China is granting the Cayman Islands-registered ships “most favored nation” status, paving the way for lower port fees for the vessels, the Chinese ambassador to the United Kingdom confirmed during a visit to Cayman last week.
Liu Xiaoming, on a two-day official visit to Grand Cayman, confirmed that China would implement an agreement signed by the U.K. to grant most favored nation status to Cayman-registered shipping entering Chinese ports.
The agreement will reduce port dues paid by Cayman Islands ships and is seen as a boost to the competitiveness of the Cayman Islands Shipping Registry, according to a Cayman Islands government press release.
The ambassador’s confirmation followed earlier discussions between the Governor’s Office and the Chinese Embassy in London.
Ambassador Liu paid a courtesy call on Governor Helen Kilpatrick after he arrived on island Thursday, and then visited Acting Premier and Minister for District Administration, Tourism and Transport, Moses Kirkconnell.
Prior to a lunch hosted with Deputy Governor Franz Manderson, the ambassador met with Minister for Financial Services Wayne Panton and Ministerial Councilor for Health and Culture Roy McTaggart. He also toured the Cayman Turtle Centre before attending a reception with financial services and commerce stakeholders.
On Friday, he visited Cayman Enterprise City to learn about the special economic zone and met Cayman Finance Chief Executive Jude Scott. He then visited with members of the Chamber of Commerce and went on to the Cayman Islands National Museum.