Brasília is 2 hours ahead of Panama City
Best overlap: 8:00 AM to 4:00 PM in Panama City is 10:00 AM to 6:00 PM in Brasília.
For a call that suits both sides, look at 8:00 AM to 4:00 PM in Panama City / 10:00 AM to 6:00 PM in Brasília. Because you share 8 hours of the workday, there's no need to compromise; book the time that suits the meeting, not the map.