According to the WTO, Panama maintains an essentially liberal trade and investment regime, characterized by relatively low tariffs and few non-tariff barriers, which, it stated: "is in consonance with the vital role that trade plays in Panama’s economy".

The WTO continued:

"Panama's service-oriented economy acts as an international hub for activities such as maritime transport, distribution services, and banking. In contrast, the production of a number of agricultural and manufactured goods receives assistance through border protection and fiscal incentives, some contingent upon exportation."

According to the report, undertaking further reforms such as the rationalization of assistance programmes and the simplification of the trade regime, particularly the tariff structure, would help Panama to build on its comparative advantage as a supplier of international services, notably transportation through the Canal, and sustain the robust economic growth achieved in recent years.