The Hay-Pauncefote Treaty was an agreement between the United States and the United Kingdom, signed in 1901. It aimed to facilitate the construction of a canal across Central America, specifically through Panama. The treaty allowed the U.S. to build and control the canal, while ensuring that it would remain open to ships from all nations. The treaty was significant because it laid the groundwork for the eventual construction of the Panama Canal. Although the U.S. initially sought to build the canal in Nicaragua, the focus shifted to Panama after a revolution in 1903, leading to the canal's completion in 1914.