On 15 January 2010, Colombia and Panama held an exploratory meeting to initiate possible bilateral free trade negotiations in Bogota, Colombia. The negotiations would be based on the existing Partial Preferential Agreement Nº29 
on trade and investment between the parties.
Colombia and Panama held their first round of
negotiations for a free trade agreement (FTA) from
15-19 March 2010. The second round took place in Bogota, Colombia on 14 May, the third round of negotiations was held in Panama from 02-06 August and the
the fourth round of negotiations took place in Bogota from 13-17 September 2010. After three days of meetings, the fifth round of negotiations initially scheduled until 29 October, was suspended on 27 October 2010, until both parties find a joint mechanism to resume the negotiations. On 04 May 2011 Colombia and Panama discussed trade and free trade negotiations.
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