This is designed to strengthen the relationships between the two countries.

The deal was signed Paulo Wanderley and Damaris Young, the chairs of the COB and POC, in Rio de Janeiro and can be automatically extended for the same period.

"This important agreement will make it possible for athletes from Panama to come and train in Brazil and, eventually, some athletes from Brazil may benefit from the structure of Panama's Olympic sport," Wanderley said.

"We will encourage and promote exchanges in a planned manner to benefit the athletes.

"Our countries are fully committed to supporting the development of the Olympic Movement and all the positive values that sport carries."

The BOC and POC also committed to promoting training courses for athletes, coaches, managers and scientists, with these topics including doping education, preventing and tackling harassment and abuse in sports.

Following the signing, the BOC presented Young with information on various strategic areas and projects, such as the Brazilian Olympic Institute, Olympic culture and values and its ethical management and transparency programme.

"Our goal is that this agreement may be put into practice to benefit the athletes of both countries," Young remarked.

"We are confident that we can offer important conditions to Brazilian athletes."