With these advantages, we hope to attract more companies to set up their headquarters in our country," she said.

In 2017, China and Panama established diplomatic relations. Over the past two years, the two countries have signed a total of 48 agreements incorporating trade, infrastructure construction, tourism and marine transportation, according to Di Bello.

Data from CEIC, an international financial information provider, showed that from January to October in 2018, China's exports to Panama reached $5.71 billion. with imports from Panama amounting to $53.7 million.

"China is a crucial trade partner for Panama. The two countries will have further exchanges especially in promoting bilateral trade," Di Bello said.

Last year, Air China launched the first direct flight from Beijing to Panama, taking about 19 hours.

In early May, an agreement on mutual passport facilitation came into effect, increasing the validity period for mutual multiple-entry visas from three years to five years.

From November 2017, Panama has been involved in the Belt and Road Initiative.

The initiative brings opportunities for the two countries to deepen cooperation in fields such as logistics, infrastructure and maritime, said Di Bello.

"Panama will enhance strengths to provide a better platform for Chinese companies to develop in Latin American markets," she said.

liangkaiyan@chinadaily.com.cn

(China Daily 05/31/2019 page12)