PARLIAMENT’S COMMITTEE ON MARITIME TRADE ADOPTS AMENDMENTS TO THE LAW 55 ON MARITIME TRADE

The project of the amendments to the Law 55 was received by Mr.  Quibian Panay, congressman and Chief of the Trade Committee of the Parliament. Mr. Tomás Ávila, Secretary-General of the Panama Maritime Authority, and the Deputy Chief of the Public Registry of Properties and Maritime Encumbrances Directorate were present at this ceremony.  

Panama, September 3.

The Parliament’s Committee (lit. National Assembly) embraced the project of reforming several articles of the Law 55 (of August, 2008), which treats topics of Maritime Trade. This request was introduced by Mr. Raúl Hernández, congressman.

Mr. Tomás Ávila, Secretary-General of the Panama Marine Authority (PMA) said that the approval of these reforms marks the first step taken towards the correction of a series of “grammatical, structural and material” misstatements, which the Law 55, currently contains.

Moreover, it’s desirable to update the norms that make references to the Public Registry for the inscription of documents that are related to the Merchant Marine, forasmuch as a Directorate of Ship Registry and Ship Encumbrances, which deals with this matter, has recently been created within the Panama Maritime Authority.

Avila added that the Panama Maritime Authority, in the weeks ahead, will make  some recommendations to the Trade Committee of the Parliament, in order to get the most out these reforms. These recommendations seek to introduce some regulations required by the Law, in order to improve the service that Panama offers to the international maritime market.

Mr. Avila finally added that the amendments to the Law 55, that we are promoting, strive to turn Panama into an option in line with the demands of the foreign companies; such thing will directly impact the revenue that this government entity brings into the fisc. At the same time, these amendments will help to maintain the leadership in the registering of ships.