<?xml version="1.0" encoding="US-ASCII"?>
<!-- DFS Xcelerate Taxonomy Labels Linkbase - http://www.dfsco.com/financial-services/ -->
<!-- Version: 6.23.6 -->
<!-- Round: 5 -->
<!-- Creation date: 2019-01-08T01:05:59Z -->
<!-- Copyright (c) 2017 Donnelley Financial, LLC. All Rights Reserved. -->
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_AccountsPayableToRelatedPartiesMember_lbl" xml:lang="en-US" id="id_13917047_3008110_1_1">Accounts Payable to Related Parties [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_AccountsPayableToRelatedPartiesMember_lbl" xml:lang="en-US" id="id_13917047_3008110_2_1">Account payable to related parties [member]</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AccrualsClassifiedAsCurrent_lbl" xml:lang="en-US" id="id_13917047_2935526_1_1">Accruals classified as current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_AccrualsClassifiedAsCurrent_lbl" xml:lang="en-US" id="id_13917047_2935526_2_1">Accrued expenses payable</label>
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    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_AccruedExpensesAbstract" xlink:label="cpa_AccruedExpensesAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_AccruedExpensesAbstract_lbl" xml:lang="en-US" id="id_13917047_2939720_3_1">Accrued expenses.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_AccruedExpensesAbstract_lbl" xml:lang="en-US" id="id_13917047_2939720_1_1">Accrued expenses [abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_AccruedExpensesAbstract_lbl" xml:lang="en-US" id="id_13917047_2939720_2_1">Accrued expenses [abstract]</label>
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    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_AccruedExpensesPayableOnAccrualsAndEstimations" xlink:label="cpa_AccruedExpensesPayableOnAccrualsAndEstimations"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_AccruedExpensesPayableOnAccrualsAndEstimations_lbl" xml:lang="en-US" id="id_13917047_2946235_3_1">Accrued expenses payable on accruals and estimations.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_AccruedExpensesPayableOnAccrualsAndEstimations_lbl" xml:lang="en-US" id="id_13917047_2946235_1_1">Accrued expenses payable on accruals and estimations</label>
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    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_AccruedExpensesPayableOnLaborRelatedProvisions" xlink:label="cpa_AccruedExpensesPayableOnLaborRelatedProvisions"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_AccruedExpensesPayableOnLaborRelatedProvisions_lbl" xml:lang="en-US" id="id_13917047_2946236_3_1">Accrued expenses payable on labor related provisions.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_AccruedExpensesPayableOnLaborRelatedProvisions_lbl" xml:lang="en-US" id="id_13917047_2946236_1_1">Accrued expenses payable on labor related provisions</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_AccruedExpensesPayableOnLaborRelatedProvisions_lbl" xml:lang="en-US" id="id_13917047_2946236_2_1">Labor related provisions</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AccumulatedDepreciationAndAmortisationMember" xlink:label="ifrs-full_AccumulatedDepreciationAndAmortisationMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AccumulatedDepreciationAndAmortisationMember_lbl" xml:lang="en-US" id="id_13917047_2934056_1_1">Accumulated depreciation and amortisation [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_AccumulatedDepreciationAndAmortisationMember_lbl" xml:lang="en-US" id="id_13917047_2934056_2_1">Accumulated depreciation [member]</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AccumulatedOtherComprehensiveIncome" xlink:label="ifrs-full_AccumulatedOtherComprehensiveIncome"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AccumulatedOtherComprehensiveIncome_lbl" xml:lang="en-US" id="id_13917047_2935531_1_1">Accumulated other comprehensive income</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_AccumulatedOtherComprehensiveIncome_lbl" xml:lang="en-US" id="id_13917047_2935531_2_1">Accumulated other comprehensive loss</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_AccumulatedOtherComprehensiveIncome_lbl" xml:lang="en-US" id="id_13917047_2935531_12_1">Net income</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AccumulatedOtherComprehensiveIncomeMember" xlink:label="ifrs-full_AccumulatedOtherComprehensiveIncomeMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AccumulatedOtherComprehensiveIncomeMember_lbl" xml:lang="en-US" id="id_13917047_2935327_1_1">Accumulated other comprehensive income [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_AccumulatedOtherComprehensiveIncomeMember_lbl" xml:lang="en-US" id="id_13917047_2935327_2_1">Accumulated other comprehensive income (loss) [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AccumulatedOtherComprehensiveIncomeMember" xlink:to="ifrs-full_AccumulatedOtherComprehensiveIncomeMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill" xlink:label="ifrs-full_AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AcquisitionsThroughBusinessCombinationsIntangibleAssetsAndGoodwill_lbl" xml:lang="en-US" id="id_13917047_2935533_1_1">Acquisitions through business combinations, intangible assets and goodwill</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ActuarialAssumptionOfDiscountRatesMember" xlink:label="ifrs-full_ActuarialAssumptionOfDiscountRatesMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ActuarialAssumptionOfDiscountRatesMember_lbl" xml:lang="en-US" id="id_13917047_2935333_1_1">Actuarial assumption of discount rates [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ActuarialAssumptionOfDiscountRatesMember_lbl" xml:lang="en-US" id="id_13917047_2935333_2_1">Discount rate [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ActuarialAssumptionOfDiscountRatesMember" xlink:to="ifrs-full_ActuarialAssumptionOfDiscountRatesMember_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_ActuarialAssumptionOfDiscountRatesPointFivePercentMember" xlink:label="cpa_ActuarialAssumptionOfDiscountRatesPointFivePercentMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_ActuarialAssumptionOfDiscountRatesPointFivePercentMember_lbl" xml:lang="en-US" id="id_13917047_2980521_3_1">Actuarial assumption of discount rates point five percent.