Panama City is 7 hours behind Bucharest
Best overlap: 3:00 PM to 6:00 PM in Bucharest is 8:00 AM to 11:00 AM in Panama City.
Keep meetings inside 3:00 PM to 6:00 PM in Bucharest — that maps to 8:00 AM to 11:00 AM in Panama City. With 3 hours of overlap, 3:00 PM in Bucharest (8:00 AM in Panama City) is a comfortable, repeatable slot for both sides. Keep an eye on the calendar — Bucharest observes daylight saving and Panama City doesn't, which nudges this window by an hour twice a year.