PANAMA has informed China that it is withdrawing from the China's Belt and Road Initiative, sparking regret from China while highlighting shifting geopolitical dynamics in Latin America, reports Caixin.

Panamanian President Jose Raul Mulino, said on his embassy in Beijing had formally notified China 90 days in advance, in accordance with the agreement, that the country would not renew its participation in the initiative.



President Mulino said the tangible benefits of the Belt and Road Initiative (BRI) should be reassessed but ruled out severing diplomatic ties with China.



He emphasized that Panama's decision to withdraw was made before recent high-level US visits to the country.



Chinese Foreign Ministry spokesman Lin Jian expressed deep regret over Panama's decision at a Friday press briefing and condemned what he described as US coercion and pressure tactics aimed at discrediting and disrupting BRI cooperation.