Joaquín Jácome Diez, senior partner at Jácome & Jácome in Panama City and former trade minister of Panama: “The Panama Canal celebrated its 110th anniversary on Aug. 15. Throughout its existence, the canal has faced many challenges. Among these were two world wars, the Cold War, several world economic crises, its transfer from the United States to the Panamanian administration and, most importantly, its expansion to continue to be a viable and reliable option to world trade. However, the biggest challenge lies with climate change affecting water resources. The canal just experienced its second-worst drought since 1914 and was forced to impose draft restrictions on vessels and drastically reduce daily transit. Despite this, the Panama Canal Authority contributed a record $2.54 billion to the national treasury. The rainy season is restoring lakes to historic levels, and the canal is expected to return to normal operation in September. Restrictions imposed by the canal had a profound impact on…”