August 26 Several Trade Agreements Were Signed Between Panama and China

On Monday, August 26, several trade agreements were signed between companies from China and Panama. The event highlighted the possible return of negotiations for a Free Trade Agreement between the two countries.  Among the attendees were Li Xingqian, Director General of the Department of Foreign Trade of the Ministry of Commerce of China; Carlos Hoyos, Vice Minister of the Ministry of Commerce and Industry (MICI) ; the Chinese ambassador to Panama, Xu Xueyuan, and the commercial counselor of the Chinese Embassy in Panama, Zhou Quan.  In his speech, Li Xingqian stressed that since the establishment of diplomatic relations between China and Panama in 2017, economic and trade cooperation has flourished, contributing to the stable development of bilateral relations.  He said the trade mission will allow Chinese companies to better understand the Panamanian market and promote the export of high-quality products from Panama to China, which will further boost economic relations between the two countries. He also noted that the Asian country remains committed to its policy of opening up to the outside world and invited Panamanian companies to participate in the seventh China International Import Expo. 

For his part, Vice Minister Hoyos thanked China for organizing the trade mission and highlighted the concrete achievements in economic and trade cooperation since the beginning of diplomatic relations. He reaffirmed Panama’s commitment to strengthen communication and cooperation with China to continue promoting the development of their bilateral relations.  The meeting, organized by the Department of Foreign Trade Development of the Ministry of Commerce of China, brought together approximately 120 businessmen and representatives from both countries, who actively participated in the negotiations.  Negotiations for a free trade agreement with China began in 2019 during the government of former President Juan Carlos Varela (2014-2019), but failed to make progress.  Then, under the administration of former President Laurentino Cortizo (2019-2024), the first approaches were made to see if the talks could be continued.  However, the process was halted again.