Panama has agreed to accept the Latin America and Caribbean seat on the United Nations Security Council, after a long battle between Venezuela and Guatemala for the post, Panamanian press said on Thursday.

In a statement issued late Wednesday, Panama's foreign ministry said that it had not planned to join the Security Council, but the nation would make its best efforts to support the United Nations' plans.

The statement said it hoped that this would further peace and justice in the world; and thanked Venezuela and Guatemala for stepping down in favor of Panama.

Venezuela and Guatemala agreed to seek a compromise candidate after 47 rounds of voting, during which neither nation managed to win the minimum of 123 votes needed to secure a temporary council seat.

Panama has been a Security Council member of four separate occasions, and will begin its new two-year term in January 2007, replacing Argentina.

The council is made up of five permanent members -- the United States, Russia, China, the United Kingdom and France -- and 10 rotating members that each serve two-year terms.

Source: Xinhua