Welcome to the Panama Weekly News Roundup! Here’s the latest.
Panama launches free trade talks with China after ending Taiwan recognition
Panamanian and Chinese officials will launch the first round of trade negotiations in Panama City today with the aim of eventually inking a free trade agreement. The talks come one year after Panama switched diplomatic recognition China to Taiwan.
China is Panama’s second largest source of imports, the second biggest user of the Panama Canal and the largest supplier of goods to the Colon free trade zone. For Panama, Beijing would significantly increase exports in aluminium scrap, coffee, crustaceans and wood as well as further Chinese investment in the country through projects like the Panama cruise ship port, worth $165 million.
Source: Foreign Brief
Pope heading to Panama Jan. 23-27 for World Youth Day.
Pope Francis will travel to Panama in January to participate in the Catholic Church’s big youth rally, the Vatican confirmed Monday.
The Jan. 23-27 trip, which was expected, will be Francis’ third World Youth Day. He attended the event in Brazil in 2013, months after his election, and in Poland in 2016.
A brief statement from the Vatican said the pope had accepted an invitation from the Panamanian government and Catholic bishops to visit.
Source: The Star Tribunef
Standard & Poor’s Improves Panama Canal’s Outlook to Positive
Two years after the inauguration of the Expanded Panama Canal, Standard & Poor’s (S&P) Global Ratings revised its outlook on the Panama Canal from ‘stable’ to ‘positive’ – demonstrating the global impact of the historic waterway. The rating agency also affirmed its ‘A-’ rating for the Panama Canal, ranking the ACP two notches above that of the sovereign foreign currency rating.
S&P Global Ratings stated that they are revising Panama Canal’s outlook due to the waterway’s “intrinsic credit factors, sensitivity to country risk, and liquidity cushion.”
The Panama Canal’s outlook indicates the rating agency’s expectation that it will generate relatively stable annual earnings before interest, taxes, depreciation, and amortization (EBITDA) due to transit growth, made possible by favorable trends in world trade commerce and the consolidations of the Neopanamax Locks’ operations.
Source: AJot
Explore Panama by Boat: Here are four great ways to get started!
If you’ve been to Panama, or have been researching a trip or move to Panama, you know that this country is all about the water. Panama is an isthmus that has shores on the Caribbean and Pacific Ocean for the entirety of the nation, and its culture (and businesses) have flourished because of it.
1. Take a Panama Canal Boat Tour.
A great way to live a piece of real Panama history, is to see the Panama Canal by boat. The Canal stretches the entirety of Panama (at that longitude) and connects the Pacific to the Caribbean. There are many types of tours available, including 1-hour nature tours in Lake Gatun, 3-hour short tours up parts of the Canal, and 8-hour full Canal traversing tours. There are options for ferries, private yachts, and even sailing tours. Each one with a unique perspective, and pricing.
Source: International Relocation Firm Blog
