The conclusion of the Tripartite Agreement on the 18th September 2006 in Cordoba can be summed up as probably the greatest commercial achievement for Gibraltar since the full opening of the border by Spain in 1985.

The Airport Agreement is far reaching in that it will bring new routes to Gibraltar from other European destinations and these will enhance the business opportunities available to the private sector not only in Gibraltar but also in other markets. Construction of the new terminal itself will provide new business opportunities and will create a significant increase in the workforce to deal with the anticipated annual traffic of over a million passengers. The Chief Minister in his address at our Annual Dinner last month stressed that he saw the airport as an engine of the economy in its own right.

Similarly, the new arrangements that have been agreed for the freer flowing frontier will give a further boost to the economy. The establishment of a red and green channel is welcome and it is hoped that traffic will flow with ease as a matter of routine. The two lane entrance into Gibraltar should also ease the congestion and should go some way to reducing the long queues that have been a common feature on the Spanish side for too long.

The agreement on telecommunications, whereby the 350 country code will be used for Gibraltar and roaming agreements are to be made available for mobile phones, normalises our international communications. This will allow Gibraltar’s economy to expand by easing the pressure on telephone lines that are available to businesses. It will also enable the two local telcos to provide a broader range of services commonly offered by telcos in other jurisdictions.

The Agreement, however, is just the first step. Without implementation it will mean little for Gibraltar and its economy. If the various components of the Agreement are fully brought into effect in a spirit of genuine cooperation by all sides, many of Gibraltar’s commercial sectors stand to benefit.

Trust is the cornerstone of any durable agreement. There will doubtless be challenges and hurdles to be overcome in the months ahead.

Misunderstandings may be cured by mutual goodwill. But real challenges will need the robustness of trust if such hurdles are to be overcome.

The opportunity to improve life and boost our economic advantage is tantalising. Not just for the Gibraltar of today, but for future generations as well. Provided we protect what is rightfully ours, we can enjoy the benefits which the Agreement is set to deliver.