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_ActuarialAssumptionOfDiscountRatesPointFivePercentMember_lbl" xml:lang="en-US" id="id_13917047_2980521_1_1">Actuarial assumption of discount rates point five percent [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_ActuarialAssumptionOfDiscountRatesPointFivePercentMember_lbl" xml:lang="en-US" id="id_13917047_2980521_2_1">Discount rate (0.5% movement) [member]</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ActuarialAssumptionOfExpectedRatesOfSalaryIncreasesMember" xlink:label="ifrs-full_ActuarialAssumptionOfExpectedRatesOfSalaryIncreasesMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ActuarialAssumptionOfExpectedRatesOfSalaryIncreasesMember_lbl" xml:lang="en-US" id="id_13917047_2935031_1_1">Actuarial assumption of expected rates of salary increases [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ActuarialAssumptionOfExpectedRatesOfSalaryIncreasesMember_lbl" xml:lang="en-US" id="id_13917047_2935031_2_1">Compensation - salary increase [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ActuarialAssumptionOfExpectedRatesOfSalaryIncreasesMember" xlink:to="ifrs-full_ActuarialAssumptionOfExpectedRatesOfSalaryIncreasesMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ActuarialAssumptionOfRetirementAge" xlink:label="ifrs-full_ActuarialAssumptionOfRetirementAge"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ActuarialAssumptionOfRetirementAge_lbl" xml:lang="en-US" id="id_13917047_2935540_1_1">Actuarial assumption of retirement age</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ActuarialAssumptionOfRetirementAge_lbl" xml:lang="en-US" id="id_13917047_2935540_2_1">Retirement age</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ActuarialAssumptionOfRetirementAge" xlink:to="ifrs-full_ActuarialAssumptionOfRetirementAge_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_ActuarialAssumptionOfTerminationRatesAllAgesMember" xlink:label="cpa_ActuarialAssumptionOfTerminationRatesAllAgesMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_ActuarialAssumptionOfTerminationRatesAllAgesMember_lbl" xml:lang="en-US" id="id_13917047_3008940_3_1">This member stands for the termination rates for all ages used as actuarial assumptions.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_ActuarialAssumptionOfTerminationRatesAllAgesMember_lbl" xml:lang="en-US" id="id_13917047_3008940_1_1">Actuarial assumption of termination rates all ages [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_ActuarialAssumptionOfTerminationRatesAllAgesMember_lbl" xml:lang="en-US" id="id_13917047_3008940_2_1">Termination [member]</label>
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    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_ActuarialAssumptionRpTwoThousandMortalityTableNoCollarMember" xlink:label="cpa_ActuarialAssumptionRpTwoThousandMortalityTableNoCollarMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_ActuarialAssumptionRpTwoThousandMortalityTableNoCollarMember_lbl" xml:lang="en-US" id="id_13917047_3008910_3_1">Actuarial assumption RP-2000 mortality table no collar.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_ActuarialAssumptionRpTwoThousandMortalityTableNoCollarMember_lbl" xml:lang="en-US" id="id_13917047_3008910_1_1">Actuarial assumption rp two thousand mortality table no collar [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_ActuarialAssumptionRpTwoThousandMortalityTableNoCollarMember_lbl" xml:lang="en-US" id="id_13917047_3008910_2_1">Mortality [member]</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ActuarialAssumptionsAxis" xlink:label="ifrs-full_ActuarialAssumptionsAxis"/>
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    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AdditionalPaidinCapitalMember" xlink:label="ifrs-full_AdditionalPaidinCapitalMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdditionalPaidinCapitalMember_lbl" xml:lang="en-US" id="id_13917047_2935347_1_1">Additional paid-in capital [member]</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment" xlink:label="ifrs-full_AdditionsOtherThanThroughBusinessCombinationsPropertyPlantAndEquipment"/>
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    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_AdditionsReversalsProvisionForImpairmentReceivables" xlink:label="cpa_AdditionsReversalsProvisionForImpairmentReceivables"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_AdditionsReversalsProvisionForImpairmentReceivables_lbl" xml:lang="en-US" id="id_13917047_2946198_3_1">Additions (reversals) provision for impairment receivables.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_AdditionsReversalsProvisionForImpairmentReceivables_lbl" xml:lang="en-US" id="id_13917047_2946198_1_1">Additions (reversals) provision for impairment receivables</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AdjustedWeightedAverageShares" xlink:label="ifrs-full_AdjustedWeightedAverageShares"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdjustedWeightedAverageShares_lbl" xml:lang="en-US" id="id_13917047_2935042_1_1">Adjusted weighted average number of ordinary shares outstanding</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_AdjustedWeightedAverageShares_lbl" xml:lang="en-US" id="id_13917047_2935042_6_1">Adjusted weighted average number of ordinary shares outstanding, Total</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustedWeightedAverageShares" xlink:to="ifrs-full_AdjustedWeightedAverageShares_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_AdjustmentForAllowanceForObsolescenceOfExpendablesPartsAndSupplies" xlink:label="cpa_AdjustmentForAllowanceForObsolescenceOfExpendablesPartsAndSupplies"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_AdjustmentForAllowanceForObsolescenceOfExpendablesPartsAndSupplies_lbl" xml:lang="en-US" id="id_13917047_2946211_3_1">Adjustment for allowance for obsolescence of expendables parts and supplies.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_AdjustmentForAllowanceForObsolescenceOfExpendablesPartsAndSupplies_lbl" xml:lang="en-US" id="id_13917047_2946211_1_1">Adjustment for allowance for obsolescence of expendables parts and supplies</label>
