On 14 October 2016, Panama's Cabinet approved the pending tax information exchange agreement with Japan and the pending income tax treaty with Vietnam. The exchange agreement with Japan, signed 25 August 2016, is the first of its kind between the two countries and will enter into force 30 days after the ratification instruments are exchanged. The tax treaty with Vietnam, signed 30 August 2016, is the first signed between the two countries and will enter into force after the ratification instruments are exchanged. A prior draft had been initialed in 2014, but never signed.