The treaty or agreement between Panama and the US is known as the Hay-Bunau Varilla Treaty. This treaty was signed on November 18, 1903, and it gave the United States control over the Panama Canal Zone.
The treaty was named after the two negotiators who represented their respective countries during the negotiations. The American representative, Philander C. Knox, was the Secretary of State at the time, while the Panamanian negotiator was Philippe Bunau-Varilla, who was a French engineer and diplomat.
The Hay-Bunau Varilla Treaty was signed after a series of events that led to Panama`s separation from Colombia. In the early 1900s, the US was interested in building a canal through Central America to connect the Atlantic and Pacific Oceans. At the time, Panama was part of Colombia, but negotiations to build a canal with the Colombian government failed.
In response, American officials decided to support a Panamanian independence movement and sent naval forces to Panama to protect it from Colombian intervention. The US recognized Panama`s independence on November 6, 1903, and the Hay-Bunau Varilla Treaty was signed soon after.
The treaty granted the United States control over a 10-mile-wide strip of land, known as the Canal Zone, which would be used to build and operate the Panama Canal. The US also promised to protect Panama`s independence and sovereignty.
The Hay-Bunau Varilla Treaty was highly controversial, as many people saw it as an act of American imperialism. Some Panamanians felt that their country was being exploited by the US, and the treaty was viewed as a violation of their sovereignty. However, the Panama Canal became one of the most important shipping routes in the world and played a significant role in global trade and commerce.
In summary, the Hay-Bunau Varilla Treaty was an agreement between Panama and the US that gave the US control over the Canal Zone and allowed for the construction and operation of the Panama Canal. While controversial at the time, the canal played an essential role in global shipping and helped to shape the modern world.