The Panama Canal Authority is a government agency responsible for the management, operation, and maintenance of the Panama Canal. Established in 1999, it took over control from the United States, which had administered the canal since its completion in 1914. The authority ensures the efficient transit of ships through the canal, which connects the Atlantic Ocean to the Pacific Ocean. The Panama Canal is a vital waterway for international trade, significantly reducing travel time for vessels. The authority also oversees the canal's expansion projects, such as the Third Set of Locks, which was completed in 2016 to accommodate larger ships known as New Panamax.