Panama has officially announced its withdrawal from China's Belt and Road Initiative, President Jose Raul Mulino confirmed during a weekly press conference.
Mulino said on Thursday that Panama's ambassador to Beijing had submitted the necessary documents to China, notifying them of the decision 90 days in advance, as required by the agreement.
Mulino emphasized that the decision was entirely his own, questioning the benefits Panama had gained from the initiative.
"I don't know what those who signed this agreement with China were thinking. What great things has it brought to Panama over the years? What has the Belt and Road Initiative contributed to the country?" he said.
The agreement, signed in 2017, was set to automatically renew every three years, with the next renewal scheduled for 2026. However, either party could terminate it with a three-month notice. Under the initiative, China has expanded its investments in Panama.
The announcement follows a visit by US Secretary of State Marco Rubio to Panama on Feb. 2, during which he stressed the need to reduce China's influence over the Panama Canal. Mulino assured Rubio that Panama would not renew the initiative agreement, asserting that the sovereignty of the Panama Canal is non-negotiable.
US President Donald Trump has previously expressed concerns over China's involvement in the canal and expressed his interest to take back its control.
