China summoned the Panama ambassador when it decided to get out of the Belt and Road Initiative due to increased pressure from the US on that country.
In China, Assistant Foreign Minister Zhao Zhiyuan met with Ambassador Miguel Humberto Lecaro Barcenas of Panama yesterday and expressed China’s “profound regret” over the matter, according to state-run Xinhua news agency. In his words, “The Belt and Road has played an excellent role in propelling strong, healthy economic ties between China and Panama, therefore contributing to developing the country at large.” Further, he opined that abandoning the initiative at this point was not in accord with Panama’s long-term goals.
The BRI has funded infrastructure around the world through the projects under Chinese President Xi Jinping. However, it is criticized for burdening several countries with debt, which eventually makes them debtors to Beijing. Zhao was also critical of the efforts from the US side for “pressure and coercion” into undermining Beijing’s relations with Panama.
Diplomatic tensions arose because of a warning made recently by US President Donald Trump, in that his administration won’t be remiss in having countermeasures imposed on the Panama Canal. Just lately, US Secretary of State Marco Rubio toured Panama and urged Panamanian President José Raúl Mulino to terminate all connections US has with BRI. These reasons center around China’s oppressive control.
On Thursday, Mulino said that Panama had withdrawn from the BRI, questioning its value. “What has the Belt and Road Initiative brought to Panama all these years?” he said, as quoted by the South China Morning Post.
Experts believe Panama’s move may prompt a “domino effect” and that other Latin American countries will soon be following. As China’s investments in the region are expected to continue, however, its influence through the BRI will start to decline and will represent a setback for Beijing’s global ambitions.
