Panamas maritime services law faces EU squall

PANAMA faces “negative consequences” and a potential trade war with the EU ( European Union) because of a law rushed through the National Assembly in June.

Law 41 states that 75% of the issued and outstanding shares of the companies involved in boat and barge services operating in Panama must belong to Panamanians

The EU has issued a warning that the application of the law restricting foreign investment in companies engaged in maritime auxiliary services.
EU Trade Commissioner Karel De Gucht, sent a letter to the Minister of Trade and Industry, Ricardo Quijano, which warns about the effects of the legislation and asks Panama to make corrections to avoid "negative consequences" in trade relations.
Law 41 was passed by the Assembly on June 14 and promulgated in the Official Gazette on the same day. Quijano De Gucht replied that there will be consultation with the authorities responsible for implementing that law says La Prensa.
Concerns over the law’s implementation have already been expressed in the US.