PANAMA CITY, Dec. 22 (Xinhua) -- Panama's president Jose Raul Mulino said Sunday that the canal will "continue to be in Panamanian hands" after U.S. President-elect Donald Trump threatened to retake it.

Every square meter of the Panama Canal and its adjacent area belong to Panama and "will remain so," and "the sovereignty and independence of our country are not negotiable," Mulino said in a social media video post.

Trump on Saturday called the Panama Canal "a VITAL National Asset for the United States," threatening to retake the canal, citing "exorbitant prices" on U.S. ships.

Mulino said he hopes to maintain a "respectful" relationship with the next U.S. government. He also pointed out that security issues such as illegal migration, drug trafficking, terrorism, and organized crime should be a priority in the two countries' bilateral agenda.

He recalled that according to the Torrijos-Carter Treaties signed in 1977 by the then-Panamanian president Omar Torrijos and then-U.S. president Jimmy Carter, Panamanians recovered their sovereignty over the canal on December 31, 1999.

Mulino added that the Torrijos-Carter Treaties established the permanent neutrality of the Panama Canal, "guaranteeing its open and safe operation for all nations. (...) any position to the contrary is invalid."

"(The tariffs) are established based on an open hearing, considering market conditions, international competition, operating costs and the maintenance and modernization needs of the interoceanic waterway," said Mulino.

"The Canal will continue to be in Panamanian hands as an inalienable patrimony of our nation and guaranteeing its use for the peaceful and uninterrupted transit of ships of all nations," said the Panamanian president. ■