Panama Expat Forum

panamajames
Joined 2012
Posts: 5096

6 years ago

Yuan Currency from China Coming to Panama

6 years ago

To address the challenges and opportunities presented by the new diplomatic relations established by the Government of Panama with China, on June 13, an agenda of twelve priority points of common interest has been defined that define trade, maritime, logistic and even financial, such as the circulation of the Chinese currency in Panama.
This was explained by Vice President and Chancellor Isabel Saint Malo during the First Forum of business relations experiences with the People's Republic of China, organized by the National Council of Private Enterprise (CoNEP).
The vice president stressed that the pillars of the bilateral agenda, which were formalized with the opening of the Chinese embassy by Foreign Minister Wang Yi, will consolidate in the meeting that will hold the president of Panama, Juan Carlos Varela, with his counterpart Xi Jinping, in November, when they expect to sign up to 18 bilateral agreements.
Among the twelve priorities of the agenda are: - Establish a permanent political dialogue in the pursuit of social peace, economic development and the common good, for which the first ambassador in the People's Republic of China was already appointed and in the middle of this month, the first Chinese ambassador to Panama will take office.
- Ensure that the migration flows between the two nations are constructive; contribute to economic development and cultural exchange. And the visa suppression agreement has been signed on diplomatic and official passports and a bilateral agreement on the facilitation of mutual visas for short stays and multiple entries is being negotiated for tourism and commercial visits.
- Strengthening the administration of justice and combating transnational organized crime, for which an extradition agreement and a mutual legal assistance agreement are being negotiated.
- Position Panama as a tourist destination for Chinese citizens. With what Panama has asked the National Tourism Administration to have the Approved Destination Status, an authorization for Chinese citizens to visit foreign destinations safely and reliably. For this, the exchange of information is beginning to allow the Panamanian tourism sector to make the necessary adjustments to receive the Chinese tourists. After the Announced Tourist Destination is announced, negotiations for a mutual tourism cooperation and promotion agreement will begin.
- Promote the Panamanian merchant marine, as the "Most Favored Nation" status agreement will grant Panamanian flag vessels tax privileges at Chinese ports.
- Develop the logistics system of Panama. Chancellor Wang Yi expressed interest in signing a memorandum of understanding to introduce Panama to the New Silk Road.
- Promote Panama as a 'hub' of air and logistics connectivity, which seeks to take advantage of the benefits that Panamanian law provides for Headquarters of Multinational Enterprises.
- Increase trade through exports to China. It is planned to negotiate and sign the agreement on the establishment of the Joint Commission on Economic, Commercial and Investment Cooperation and another one for the Promotion of International Trade, which will allow negotiations on the signing of an FTA in the medium term.
- Encourage the investment of Chinese companies and the use of public-private partnerships for the financing of infrastructure works in Panama. The negotiation of a framework agreement to promote cooperation on production and investment capacity began. It will be the frame of reference to initiate the pre - feasibility study of the Panama - David train.
- Promote the Panamanian financial center as an investment alternative for Chinese banks. The China Development Bank and the Export-Import Bank of China are interested in financing infrastructure works in Panama. The Bank of China has indicated its interest in starting negotiations for the signing of a memorandum of understanding that allows, in addition to financial cooperation, the handling of the Chinese currency in Panama, whose basic unit is the yuan (although it is denominated Renminbi or RMB ).
- Develop scholarships and educational exchanges. The Ministry of Education of China will present an agreement for the educational exchange of higher careers (bachelor's, masters and doctorates).
- Establish the exchange of good practices for the implementation of public policies focused on the reduction of poverty. As members of the UN, both countries will ensure that the bilateral agenda focuses on achieving the Sustainable Development Goals (ODS).

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