China regrets Panama’s withdrawal from the so-called ”New Silk Road” trade agreement with China. Panama made this decision after US Secretary of State Marco Rubio visited.
“China strongly opposes the use of pressure and coercion by the United States to denigrate and weaken cooperation,” said Lin Jian, a spokesperson for the Chinese Ministry of Foreign Affairs. “We deeply regret Panama’sPanama’s announcement that it will not renew the memorandum with China. We hope Panama will put aside foreign interference and make the right decision.”
China has signed cooperation agreements worldwide to increase its influence abroad. Some hundred countries have joined them. The aim is to carry out major infrastructure works in mainly developing countries. Critics of the “New Silk Road” believe that the project will put some countries in debt and favour Chinese companies at the expense of local economies.
According to Panamanian President José Raul Mulino, the Panamanian embassy in Beijing transmitted the document to Chinese authorities to announce “the exit with 90 days notice.”
Too much influence
For US Secretary of State Rubio, the Panamanian decision is a “major step” in strengthening relations with Washington. During his visit, he threatened to take measures if nothing changed around the Panama Canal. The new US President Donald Trump previously threatened to “take back control of the Panama Canal.” He believes that the Chinese influence is too great there.
The Panama Canal, between the Atlantic and Pacific Oceans, was dug by the United States at the beginning of the last century. The Americans controlled the canal and the surrounding area, but in 1977, agreements were made to transfer power to Panama. The management of the Panama Canal has been in the hands of the Panamanian authorities since 1999.
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