Panama, China Sign Economic Cooperation Accord

Home>>Business

Last updated at: (Beijing Time) Thursday, December 06, 2001

Panama, China Sign Economic Cooperation Accord

Representatives from Panama and China on Wednesday signed an economic cooperation agreement between the two countries. It aims to boost economic cooperation, and commit to establishing a regular information and viewpoint exchange mechanism on bilateral commercial expansion.

China and Panama signed economic agreement

Representatives from Panama and China on Wednesday signed an economic cooperation agreement between the two countries to strengthen commercial relations.

Ma Yue, an official of the China Council for the Promotion of International Trade, and Ivan Cohen, leader of the Panamanian Chamber of Commerce, Industry and Agriculture, signed the document on the eve of the opening of the 5th Economic and Commercial Expo' of the People's Republic of China, which is to take place late Wednesday in Panama City.

Two sides expect to strenghten commercial ties

Under the agreement, both countries will boost economic cooperation, and commit to establishing a regular information and viewpoint exchange mechanism on bilateral commercial expansion.

The accord is also aimed at promoting the exchange of visits between entrepreneurs and traders from both countries.

China's trade with Panama stood at around US$1.2 billion in the year 2000 with China's export up 33 per cent from the previous year.

Panama

Background: With US backing, Panama seceded from Colombia in 1903 and promptly signed a treaty with the US allowing for the construction of a canal and US sovereignty over a strip of land on either side of the structure (the Panama Canal Zone). The Panama Canal was built by the US Army Corps of Engineers between 1904 and 1914. On 7 September 1977, an agreement was signed for the complete transfer of the Canal from the US to Panama by the end of 1999. Certain portions of the Zone and increasing responsibility over the Canal were turned over in the intervening years. With US help, dictator Manuel NORIEGA was deposed in 1989. The entire Panama Canal, the area supporting the Canal, and remaining US military bases were turned over to Panama by or on 31 December 1999.

Geography
Location: Middle America
land: 75,990 sq km
water: 2,210 sq km
Land boundaries: 555 km
border countries: Colombia 225 km, Costa Rica 330 km
Coastline: 2,490 km
Maritime claims: contiguous zone: 24 NM
Climate: tropical maritime

Normalization of China-Panama Ties Benefits Both Peoples: Li Peng

Chinese Ships Heading to Fish in Panama Waters

Overseas Chinese in Panama Not Welcome Chen Shui-bian's Visit