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    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_AdjustmentForInterestRateEarningTimeDeposit" xlink:label="cpa_AdjustmentForInterestRateEarningTimeDeposit"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_AdjustmentForInterestRateEarningTimeDeposit_lbl" xml:lang="en-US" id="id_13917047_3020469_3_1">Adjustment for interest rate earning time deposit.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_AdjustmentForInterestRateEarningTimeDeposit_lbl" xml:lang="en-US" id="id_13917047_3020469_1_1">Adjustment for Interest Rate Earning Time Deposit</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_AdjustmentForInterestRateEarningTimeDeposit_lbl" xml:lang="en-US" id="id_13917047_3020469_2_1">Time deposits interest rate</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AdjustmentsForCurrentTaxOfPriorPeriod" xlink:label="ifrs-full_AdjustmentsForCurrentTaxOfPriorPeriod"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdjustmentsForCurrentTaxOfPriorPeriod_lbl" xml:lang="en-US" id="id_13917047_2935546_1_1">Adjustments for current tax of prior periods</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_AdjustmentsForCurrentTaxOfPriorPeriod_lbl" xml:lang="en-US" id="id_13917047_2935546_2_1">Adjustment for prior period</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_AdjustmentsForCurrentTaxOfPriorPeriod_lbl" xml:lang="en-US" id="id_13917047_2935546_14_1">Adjustment for prior period</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForCurrentTaxOfPriorPeriod" xlink:to="ifrs-full_AdjustmentsForCurrentTaxOfPriorPeriod_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AdjustmentsForDecreaseIncreaseInOtherAssets" xlink:label="ifrs-full_AdjustmentsForDecreaseIncreaseInOtherAssets"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdjustmentsForDecreaseIncreaseInOtherAssets_lbl" xml:lang="en-US" id="id_13917047_2935548_1_1">Adjustments for decrease (increase) in other assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_AdjustmentsForDecreaseIncreaseInOtherAssets_lbl" xml:lang="en-US" id="id_13917047_2935548_2_1">Other assets</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForDecreaseIncreaseInOtherAssets" xlink:to="ifrs-full_AdjustmentsForDecreaseIncreaseInOtherAssets_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AdjustmentsForDecreaseIncreaseInOtherCurrentAssets" xlink:label="ifrs-full_AdjustmentsForDecreaseIncreaseInOtherCurrentAssets"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdjustmentsForDecreaseIncreaseInOtherCurrentAssets_lbl" xml:lang="en-US" id="id_13917047_2935549_1_1">Adjustments for decrease (increase) in other current assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_AdjustmentsForDecreaseIncreaseInOtherCurrentAssets_lbl" xml:lang="en-US" id="id_13917047_2935549_2_1">Other current assets</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAccountReceivable" xlink:label="ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAccountReceivable"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAccountReceivable_lbl" xml:lang="en-US" id="id_13917047_2935358_1_1">Adjustments for decrease (increase) in trade accounts receivable</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_AdjustmentsForDecreaseIncreaseInTradeAccountReceivable_lbl" xml:lang="en-US" id="id_13917047_2935358_2_1">Accounts receivable</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AdjustmentsForDepreciationAndAmortisationExpenseAndImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss" xlink:label="ifrs-full_AdjustmentsForDepreciationAndAmortisationExpenseAndImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdjustmentsForDepreciationAndAmortisationExpenseAndImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss_lbl" xml:lang="en-US" id="id_13917047_2935551_1_1">Adjustments for depreciation and amortisation expense and impairment loss (reversal of impairment loss) recognised in profit or loss</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_AdjustmentsForDepreciationAndAmortisationExpenseAndImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss_lbl" xml:lang="en-US" id="id_13917047_2935551_2_1">Depreciation, amortization and impairment</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AdjustmentsForDepreciationExpense" xlink:label="ifrs-full_AdjustmentsForDepreciationExpense"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdjustmentsForDepreciationExpense_lbl" xml:lang="en-US" id="id_13917047_2935359_1_1">Adjustments for depreciation expense</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_AdjustmentsForDepreciationExpense_lbl" xml:lang="en-US" id="id_13917047_2935359_2_1">Effects of changes on actual and expected depreciation expense</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForDepreciationExpense" xlink:to="ifrs-full_AdjustmentsForDepreciationExpense_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AdjustmentsForFinanceCosts" xlink:label="ifrs-full_AdjustmentsForFinanceCosts"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdjustmentsForFinanceCosts_lbl" xml:lang="en-US" id="id_13917047_2935360_1_1">Adjustments for finance costs</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_AdjustmentsForFinanceCosts_lbl" xml:lang="en-US" id="id_13917047_2935360_2_1">Finance cost</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AdjustmentsForFinanceIncome" xlink:label="ifrs-full_AdjustmentsForFinanceIncome"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdjustmentsForFinanceIncome_lbl" xml:lang="en-US" id="id_13917047_2935049_1_1">Adjustments for finance income</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_AdjustmentsForFinanceIncome_lbl" xml:lang="en-US" id="id_13917047_2935049_14_1">Finance income</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AdjustmentsForGainLossOnDisposalsPropertyPlantAndEquipment" xlink:label="ifrs-full_AdjustmentsForGainLossOnDisposalsPropertyPlantAndEquipment"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdjustmentsForGainLossOnDisposalsPropertyPlantAndEquipment_lbl" xml:lang="en-US" id="id_13917047_2935051_1_1">Adjustments for gain (loss) on disposals, property, plant and equipment</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_AdjustmentsForGainLossOnDisposalsPropertyPlantAndEquipment_lbl" xml:lang="en-US" id="id_13917047_2935051_2_1">Adjustments</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_AdjustmentsForGainLossOnDisposalsPropertyPlantAndEquipment_lbl" xml:lang="en-US" id="id_13917047_2935051_14_1">Loss (gain) on sale of property and equipment</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AdjustmentsForGainsLossesOnChangeInFairValueOfDerivatives" xlink:label="ifrs-full_AdjustmentsForGainsLossesOnChangeInFairValueOfDerivatives"/>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_AdjustmentsForGainsLossesOnChangeInFairValueOfDerivatives_lbl" xml:lang="en-US" id="id_13917047_2935052_14_1">Derivative instruments mark to market</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForGainsLossesOnChangeInFairValueOfDerivatives" xlink:to="ifrs-full_AdjustmentsForGainsLossesOnChangeInFairValueOfDerivatives_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_AdjustmentsForGainsLossesOnDisposalOfAssets" xlink:label="cpa_AdjustmentsForGainsLossesOnDisposalOfAssets"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_AdjustmentsForGainsLossesOnDisposalOfAssets_lbl" xml:lang="en-US" id="id_13917047_2946218_3_1">Adjustments for gains losses on disposal of assets.