One in Panama, say, and one in Caribbean country (5)
I believe the answer is:
haiti
'caribbean country' is the definition.
(I've seen this before)
'one in panama say and one' is the wordplay.
'one' becomes 'i' (Roman numeral).
'in' is an insertion indicator.
'panama say' becomes 'hat' (panama is a kind of hat).
'and' is a charade indicator (letters next to each other).
'one' becomes 'i' (Roman numeral).
'i' inserted into 'hat' is 'hait'.
'hait'+'i'='HAITI'
'in' is the link.
(Other definitions for haiti that I've seen before include "Caribbean nation" , "West Indian country, capital Port-au-Prince" , "Country in W Indies, capital Port-au-Prince" , "Western half of Hispaniola" , "Caribbean country, capital Port-au-Prince" .)