Panama signed an important Maritime Agreement with the People’s Republic of China (PRC). From Panama side the signatory was the Minister of Maritime Affaires and Administrator of the Panama Maritime Authority, H.E. Jorge Barakat Pitty and on behalf of the PRC, the Minister of Transport, H. E. Li Xiaopeng.
Thanks to this agreement, Panama will receive the treatment of “Most Favored Nation”, which means that all Panamanian flagged vessels calling PRC’s ports will be benefited with the preferential rate for tonnage dues, saving equates to a 28% discount for each vessel’s tonnage dues.
This scope of said agreement also entails bilateral cooperation in developing of their local logistical systems and support channel for the exchange of information, benefiting the merchant marine of each country. In addition, there will be reciprocal recognition of Seafarers’ titles issued by Panama and the PRC.