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Word Count: 948
An emerging nation is a group of people linked together through nationalism in thehopes to rise from obscurity with the common goal to become a more productive andcohesive country Panama is indeed known as one of the worlds emergent nations Thereare many plans under way to ensure a better more productive future for Panama Thecurrent president Ernesto Perezs main platform was to modernize Panama He hopes toachieve this by reforming labor codes investment laws decreasing import barriersprivatizing the public sector companies passing anti-monopoly laws and improvePanama-US relations just to name a few President Perez is planning redevelopment ofthe Panama Canal Zone Efficient operation of the Zone is expected in the year 2000The most important interest the United States has in Panama is definitely thePanama Canal 2The Panama Canal Treaty of 1977 and1979 returns the Canal from theUS control to the Panamanians Between that time the US agreed to pay 10 millionfor control of the Canal until 1999 Also an annuity of 250000 was tacked on and wepromised independence for Panama Each year the price we pay for the canal rises Thetotal in 1995 was 1002 million due to certain provisions of the treatyalso set up the Panama Canal Commission Organization PCCO The PCCO is a part ofthe executive branch of the United States It was enacted to manage operate andmaintain the canal until the term ends on December 31 1999 The commission isexpected to recover all costs of operating and maintaining the canal through tolls andother revenue This includes interest depreciation capital for plant replacementexpansion improvements and payments to the Republic of Panama for Public services andannuities The revenues are deposited into a US Treasury accounted known as PanamaCanal Revolving Fund 3The tolls being paid are based on ships tonnage Currently thetolls are 239 per PCUS Net Tons for Laden wpassengers or cargo vessels 190per PCUS Net tons for Ballastwout passengers or cargo vessels and 133 for othermiscellaneous vessels Though tolls have been gradually increasing
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