Israel and Panama sign economic agreement

The accord comes on the heels of Israeli President Isaac Herzog’s landmark spring visit to Panama.

By Etgar Lefkovits, JNS

Israel and Panama signed an economic agreement on Wednesday, further cementing the strategic ties between the two nations.

The accord allows Israeli companies to be integrated in public development projects in Panama, according to the Israeli Foreign Ministry.

“The signing of the Memorandum of Understanding between Panama and Israel represents another important milestone in the growing strategic relationship between our two countries,” Panama’s Ambassador to Israel, Ezra Cohen, told JNS.

“This agreement reflects not only the deep friendship between Panama and Israel, but also a shared vision focused on innovation, technology, economic cooperation, education, security and sustainable development.”

The agreement will open “significant opportunities for collaborations” between the two countries and strengthen the bridge connecting Latin America with Israel’s ecosystem of innovations and entrepreneurship, he added.

The accord, which was worked on over the past 10 months and comes on the heels of the landmark spring visit by Israeli President Isaac Herzog, was signed in Panama between Panama’s Foreign Minister Javier Martinez-Acha and Israeli Ambassador to Panama Mati Cohen.

Panama and Israel share historically strong and expanding bilateral ties, rooted in Panama’s vote for the 1947 UN Partition Plan and its recognition of the State of Israel the following year.

As one of Israel’s most steadfast allies in Latin America, Panama frequently votes alongside Israel on international resolutions.

The two countries maintain a Free Trade Agreement, the first between Panama and any Middle Eastern nation.

Panama remains the only country in the region that has never recognized a Palestinian state.

Last year, Panama launched a parliamentary Israel caucus dedicated to deepening cooperation in technology, agriculture, security and innovation.