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_AdjustmentsForGainsLossesOnDisposalOfAssets_lbl" xml:lang="en-US" id="id_13917047_2946218_1_1">Adjustments for gains losses on disposal of assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="cpa_AdjustmentsForGainsLossesOnDisposalOfAssets_lbl" xml:lang="en-US" id="id_13917047_2946218_14_1">Disposal of assets</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_AdjustmentsForGainsLossesOnDisposalOfAssets" xlink:to="cpa_AdjustmentsForGainsLossesOnDisposalOfAssets_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AdjustmentsForIncomeTaxExpense" xlink:label="ifrs-full_AdjustmentsForIncomeTaxExpense"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdjustmentsForIncomeTaxExpense_lbl" xml:lang="en-US" id="id_13917047_2935059_1_1">Adjustments for income tax expense</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_AdjustmentsForIncomeTaxExpense_lbl" xml:lang="en-US" id="id_13917047_2935059_2_1">Income tax expense</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForIncomeTaxExpense" xlink:to="ifrs-full_AdjustmentsForIncomeTaxExpense_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AdjustmentsForProvisions" xlink:label="ifrs-full_AdjustmentsForProvisions"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdjustmentsForProvisions_lbl" xml:lang="en-US" id="id_13917047_2935064_1_1">Adjustments for provisions</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_AdjustmentsForProvisions_lbl" xml:lang="en-US" id="id_13917047_2935064_2_1">Impairment of accounts receivable</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForProvisions" xlink:to="ifrs-full_AdjustmentsForProvisions_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AdjustmentsForReconcileProfitLossAbstract" xlink:label="ifrs-full_AdjustmentsForReconcileProfitLossAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdjustmentsForReconcileProfitLossAbstract_lbl" xml:lang="en-US" id="id_13917047_2934075_1_1">Adjustments to reconcile profit (loss) [abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_AdjustmentsForReconcileProfitLossAbstract_lbl" xml:lang="en-US" id="id_13917047_2934075_2_1">Adjustments for:</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForReconcileProfitLossAbstract" xlink:to="ifrs-full_AdjustmentsForReconcileProfitLossAbstract_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AdjustmentsForSharebasedPayments" xlink:label="ifrs-full_AdjustmentsForSharebasedPayments"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdjustmentsForSharebasedPayments_lbl" xml:lang="en-US" id="id_13917047_2935561_1_1">Adjustments for share-based payments</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_AdjustmentsForSharebasedPayments_lbl" xml:lang="en-US" id="id_13917047_2935561_2_1">Share-based compensation expense</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForSharebasedPayments" xlink:to="ifrs-full_AdjustmentsForSharebasedPayments_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AdjustmentsForUnrealisedForeignExchangeLossesGains" xlink:label="ifrs-full_AdjustmentsForUnrealisedForeignExchangeLossesGains"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AdjustmentsForUnrealisedForeignExchangeLossesGains_lbl" xml:lang="en-US" id="id_13917047_2935563_1_1">Adjustments for unrealised foreign exchange losses (gains)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_AdjustmentsForUnrealisedForeignExchangeLossesGains_lbl" xml:lang="en-US" id="id_13917047_2935563_2_1">Net foreign exchange differences</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AdjustmentsForUnrealisedForeignExchangeLossesGains" xlink:to="ifrs-full_AdjustmentsForUnrealisedForeignExchangeLossesGains_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_AdvancePaymentsOnAircraftPurchaseContractsAndOthers" xlink:label="cpa_AdvancePaymentsOnAircraftPurchaseContractsAndOthers"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_AdvancePaymentsOnAircraftPurchaseContractsAndOthers_lbl" xml:lang="en-US" id="id_13917047_2946227_3_1">Advance payments on aircraft purchase contracts and others.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_AdvancePaymentsOnAircraftPurchaseContractsAndOthers_lbl" xml:lang="en-US" id="id_13917047_2946227_1_1">Advance payments on aircraft purchase contracts and others</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="cpa_AdvancePaymentsOnAircraftPurchaseContractsAndOthers_lbl" xml:lang="en-US" id="id_13917047_2946227_14_1">Advance payments on aircraft purchase contracts and other</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_AdvancePaymentsOnAircraftPurchaseContractsAndOthers" xlink:to="cpa_AdvancePaymentsOnAircraftPurchaseContractsAndOthers_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_AdvertisingMember" xlink:label="cpa_AdvertisingMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_AdvertisingMember_lbl" xml:lang="en-US" id="id_13917047_2980496_3_1">Advertising</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_AdvertisingMember_lbl" xml:lang="en-US" id="id_13917047_2980496_1_1">Advertising [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_AdvertisingMember_lbl" xml:lang="en-US" id="id_13917047_2980496_2_1">Advertising [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_AdvertisingMember" xlink:to="cpa_AdvertisingMember_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_AeronauticalOperationsMember" xlink:label="cpa_AeronauticalOperationsMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_AeronauticalOperationsMember_lbl" xml:lang="en-US" id="id_13917047_2980706_3_1">Aeronautical operations.