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Panama
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From 1903 until 1968, Panama was a constitutional democracy dominated by a commercially oriented oligarchy. During the 1950s, the Panamanian military began to challenge the oligarchy's political hegemony. In October 1968, Dr. Arnulfo Arias Madrid, twice elected president and twice ousted by the Panamanian military, was ousted for a third time as president by the National Guard after only 10 days in office. A military government was established, and the commander of the National Guard, Brigadier General Omar Torrijos, soon emerged as the principal power in Panamanian political life. Torrijos' regime was harsh and corrupt, but his charisma, populist domestic programs, and nationalist (anti-U.S.) foreign policy appealed to the rural and urban constituencies largely ignored by the oligarchy.
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The Panama Canal, often called the eighth wonder of the world and a great monument to American Engineering, is and always will be a major tourist attraction. Constructed between 1904-1914, it has provided reliable passage for more than 750 thousand ships in its history. It is so significant a passage that ships the world over are built to fit the dimensions of the locks. Ships are charged a toll according to their tonnage, and the average commercial vessel pays a toll of about $30,000 per passage. The lowest toll ever paid was in 1928 when Richard Halliburton donned swimming suit, swam through the locks and paid a toll of 36 cents. Also it is the only place in the world where military commanders give up navigational control of their ships to any of the 200 expert canal pilots.
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Panama has bilateral free trade agreements with Chile, El Salvador, Taiwan, Singapore, Honduras, and Costa Rica. Panama is exploring free trade negotiations with Mexico and other Latin American countries. The U.S. and Panama signed a Trade Promotion Agreement (TPA) in June 2007. Panama ratified the agreement in July 2007; it still requires U.S. congressional approval to enter into force. This agreement will promote economic opportunity by eliminating tariffs and other barriers to trade of goods and services.
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Panama had a rich Pre-Columbian heritage of native populations whose presence stretched back over 11,000 years. The earliest traces of these indigenous peoples include fluted projectile points. These evolved into significant populations that are best known through the spectacular burials of the Conte site (dating to c. AD 500-900) and the polychrome pottery of the Coclé style. The monumental monolithic sculptures at the Barriles (Chiriqui) site were another important clue of the ancient isthmian cultures. Prior to the arrival of Europeans, Panama was widely settled by Chibchan, Chocoan, and Cueva peoples, among whom the largest group were the Cueva. There is no accurate knowledge of size of the indigenous population of the isthmus at the time of the European conquest.
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By Gail Dutton for World Trade Magazine - The Panama Canal Authority is experiencing every company’s dream—a steady influx of business with more than it can handle in the wings. Fueled by the rapid growth of Asian exports, the canal has to expand to remain viable. And when it does, it will ensure that the fleet of post-Panamax (PPX) ships, which grew 143 percent since 2002, can finally transit the canal—raising the threshold of trans-Pacific trade up a magnitude. Today, ships carrying more than 4,000 TEUs generally are too big for the Canal’s existing locks. In planning a new lane, with longer and wider locks and deeper channels, the Panama Canal Authority (ACP) expects to double cargo transiting capacity. With that capacity, say industry observers, should come reduced overall shipping costs and expanded shipping options after the new lane opens in 2014, in time for the canal’s centennial.
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In early 1974 Panama and the United States agreed in principle for the first time to the eventual end of U.S. jurisdiction over the canal and the Canal Zone. Arias was again elected president in Oct., 1968, but was deposed 11 days later in a military coup. Gen. Omar Torrijos Herrera emerged as the dominant figure shortly thereafter. Torrijos conducted enormous public works projects that gained him considerable popularity while plunging the country into debt. In 1977, he concluded a treaty with the United States that provided for a gradual transfer of jurisdiction over the Canal Zone and the canal to Panama by the end of 1999. A second treaty guaranteed the permanent neutrality of the canal.
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