On 14 November 2011, Ministers of the European Free Trade Association (EFTA)
announced the start of free trade negotiations with Costa Rica, Honduras and Panama. Other Central American countries may join
the process at a later stage. Negotiations would begin in early 2012. The first round of negotiations was held in Geneva,
Switzerland, from 28 February to 01 March 2012. The second round of negotiations took place in Panama, in June 2012. The third round took place on 20-24 August, in San Jose, Costa Rica and the fourth one from 29 October to 02 November 2012 in Geneva.