LatinNews Daily - 13 June 2018

Panama: Panama and China have officially launched negotiations in Beijing for a Free Trade Agreement (FTA), a year after Panama ditched Taiwan in favour of forging diplomatic relations with mainland China. A Panamanian presidential press release notes that the head of Panama’s trade & industry ministry (MICI), Augusto Arosemena Moreno, and China’s trade minister Zhong Shan signed the memorandum that formalises the negotiations. The two announced that the first round of negotiations will take place from 9-13 July in Panama City. According to Arosemena, the FTA will improve Panama’s access to the Asian market for goods exports, giving preferential treatment to products “with greater potential such as agricultural, fishing, and agro industrial”. Thepress release also notes that, currently, China is already Panama’s third main destination for exports, accounting for US$42m in exports in 2017. It highlights that the two markets will complement each other given that Panama exports mainly coffee, bovine skins, and fishmeal to the Chinese market while Chinese imports to Panama include high-tech products such as cell phones and televisions, as well as textiles, tyres, toys, and footwear, among others. Also during the visit by the Panamanian delegation to Beijing, the Panama-China Joint Commission was established to strengthen and promote bilateral cooperation in the areas of economy, trade, and investment.

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