Thank you for the question, Madam.
Let me address that directly.
Panama is already becoming, essentially, we believe, a very serious, committed financial centre for the region. We want to consider ourselves a financial centre for the Americas. This is why we are engaging not only in policies of cooperation, for example, within the framework of the OECD, as we have nothing to hide, but it's also why we are very much engaged in other multilateral initiatives in terms of ensuring that there's a real, solid, dynamic financial centre.
We need a financial centre, because we are attracting a significant amount of foreign direct investment because of the reality of Panama being a logistical hub for trade and a logistical hub for services in the hemisphere.
As a matter of fact, we have to point out that Scotiabank, for example, has grown tremendously in terms of the local banking business. Again, this is a market of 3.5 million people. When thinking of Panama as a trade partner, you have to think of Panama as a multiplier. And that's precisely what we think Scotiabank has right. The strategy of this Canadian bank is to position itself in Panama to finance a lot of the trade going on in the region from Panama, through Panama. That's precisely where the business is.
That would be an example for other Canadian banks. They would have the certainty that there is strong financial legislation that would guarantee transparency and proper management of international financial transactions. They would have the certainty that they would be positioning themselves as financial institutions in a location that is actually looking up to the highest standards of business in the world. There would be an opportunity for that.
In terms of your comment on how much we have advanced in terms of tax cooperation, I can quickly list the treaties. We have signed with Qatar, Barbados, Belgium, France, Italy, Spain, the Netherlands, Luxembourg, Mexico, Portugal, Singapore, and the Republic of Korea.