Freedom Day is observed in Malta on March 31 each year, commemorating the anniversary of the withdrawal of British troops and the Royal Navy from the island in 1979. This national holiday marks a significant moment in Malta's history, following its independence from the United Kingdom in 1964. The Labor Party, which came to power in 1971, renegotiated military and financial agreements with the UK, leading to the British military's departure. Celebrations on Freedom Day typically begin with a ceremony in Floriana near the War memorial. A traditional regatta at the Grand Harbor is one of the most popular events, where teams compete for the coveted Regatta Shield.