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In this link I find...

The Naboo and Gungans organize a great victory celebration on the streets of Theed, in front on the palace. Obi-Wan and Anakin are present, the younger now wearing formal Jedi attire, and in his hair is a special braid: the mark of a Jedi Padawan. Queen Amidala presents a gift of appreciation and friendship to Boss Nass and the Gungan people.

The thing is that I interpret the celebration at the end of Star Wars Phantom Menace to be the celebration of peace between the Naboo and the Gungans. The fact that the sparkling globe is a symbol of the peace between the Naboo and the Gungans (This answer link) points to this peace interpretation. The quote above points towards a victory celebration and a celebration of peace. Perhaps it is both then. I called it a celebration in my question. Was it an military awards ceremony like at the end of ANH? What was the celebration at the end of Star Wars Phantom Menace?

  • I assume they were celebrating their victory in the battle with the droid army they had just won. – Paul L May 19 '16 at 20:31
  • @Jeeped Yep, I am a bad speller.. will fix... – amalgamate May 19 '16 at 20:32
  • @PaulL Yes but I can make assumptions too. Is there an official answer? a semi official answer? – amalgamate May 19 '16 at 20:34
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    It wa the end of the movie. Reason enough to celebrate. – Wikis May 19 '16 at 20:34
  • @Wikis Yes, but that is out of universe. :-) – amalgamate May 19 '16 at 20:37
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The film's official novelisation notes that the parade was largely intended to cement the relationship between the Naboo and the Gungans and a celebration of their military victory over their robotic occupiers:

There was a grand parade the following day to publicly recognize the newfound alliance of the Naboo and Gungan peoples, to celebrate their hard-fought victory over the Trade Federation invaders, and to honor those who had fought to secure the planet’s freedom. Crowds lined the streets of Theed as columns of Gungan warriors astride kaadu and Naboo soldiers aboard speeders rode through the city to the sounds of cheering and singing.

The Starwars.com site offers this snippet about the event:

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