Panama ratified the agreement that will transform the EU-LAC Foundation into an international organisation, becoming the fifth CELAC Member to do so and the sixteenth overall.
Panama's ratification reflects its commitment to continue to support the strengthening of the relations between Latin America and the Caribbean and the European Union and its backing of the work of the European Union-Latin America and the Caribbean Foundation in improving the bi-regional partnership, mutual knowledge and understanding between the European Union and the Member States of the European Union and the Community of Latin American and Caribbean States (CELAC). This ratification of the agreement establishing the Foundation contributes to its strengthening as an instrument of the bi-regional partnership.
The threshold for entry into force of the Agreement is eight ratifications from each region. The EU-LAC Foundation has been operating with a transitory status under German civil law since November 2011, yet the swift ratification of the Agreement will allow it to be recognised as a genuine bi-regional organisation and be better equipped for the fulfilment of its ambitious mandate.