PANAMA CITY, Aug. 5 (Xinhua) -- The Panama Canal Authority (ACP) has signed an agreement with Port Everglades of the United States to generate new business, the Manager of the Panama Canal Authority (ACP), Alberto Aleman Zubieta, announced on Wednesday.

    "The ACP and Port Everglades will work together to promote the commerce to Florida through the Panama Canal," Aleman Zubieta said.

    Aleman Zubieta added that this agreement would allow the two sides to exchange information on their most recent modernization efforts and market analyses.

    The modernization of Panama Canal began on Sept. 3, 2007, at a cost of about 5.25 billion U.S. dollars, according to the ACP.

    Philip Allen, director of Port Everglades, said that ports on the East Coast of the United States, mainly in Florida, Georgia, South Carolina and Virginia, would all benefit from the modernization of the Panama Canal.

    The commerce of Port Evergaldes with Asia and South America's West Coast through the Panama Canal registered 909,893 tons in 2008. This represented about 15 percent of the cargo managed by the port.

    Port Everglades, located in Florida, generates approximately 18 billion U.S. dollars worth of business activity annually and provides about 185,000 jobs in Florida.