The GI will protect the product and consumers from imitations in the Central American country.
Gavin Hewitt, chief executive of the Scotch Whisky Association, said: “It is important consumers around the world can have confidence in the quality and integrity of what they are buying.
“This welcome decision reaffirms scotch whisky’s international reputation and means that consumers in Panama will be better protected from any whisky imitations.”
Export value for scotch in Panama has more than doubled in the last ten years, rising from £16m to £42m, and is now the whisky’s 20th largest export market.
Richard Austen, UK ambassador to Panama, said: “I am delighted that the embassy team were able to help smooth the way for the Scotch Whisky Association’s application to register scotch whisky in Panama.”