Panama Marks Torrijos-Carter
Treaty
PANAMA - Panama
marked on Sunday the
31st anniversary of the
Torrijos-Carter Treaty
which gave the Central
American country full
control of the Canal.
The agreement was signed
in Washington in 1977 by
the late General Omar
Torrijos, Panama´s head
of state at the time,
and former US President
Jimmy Carter.
As part of the treaty,
the US agreed to
transfer control of the
canal to Panama at the
end of the 20th century.
The importance of the
canal stems from the
fact that 11 percent of
the US total trade and
3-4 percent of world
trade goes through it.
Official records show
that the Canal was
inaugurated on August
15, 1914 by the Ancon
steamboat.
From that day on, over
956,000 ships have used
its facilities (14,721
ships in fiscal year
2007.)
The canal is currently
being widened for larger
ships, as part of a
$5.25 billion
investment. Its
completion is scheduled
by 2004.
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