Panama and Singapore have concluded negotiations on an agreement on avoiding double taxations, Panama's Vice Economy Minister Frank de Lima said Tuesday.

He said Panama has signed 12 similar agreements and reached the target set by the Organization for Economic Cooperation and Development (OECD), which will allow the country to be removed from the "blacklist" of tax-haven nations.

"Singapore sees much potential in the investment aspect in Panama and our country becomes the second country in Latin America, with which Singapore negotiates these kinds of agreements," said the minister.

De Lima said he will also hold similar negotiations with Ireland on Sept.11-18, and with the Czech Republic in October, in order to have 14 such agreements in place before the end of 2010.

According to the Economy Ministry, Panamian President Ricardo Martinelli will sign the agreements with Singapore and South Korea during his upcoming Asia trip.