Diplomatic Relations

On 6 July 1921, Panama officially recognised the Republic of Latvia de iure. A protocol on the establishment of diplomatic relations between the Republic of Latvia and the Republic of Panama was signed in New York on 22 March 1994.

At the Latvian Embassy in Moscow on 6 April 2004, the Latvian and Panamanian governments signed an Agreement on Mutual Abolition of Visa Requirements. The Agreement provides for visa-free entry and stay in the territory of Panama for citizens of Latvia, and for a visa-free entry and stay in the territory of Latvia for Panamanian citizens, provided the term of stay does not exceed 90 days. On the Latvian side, the Agreement was signed by the Ambassador Extraordinary and Plenipotentiary of Latvia to Russia, Normans Penke, and for the Panamanian side – by the Ambassador Extraordinary and Plenipotentiary of Panama to Russia, Harry Alberto Diaz Strunz.

From 12 to 15 April 2007, Foreign Ministry State Secretary Normans Penke visited Panama. This was the first visit by Latvian officials to Panama, during which a Memorandum of Understanding was concluded on the formation of a mechanism for political consultations between the Ministry of Foreign Affairs of Latvia and the Ministry of Foreign Affairs of Panama.

Latvia's Honorary Consul in Panama, Mercedes Arauz de Grimaldo, officially commenced work on 3 May 2007. Latvia's Honorary Consulate is situated in Panama City.

Economic Relations

Trade (according to data from the Central Statistical Bureau of Latvia)

Year 2006

The extent of trade with Panama is very unstable. Latvia's export to Panama in 2006 was valued at 2,932,520 USD (in 2005 – 6,921,694 USD, in 2004, at– 7,535,357 USD, and in 2003, at– 2,896,871 USD). Latvia's import from Panama in 2006 was valued at 114,352 USD (in 2005 – 72,666 USD).

The main export commodities to Panama are mineral products – 65.57% or 1,922,736 USD of the total export to this state (including oil products obtained from crude oil and bitumen-minerals – 99%), food industry products – 12.76% or 374,172 USD (including spirits and liqueurs – 98%), as well as textiles and textile articles – 10.04% or 294,522 USD.

The main import goods from Panama are machinery and mechanical appliances – 84.89% or 97,069 USD of the total import from this state (including television sets – 98%), plastic and plastic articles, natural rubber and synthetic rubber articles – 10.82% or 12,373 USD.

January – December 2006

• Export

1. Lithuania –  788,418,743 USD or 14.11 % of total Latvian export

2. Estonia – 677,475,768 USD or 12.12 %

3. Germany – 562,635 155 USD or 10.07 %

4. Russia – 523,368,676 USD or 9.37 %

5. UK – 443,333,400 USD or 7.93 %

...

54. Panama – 2,932,520 USD or 0.05 %

•  Import

1. Germany – 1,609,581 384 USD or 15.02 % of total import to Latvia

2. Lithuania – 1,373,000,060 USD or 12.81 %

3. Russia – 891,580,050 USD or 8.32  %

4. Estonia – 810,199,559 USD or 7.56 %

5. Poland – 751,076,957 USD or 7.01 %

....

96. Panama – 114,352 USD or 0.00 %

Latvia has a positive trade balance with Panama of 2,818,168 USD.

Trade dynamics between Latvia and Panama from 1999 to 2006, USD

Main export commodities to Panama by type of commodity in 2006

Main import commodities from Panama by type of commodity in 2006

Investment 

As of 4 April 2007, there were 40 Latvian – Panamanian joint ventures listed in the Enterprise Register of Latvia. As of the same date, Panama had made direct investment in the equity of Latvian companies in the amount of 6,483,310 LVL (ranking 24th by investment rate).

Contacts:

Latvian Honorary Consul in Panama

Mercedes Arauz de Grimaldo

Address of Latvia's Honorary Consulate in Panama:

Oficina Morgan y Morgan

Edificio Torre MMG, Piso 12

Calle 53, Urbanización Obarrio

Ciudad de Panamá, República de Panamá

Telephone: + 507 2657646

Fax: + 507 2657700

E-mail: merce@morimor.com

Postal address:

c/o MORGAN Y MORGAN

Apartado  00832-00232

World Trade Center

Ciudad de Panamá, República de Panamá