Ankara set to expand maritime trade cooperation with Panama

Turkiye is set to increase maritime trade cooperation with Panama, Deputy Foreign Minister Faruk Kaymakci said.

"If there are sensitivities about Istanbul Canal, we will seek to learn about Panama's experience in our discussions," he opined.

At the latest meeting of the Foreign Affairs Committee of the Grand National Assembly of Turkiye, the Proposal for Approval of the Maritime Agreement between Turkiye and Panama, which envisages technical and administrative cooperation with Panama for the Istanbul Canal, was accepted.

Deputy Foreign Minister Kaymakci, who briefed the lawmakers about the agreement, which includes the establishment of a cooperation platform for the sharing of administrative and technical expertise in the construction and management of navigation channels, said that Panama is an important trade partner with its strategic location in the Latin American geography and its stable and growing economy.

"Panama, which draws our attention in this respect, has been the fastest growing country in the Latin America region for the last 10 years," said Kaymakci, pointing out that banking, finance, and logistics activities also have an important place in the country.

Reminding that the two countries opened their mutual embassies in 2014-2015, Kaymakci stated that the relations gained momentum.

Noting that Turkiye and Panama have a trading volume of 300 million dollars, Kaymakci said that Foreign Minister Mevlut Cavusoglu visited Panama in April 2021. On this occasion, he explained that the Trade and Economic Cooperation Agreement was signed. Kaymakci added that the number of Turkish Airlines flights to Panama has also increased.

Also, Kaymakci went on to add that Panama, where 7,980 ships are registered, has the world's largest ship registration system.

“Panama is a country that also has a weight in the International Maritime Organization. The Panamanian fleet constitutes 12 percent of the international maritime industry. We have citizens working on Panama-flagged ships, Some of these ships are owned by our private sector," he said.

Opining that they think the agreement will provide a solid foundation for relations in the maritime sector, Kaymakci said that "with the agreement, the regulation of bilateral relations in the field of maritime, the development of bilateral cooperation within the scope of the principles of equality, mutual benefit, and assistance, increasing the safety and security of navigation, increasing maritime trade between the two countries, removing bureaucratic obstacles, reducing the environmental damage of maritime transport, mutual recognition of seafarer certificates, it is aimed to create a basic text on legal disputes in the maritime field and to increase coordination in the field of maritime trade.”

"I don't think there will be any harm in seeing and sharing Panama's experience and technical knowledge on this subject. If there are sensitivities about Istanbul Canal, Panama's experience will also be shed light on in discussions in Turkiye,“concluded Kaymakci, stressing that Panama Canal comes first to mind when Panama is mentioned.