Caracas, July 2 (Xinhua-RHC) -- President Nicolas Maduro said on Tuesday that Venezuela has restored ties with Panama, months after the break-off of formal relations between the two countries.

Maduro said in his weekly radio program that he'll deepen trade, energy, economic and diplomatic ties with Panama, and celebrated the renewal of relations with his counterpart, Juan Carlos Varela, who took office earlier in the day.

Maduro broke off all ties with Panama on March 5th and accused former President Ricardo Martinelli of interfering in the internal affairs of Venezuela, at a time when continuous anti-government protests were taking place.

Venezuelan Vice President Jorge Arreaza attended Varela's inauguration ceremony and announced the renewal of relations between the two countries.

After winning the general elections in May, Varela expressed his intention to resume full relations with Venezuela and said he'd send an envoy to Caracas.