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 of negotiations took place in Bogota, Colombia on 14 May of the same year.
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