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_AeronauticalOperationsMember_lbl" xml:lang="en-US" id="id_13917047_2980706_1_1">Aeronautical operations [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_AeronauticalOperationsMember_lbl" xml:lang="en-US" id="id_13917047_2980706_2_1">Aeronautical operations [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_AeronauticalOperationsMember" xlink:to="cpa_AeronauticalOperationsMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AggregatedMeasurementMember" xlink:label="ifrs-full_AggregatedMeasurementMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AggregatedMeasurementMember_lbl" xml:lang="en-US" id="id_13917047_2935567_1_1">Aggregated measurement [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_AggregatedMeasurementMember_lbl" xml:lang="en-US" id="id_13917047_2935567_2_1">Aggregated measurement [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AggregatedMeasurementMember" xlink:to="ifrs-full_AggregatedMeasurementMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AggregatedTimeBandsMember" xlink:label="ifrs-full_AggregatedTimeBandsMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AggregatedTimeBandsMember_lbl" xml:lang="en-US" id="id_13917047_2935069_1_1">Aggregated time bands [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_AggregatedTimeBandsMember_lbl" xml:lang="en-US" id="id_13917047_2935069_2_1">Aggregated time bands [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AggregatedTimeBandsMember" xlink:to="ifrs-full_AggregatedTimeBandsMember_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_AircraftAverageUsefulLife" xlink:label="cpa_AircraftAverageUsefulLife"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_AircraftAverageUsefulLife_lbl" xml:lang="en-US" id="id_13917047_2977492_3_1">Aircraft average useful life.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_AircraftAverageUsefulLife_lbl" xml:lang="en-US" id="id_13917047_2977492_1_1">Aircraft Average Useful Life</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_AircraftAverageUsefulLife_lbl" xml:lang="en-US" id="id_13917047_2977492_2_1">Aircraft average useful life</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_AircraftAverageUsefulLife" xlink:to="cpa_AircraftAverageUsefulLife_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_AircraftFuelExpenses" xlink:label="cpa_AircraftFuelExpenses"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_AircraftFuelExpenses_lbl" xml:lang="en-US" id="id_13917047_2955141_3_1">Aircraft fuel expenses.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_AircraftFuelExpenses_lbl" xml:lang="en-US" id="id_13917047_2955141_1_1">Aircraft fuel expenses</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_AircraftFuelExpenses_lbl" xml:lang="en-US" id="id_13917047_2955141_2_1">Aircraft fuel</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_AircraftFuelExpenses" xlink:to="cpa_AircraftFuelExpenses_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AircraftMember" xlink:label="ifrs-full_AircraftMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AircraftMember_lbl" xml:lang="en-US" id="id_13917047_2935071_1_1">Aircraft [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_AircraftMember_lbl" xml:lang="en-US" id="id_13917047_2935071_2_1">Aircraft [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AircraftMember" xlink:to="ifrs-full_AircraftMember_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_AirframeAndEnginesMember" xlink:label="cpa_AirframeAndEnginesMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_AirframeAndEnginesMember_lbl" xml:lang="en-US" id="id_13917047_2980770_3_1">Airframe and engines.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_AirframeAndEnginesMember_lbl" xml:lang="en-US" id="id_13917047_2980770_1_1">Airframe and engines [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_AirframeAndEnginesMember_lbl" xml:lang="en-US" id="id_13917047_2980770_2_1">Airframe and engines [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_AirframeAndEnginesMember" xlink:to="cpa_AirframeAndEnginesMember_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_AirportFacilitiesAndHandlingCharges" xlink:label="cpa_AirportFacilitiesAndHandlingCharges"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_AirportFacilitiesAndHandlingCharges_lbl" xml:lang="en-US" id="id_13917047_2956619_3_1">Airport facilities and handling charges.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_AirportFacilitiesAndHandlingCharges_lbl" xml:lang="en-US" id="id_13917047_2956619_1_1">Airport Facilities And Handling Charges</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_AirportFacilitiesAndHandlingCharges_lbl" xml:lang="en-US" id="id_13917047_2956619_2_1">Airport facilities and handling charges</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_AirportFacilitiesAndHandlingCharges" xlink:to="cpa_AirportFacilitiesAndHandlingCharges_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_AirTrafficLiability" xlink:label="cpa_AirTrafficLiability"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_AirTrafficLiability_lbl" xml:lang="en-US" id="id_13917047_2946044_3_1">Air traffic liability.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_AirTrafficLiability_lbl" xml:lang="en-US" id="id_13917047_2946044_1_1">Air Traffic Liability</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_AirTrafficLiability_lbl" xml:lang="en-US" id="id_13917047_2946044_2_1">Air traffic liability</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_AirTrafficLiability" xlink:to="cpa_AirTrafficLiability_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/currency/2017/currency-2017-01-31.xsd#currency_AllCurrenciesDomain" xlink:label="currency_AllCurrenciesDomain"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="currency_AllCurrenciesDomain_lbl" xml:lang="en-US" id="id_13917047_2934458_1_1">All Currencies [Domain]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="currency_AllCurrenciesDomain_lbl" xml:lang="en-US" id="id_13917047_2934458_2_1">All Currencies [Domain]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="currency_AllCurrenciesDomain" xlink:to="currency_AllCurrenciesDomain_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AllLevelsOfFairValueHierarchyMember" xlink:label="ifrs-full_AllLevelsOfFairValueHierarchyMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AllLevelsOfFairValueHierarchyMember_lbl" xml:lang="en-US" id="id_13917047_2934080_1_1">All levels of fair value hierarchy [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_AllLevelsOfFairValueHierarchyMember_lbl" xml:lang="en-US" id="id_13917047_2934080_2_1">All levels of fair value hierarchy [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AllLevelsOfFairValueHierarchyMember" xlink:to="ifrs-full_AllLevelsOfFairValueHierarchyMember_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_AllowanceForObsolescenceInventory" xlink:label="cpa_AllowanceForObsolescenceInventory"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_AllowanceForObsolescenceInventory_lbl" xml:lang="en-US" id="id_13917047_2946135_3_1">Allowance for obsolescence inventory.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_AllowanceForObsolescenceInventory_lbl" xml:lang="en-US" id="id_13917047_2946135_1_1">Allowance For Obsolescence Inventory</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="cpa_AllowanceForObsolescenceInventory_lbl" xml:lang="en-US" id="id_13917047_2946135_14_1">Allowance for obsolescence</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_AllowanceForObsolescenceInventory" xlink:to="cpa_AllowanceForObsolescenceInventory_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_AmendmentDescription" xlink:label="dei_AmendmentDescription"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AmendmentDescription_lbl" xml:lang="en-US" id="id_13917047_2934496_1_1">Amendment Description</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="dei_AmendmentDescription_lbl" xml:lang="en-US" id="id_13917047_2934496_2_1">Amendment Description</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AmendmentDescription" xlink:to="dei_AmendmentDescription_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_AmendmentFlag" xlink:label="dei_AmendmentFlag"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AmendmentFlag_lbl" xml:lang="en-US" id="id_13917047_2934497_1_1">Amendment Flag</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="dei_AmendmentFlag_lbl" xml:lang="en-US" id="id_13917047_2934497_2_1">Amendment Flag</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AmendmentFlag" xlink:to="dei_AmendmentFlag_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill" xlink:label="ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill_lbl" xml:lang="en-US" id="id_13917047_2935073_1_1">Amortisation, intangible assets other than goodwill</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill_lbl" xml:lang="en-US" id="id_13917047_2935073_14_1">Amortization for the year</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill" xlink:to="ifrs-full_AmortisationIntangibleAssetsOtherThanGoodwill_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_AmortizationOfIntangibleAssetsMember" xlink:label="cpa_AmortizationOfIntangibleAssetsMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_AmortizationOfIntangibleAssetsMember_lbl" xml:lang="en-US" id="id_13917047_2998244_3_1">Amortization of intangible assets.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_AmortizationOfIntangibleAssetsMember_lbl" xml:lang="en-US" id="id_13917047_2998244_1_1">Amortization of intangible assets [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_AmortizationOfIntangibleAssetsMember_lbl" xml:lang="en-US" id="id_13917047_2998244_2_1">Amortization of intangible assets [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_AmortizationOfIntangibleAssetsMember" xlink:to="cpa_AmortizationOfIntangibleAssetsMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AmountByWhichUnitsRecoverableAmountExceedsItsCarryingAmount" xlink:label="ifrs-full_AmountByWhichUnitsRecoverableAmountExceedsItsCarryingAmount"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AmountByWhichUnitsRecoverableAmountExceedsItsCarryingAmount_lbl" xml:lang="en-US" id="id_13917047_2935378_1_1">Amount by which unit's recoverable amount exceeds its carrying amount</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_AmountByWhichUnitsRecoverableAmountExceedsItsCarryingAmount_lbl" xml:lang="en-US" id="id_13917047_2935378_2_1">Estimated recoverable amount</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AmountByWhichUnitsRecoverableAmountExceedsItsCarryingAmount" xlink:to="ifrs-full_AmountByWhichUnitsRecoverableAmountExceedsItsCarryingAmount_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_AmountInEscrowDeposits" xlink:label="cpa_AmountInEscrowDeposits"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_AmountInEscrowDeposits_lbl" xml:lang="en-US" id="id_13917047_2946269_3_1">Amount in escrow deposits.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_AmountInEscrowDeposits_lbl" xml:lang="en-US" id="id_13917047_2946269_1_1">Amount in escrow deposits</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_AmountInEscrowDeposits_lbl" xml:lang="en-US" id="id_13917047_2946269_2_1">Amount in escrow account</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_AmountInEscrowDeposits" xlink:to="cpa_AmountInEscrowDeposits_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AmountsPayableRelatedPartyTransactions" xlink:label="ifrs-full_AmountsPayableRelatedPartyTransactions"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AmountsPayableRelatedPartyTransactions_lbl" xml:lang="en-US" id="id_13917047_2935384_1_1">Amounts payable, related party transactions</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_AmountsPayableRelatedPartyTransactions_lbl" xml:lang="en-US" id="id_13917047_2935384_2_1">Account payable</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_AmountsPayableRelatedPartyTransactions_lbl" xml:lang="en-US" id="id_13917047_2935384_12_1">Account payables to related parties</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AmountsPayableRelatedPartyTransactions" xlink:to="ifrs-full_AmountsPayableRelatedPartyTransactions_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AmountsReceivableRelatedPartyTransactions" xlink:label="ifrs-full_AmountsReceivableRelatedPartyTransactions"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AmountsReceivableRelatedPartyTransactions_lbl" xml:lang="en-US" id="id_13917047_2935078_1_1">Amounts