On November 6, 1903, the United States recognized the Republic of Panama, and on November 18 the Hay-Bunau-Varilla Treaty was signed with Panama, granting the U.S. exclusive and permanent possession of the Panama Canal Zone. In exchange, Panama received $10 million and an annuity of $250,000 beginning nine years later.
Explanation:
The process by which two or more nation-states agree to co-operate and work closely together to achieve peace, stability and wealth. ... This means that the integrating states would actually become a new country
