China has summoned Panama’s ambassador, Miguel Humberto Lecaro Barcenas, over the country’s decision not to renew the Memorandum of Understanding (MOU) on cooperation with China on the Belt and Road Initiative (BRI). Assistant foreign minister Zhao Zhiyuan expressed “deep regret” over Panama’s move.
Under the BRI framework, China has invested heavily in various countries, including Panama, resulting in tangible benefits for its people. The initiative attracts criticism as a debt trap, with many countries struggling to pay back Chinese loans.
Zhao said any attempt to reverse the course on the BRI would go against Panama’s interests and that China opposes US pressure and threats undermining China-Panama relations. China hopes Panama will make a decision based on bilateral relations and long-term interests of the two peoples.
Panama recently announced its exit from the Chinese project, with President Jose Raul Mulino stating that he was unsure about the agreement’s benefits to his country. The US had warned Panama against China’s influence and control over the Panama Canal, prompting Mulino’s decision.
China’s foreign ministry has also expressed opposition to US actions to discredit and undermine BRI cooperation through pressure and coercion. Experts warn that Panama’s withdrawal could trigger a “domino effect” in other countries, potentially diminishing China’s economic influence in the region.
Source: https://timesofindia.indiatimes.com/world/china/china-summons-panama-ambassador-for-pulling-out-of-bri-after-trumps-threat/articleshow/118080330.cms