The significance of the Neutrality Treaty primarily lies in its provision that allowed the U.S. to maintain control over the Panama Canal, which was vital for global trade. The correct response summarizing this significance would be:
The Neutrality Treaty abolished the Canal Zone, but stated that the U.S. still had the right to operate and maintain the canal and its surrounding lands.
This indicates that although the Canal Zone was eliminated, the U.S. retained essential operational control over the canal, ensuring its continued function as a critical conduit for international maritime trade.