Panama signed an important Maritime Cooperation Agreement with the People's Republic of China, the aforementioned agreement was signed by the Minister for Maritime Affairs, Jorge Barakat Pitty and his counterpart Li Xiaopeng, via the signing of this agreement Panama

receives the status of "Most Favored Nation".

As witnesses of the signing, the , were present.

Among the main benefits of this Agreement is that vessels registered under the Panamanian flag will receive preferential rates upon arrival at the ports of the People's

Republic of China, as Panama has the largest merchant fleet in the world, this fact will positively influence all trade. Maritime transport, favoring its development.

It will promote cooperation for the development of the country's logistical system, and will also serve as a vehicle marinas of each country.

There will be reciprocal recognition of Seafarer' titles issued by Panama and the People's Republic of China, as well as their temporary disembarkation at the time of arrival at ports in the People's Republic of China and Panama. 

Additionally, with the opening of the consulate of Panama in Shanghai, where there will be a ship documentation Technique Office(SEGUMAR), the technical liaison between the Panamanian administration and the maritime security authority of the People's Republic of China will be facilitated, ensuring compliance with all safety regulations on vessels navigating under the Panamanian flag.