On December 3, witnessed by Chinese President Xi Jinping and Panamanian President Juan Carlos Varela, Chinese Minister of Commerce Zhong Shan and Panamanian Minister of Industry and Commerce Augusto Arosemena signed the Memorandum of Understanding on Trade in Services Cooperation Between the Ministry of Commerce of the People’s Republic of China and the Ministry of Industry and Commerce of the Republic of Panama.
According to the memorandum, the two sides will set up working groups to promote trade in services cooperation in key sectors, encourage industrial associations to strengthen exchanges, promote dialogues among trade in services enterprises, and give further play to the important role of trade in services in promoting economic and social development of the two countries.
Since the formal establishment of the diplomatic relations in June 2017, China-Panama economic and trade cooperation has achieved fruitful results, and trade in services has played an increasingly important role in bilateral economic and trade relations. Panama is China's largest trade partner in Central America, and China is Panama's second largest one in the world. The signing of the Memorandum of Understanding on Trade in Services Cooperation will bring new contents into bilateral economic and trade relations and play an important role in consolidating the healthy and sustainable development of bilateral economic and trade relations.