The Panama Canal Authority and the Miami Port located in the United States have reviewed and renewed their strategic alliance in order to help facilitate an increase in international trade.

The Panama Canal Authority confirmed this extension through their administrator Alberto Aleman Zubieta on Wednesday.

The Miami Port is an internationally recognized major trade center and is one of the main allies for the Canal, Zubieta said.  This statement followed up the signing of a memorandum of understanding with the current Miami Port director Hill Johnson.

"Our port is the nearest to the canal, so we will be at a strategic position to place bigger cargo vessels as a result of the expansion," Johnson said.

The Panama Canal nearing 100 years of service is currently undergoing a massive upgrade which is expected to cost over $5.2 billion US dollars with an expected completion date in 2014.

During the calendar year of 2007 alone Miami Port received over 2.1 million tons of freight from Panama. Combine this with the knowledge that over 20 maritime lines with connections to over 100 countries and 250 international ports are serviced out of Miami and the importance of this strategic alliance becomes clear.