receivable, related party transactions</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_AmountsReceivableRelatedPartyTransactions_lbl" xml:lang="en-US" id="id_13917047_2935078_2_1">Account receivable</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_AmountsReceivableRelatedPartyTransactions_lbl" xml:lang="en-US" id="id_13917047_2935078_12_1">Trade receivables due from related parties</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AmountsReceivableRelatedPartyTransactions" xlink:to="ifrs-full_AmountsReceivableRelatedPartyTransactions_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ApplicableTaxRate" xlink:label="ifrs-full_ApplicableTaxRate"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ApplicableTaxRate_lbl" xml:lang="en-US" id="id_13917047_2935585_1_1">Applicable tax rate</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/positiveLabel" xlink:label="ifrs-full_ApplicableTaxRate_lbl" xml:lang="en-US" id="id_13917047_2935585_32_1">Tax rate</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ApplicableTaxRate_lbl" xml:lang="en-US" id="id_13917047_2935585_2_1">Applicable tax rate</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_ApplicableTaxRate_lbl" xml:lang="en-US" id="id_13917047_2935585_12_1">Income taxes at Panamanian statutory rates</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ApplicableTaxRate" xlink:to="ifrs-full_ApplicableTaxRate_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_AreaOfBuilding" xlink:label="cpa_AreaOfBuilding"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_AreaOfBuilding_lbl" xml:lang="en-US" id="id_13917047_3024628_3_1">Area of building.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_AreaOfBuilding_lbl" xml:lang="en-US" id="id_13917047_3024628_1_1">Area of Building</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_AreaOfBuilding_lbl" xml:lang="en-US" id="id_13917047_3024628_2_1">Approximate area of building</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_AreaOfBuilding" xlink:to="cpa_AreaOfBuilding_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/currency/2017/currency-2017-01-31.xsd#currency_ARS" xlink:label="currency_ARS"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="currency_ARS_lbl" xml:lang="en-US" id="id_13917047_2934157_1_1">Argentina, Pesos</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="currency_ARS_lbl" xml:lang="en-US" id="id_13917047_2934157_2_1">Argentina, pesos [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="currency_ARS" xlink:to="currency_ARS_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_AssaCompaniaDeSegurosMember" xlink:label="cpa_AssaCompaniaDeSegurosMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_AssaCompaniaDeSegurosMember_lbl" xml:lang="en-US" id="id_13917047_2980543_3_1">ASSA compania de seguros, S. A.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_AssaCompaniaDeSegurosMember_lbl" xml:lang="en-US" id="id_13917047_2980543_1_1">ASSA Compania de Seguros, S. A.[member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_AssaCompaniaDeSegurosMember_lbl" xml:lang="en-US" id="id_13917047_2980543_2_1">ASSA compania de seguros, S. A. [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_AssaCompaniaDeSegurosMember" xlink:to="cpa_AssaCompaniaDeSegurosMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_Assets" xlink:label="ifrs-full_Assets"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_Assets_lbl" xml:lang="en-US" id="id_13917047_2935592_1_1">Assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_Assets_lbl" xml:lang="en-US" id="id_13917047_2935592_2_1">Total assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_Assets_lbl" xml:lang="en-US" id="id_13917047_2935592_6_1">Total assets</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Assets" xlink:to="ifrs-full_Assets_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AssetsAbstract" xlink:label="ifrs-full_AssetsAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AssetsAbstract_lbl" xml:lang="en-US" id="id_13917047_2935082_1_1">Assets [abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_AssetsAbstract_lbl" xml:lang="en-US" id="id_13917047_2935082_2_1">ASSETS</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AssetsAbstract" xlink:to="ifrs-full_AssetsAbstract_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AssetsOfBenefitPlan" xlink:label="ifrs-full_AssetsOfBenefitPlan"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AssetsOfBenefitPlan_lbl" xml:lang="en-US" id="id_13917047_2935084_1_1">Assets of benefit plan</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_AssetsOfBenefitPlan_lbl" xml:lang="en-US" id="id_13917047_2935084_2_1">Pension assets</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AssetsOfBenefitPlan" xlink:to="ifrs-full_AssetsOfBenefitPlan_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_AssumptionChangesNetDefinedBenefitLiabilityAsset" xlink:label="cpa_AssumptionChangesNetDefinedBenefitLiabilityAsset"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_AssumptionChangesNetDefinedBenefitLiabilityAsset_lbl" xml:lang="en-US" id="id_13917047_2946159_3_1">Assumption changes, net defined benefit liability (asset)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_AssumptionChangesNetDefinedBenefitLiabilityAsset_lbl" xml:lang="en-US" id="id_13917047_2946159_1_1">Assumption changes, net defined benefit liability (asset)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="cpa_AssumptionChangesNetDefinedBenefitLiabilityAsset_lbl" xml:lang="en-US" id="id_13917047_2946159_14_1">Assumption changes</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_AssumptionChangesNetDefinedBenefitLiabilityAsset" xlink:to="cpa_AssumptionChangesNetDefinedBenefitLiabilityAsset_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_AverageEffectiveTaxRate" xlink:label="ifrs-full_AverageEffectiveTaxRate"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_AverageEffectiveTaxRate_lbl" xml:lang="en-US" id="id_13917047_2935604_1_1">Average effective tax rate</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_AverageEffectiveTaxRate_lbl" xml:lang="en-US" id="id_13917047_2935604_2_1">Effective rate</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_AverageEffectiveTaxRate" xlink:to="ifrs-full_AverageEffectiveTaxRate_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_AverageLeaseTerm" xlink:label="cpa_AverageLeaseTerm"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_AverageLeaseTerm_lbl" xml:lang="en-US" id="id_13917047_2977784_3_1">Average lease term.