1974 - A historic agreement was made by U.S. Secretary of State Henry Kissinger and Panamanian foreign minister Juan Antonio Tack; became a blueprint to shape a new bilateral relationship between US and Panama.
"The main features of the new agreement were the decision to
- write a new treaty to replace that of 1903 and to give a fixed termination date;
- ending US jurisdiction in the canal promptly;
- recognition of the US right to use the lands, water, and airspace required to operate and protect the canal;
- recognition of Panama's right to a just and equitable share of canal profits;
- agreement that Panama would participate in the administration of the canal and its defense;
- understanding that the two countries would work out an agreement on expanding the canal capacity."
The Watergate scandal impeachment proceedings prevented President Nixon from pushing the treaty forward.
"With other problems facing him from war to impeachment he spent no political capital trying to prepare the American people to accept their belief that this national treasure would be best preserved not by a continuation of colonial rule but by cooperation on terms modern Panama could accept."
Source: Panama Odyssey by William Jorden
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