Hong Kong Challenges Panama Canal Ruling Amid Diplomatic Tensions

Hong Kong's commerce chief condemned a Panamanian court ruling annulling CK Hutchison's contract to operate ports in the Panama Canal. The commerce secretary stressed the importance of a fair business environment, while CK Hutchison initiated arbitration. Meanwhile, Panama declared its independence from external pressures.

In a significant diplomatic exchange, Hong Kong's commerce chief summoned Panama's Consul General in the city to express dissent over a court decision that annulled the contract of CK Hutchison, a Hong Kong-based company, to operate two ports at the Panama Canal.

Secretary for Commerce and Economic Development, Algernon Yau Ying-wah, conveyed his disapproval to Panamanian Consul General Jose Ramon de Jesus Varela Fabrega, criticizing the decision for potential long-term damage to Panama's business environment and its international trade reputation.

In response, CK Hutchison moved to challenge the ruling through international arbitration, while Panama's president asserted the country's standing against external pressures, calling the court's decision final.

(With inputs from agencies.)