The Bilateral Investment Treaty (BIT) between the governments of the United States and Panama was signed on October 27, 1982. The treaty protects US investment and assists Panama in its efforts to develop its economy by creating conditions more favorable for US private investment and thereby strengthening the development of its private sector. The BIT was the first such treaty signed by the US in the Western Hemisphere. A Panama–United States Trade Promotion Agreement (TPA) was signed in 2007, approved by Panama on July 11, 2007 and by US President Obama on October 21, 2011, and the agreement entered into force on October 31, 2012.
Spanish is the official and dominant language. The Spanish spoken in Panama is known as Panamanian Spanish. About 93 percent of the population speak Spanish as their first language. Many citizens who hold jobs at international levels, or at business corporations, speak both English and Spanish. Native languages, such as Ngäbere, are spoken throughout the country, mostly in their native territories. Over 400,000 Panamanians keep their native languages and customs. Some new statistics show that as second language, English is spoken by 10 percent, French by 4 percent and Arabic by 1 percent.
The Panama Papers are an unprecedented leak of 11.5m files from the database of the world’s fourth biggest offshore law firm, Mossack Fonseca. The records were obtained from an anonymous source by the German newspaper Süddeutsche Zeitung, which shared them with the International Consortium of Investigative Journalists (ICIJ). The ICIJ then shared them with a large network of international partners, including the Guardian and the BBC.