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Monday, March 18 2019 @ 01:30 PM UTC

APEDE Warns The Bill Seeking To Nationalize Auxiliary Maritime Services Represents A Risk For Panama

Law & LawyersThe Panamanian Association of Business Executives (APEDA) said the bill 613 "violates international legal security", because it restricts foreign investment in the auxiliary maritime industry. Yesterday, the bill was approved during second reading by a group from the official party, the Democratic Change (CD), and by the Nationalist Republican Liberal Movement (MOLIRENA).

"The bill seeking to nationalize auxiliary maritime services is absurd and a violation of international treaties signed by Panama with other countries, and a violation to the participation Panama has in international forums aimed to liberalize global navigation," said the union in a statement.

In addition, the Apede expressed they fear these activities might disappear from Panama if this service is nationalized, as it would affect service providers and the country's competitiveness. (Prensa)

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