- Panama renews maritime transport agreement with China
- the renewal of this agreement represents a series of unique advantages
Panama renewed an agreement on maritime transport with China, granting more advantages for shipowners who have registered their vessels under its flag, says an article in Korea Times.
Agreement renewed
The agreement, which was first signed in May 2018 for three years, was renewed and came into effect July 20 after negotiations between the Panamanian and Chinese governments. The maritime transport agreement strengthens trade between the two nations as well as offering benefits to ships under the Panamanian registry when they enter ports in China.
Advantages
The renewal of this agreement represents a series of unique advantages for shipowners that have registered their vessels under the Panamanian flag, such as measures to facilitate and expedite maritime transport to avoid unnecessary delays; promoting maritime and port development;
Ensuring the safety of navigation and protection of the environment; improving business relations and scientific and technological exchanges; promoting the supply of services to Panama-flagged vessels; and maintaining close relations that allow free and unimpeded access of Panama-flagged vessels for cargo traffic to and from China.
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Source: Korea Times
