New Friendship Treaty Modernizes Relations Between Panama and Spain following 1953 Agreement.

Panama and Spain formalized the modernization of their bilateral relations this Tuesday, November 3, in Madrid with the signing of a new General Treaty of Friendship and Cooperation, which replaces the agreement that governed the ties between both nations since 1953.

The treaty was signed in Madrid by the chancellor, Javier Martínez-Acha, and his Spanish counterpart, José Manuel Albares, Minister of Foreign Affairs, European Union and Cooperation of Spain.

The agreement establishes a new legal framework to adapt the relationship between the two countries to the political, economic and democratic conditions of the 21st century, as well as to reaffirm their commitment to the rules-based international order, multilateralism and respect for human rights.

According to information released by the Panamanian Foreign Ministry, the treaty seeks to deepen cooperation between the two states, strengthen economic exchange, and identify new commercial and technological opportunities that directly benefit their citizens.

The agreement represents an update to the bilateral collaboration mechanisms, in a context in which Panama and Spain seek to expand their areas of joint work and consolidate their diplomatic relations.