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_AverageLeaseTerm_lbl" xml:lang="en-US" id="id_13917047_2977784_1_1">Average Lease Term</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_AverageLeaseTerm_lbl" xml:lang="en-US" id="id_13917047_2977784_2_1">Average term of aircraft operating leases</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_AverageLeaseTerm" xlink:to="cpa_AverageLeaseTerm_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_BadDebtsProvisionWrittenOff" xlink:label="cpa_BadDebtsProvisionWrittenOff"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_BadDebtsProvisionWrittenOff_lbl" xml:lang="en-US" id="id_13917047_2946199_3_1">Bad debts provision written off.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_BadDebtsProvisionWrittenOff_lbl" xml:lang="en-US" id="id_13917047_2946199_1_1">Bad debts provision written off</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_BadDebtsProvisionWrittenOff_lbl" xml:lang="en-US" id="id_13917047_2946199_2_1">Write-offs</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_BadDebtsProvisionWrittenOff" xlink:to="cpa_BadDebtsProvisionWrittenOff_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_BalancesWithBanks" xlink:label="ifrs-full_BalancesWithBanks"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_BalancesWithBanks_lbl" xml:lang="en-US" id="id_13917047_2934108_1_1">Balances with banks</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_BalancesWithBanks_lbl" xml:lang="en-US" id="id_13917047_2934108_2_1">Checking and saving accounts</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_BalancesWithBanks" xlink:to="ifrs-full_BalancesWithBanks_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_BancoGeneralLineOfCreditMember" xlink:label="cpa_BancoGeneralLineOfCreditMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_BancoGeneralLineOfCreditMember_lbl" xml:lang="en-US" id="id_13917047_2980513_3_1">Banco General line of credit.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_BancoGeneralLineOfCreditMember_lbl" xml:lang="en-US" id="id_13917047_2980513_1_1">Banco General line of credit [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_BancoGeneralLineOfCreditMember_lbl" xml:lang="en-US" id="id_13917047_2980513_2_1">Banco General line of credit [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_BancoGeneralLineOfCreditMember" xlink:to="cpa_BancoGeneralLineOfCreditMember_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_BancoGeneralOverdraftLineOfCreditMember" xlink:label="cpa_BancoGeneralOverdraftLineOfCreditMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_BancoGeneralOverdraftLineOfCreditMember_lbl" xml:lang="en-US" id="id_13917047_2980629_3_1">Banco General overdraft line of credit.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_BancoGeneralOverdraftLineOfCreditMember_lbl" xml:lang="en-US" id="id_13917047_2980629_1_1">Banco General overdraft line of credit [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_BancoGeneralOverdraftLineOfCreditMember_lbl" xml:lang="en-US" id="id_13917047_2980629_2_1">Banco General overdraft line of credit [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_BancoGeneralOverdraftLineOfCreditMember" xlink:to="cpa_BancoGeneralOverdraftLineOfCreditMember_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_BancoGeneralSAMember" xlink:label="cpa_BancoGeneralSAMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_BancoGeneralSAMember_lbl" xml:lang="en-US" id="id_13917047_2980539_3_1">Banco general, S. A.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_BancoGeneralSAMember_lbl" xml:lang="en-US" id="id_13917047_2980539_1_1">Banco General, S. A. [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_BancoGeneralSAMember_lbl" xml:lang="en-US" id="id_13917047_2980539_2_1">Banco general, S. A. [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_BancoGeneralSAMember" xlink:to="cpa_BancoGeneralSAMember_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_BancoNacionalDePanamaLineOfCreditMember" xlink:label="cpa_BancoNacionalDePanamaLineOfCreditMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_BancoNacionalDePanamaLineOfCreditMember_lbl" xml:lang="en-US" id="id_13917047_2980508_3_1">Banco Nacional de Panama line of credit.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_BancoNacionalDePanamaLineOfCreditMember_lbl" xml:lang="en-US" id="id_13917047_2980508_1_1">Banco Nacional de Panama line of credit[Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_BancoNacionalDePanamaLineOfCreditMember_lbl" xml:lang="en-US" id="id_13917047_2980508_2_1">Banco Nacional De Panama line of credit [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_BancoNacionalDePanamaLineOfCreditMember" xlink:to="cpa_BancoNacionalDePanamaLineOfCreditMember_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_BankLoansMember" xlink:label="cpa_BankLoansMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_BankLoansMember_lbl" xml:lang="en-US" id="id_13917047_2980603_3_1">Bank loans.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_BankLoansMember_lbl" xml:lang="en-US" id="id_13917047_2980603_1_1">Bank loans [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_BankLoansMember_lbl" xml:lang="en-US" id="id_13917047_2980603_2_1">Interests expense on bank loans [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_BankLoansMember" xlink:to="cpa_BankLoansMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_BasicAndDilutedEarningsLossPerShare" xlink:label="ifrs-full_BasicAndDilutedEarningsLossPerShare"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_BasicAndDilutedEarningsLossPerShare_lbl" xml:lang="en-US" id="id_13917047_2935401_1_1">Basic and diluted earnings (loss) per share</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_BasicAndDilutedEarningsLossPerShare_lbl" xml:lang="en-US" id="id_13917047_2935401_2_1">Basic and diluted</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_BasicAndDilutedEarningsLossPerShare" xlink:to="ifrs-full_BasicAndDilutedEarningsLossPerShare_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_BasicEarningsLossPerShareFromContinuingOperations" xlink:label="ifrs-full_BasicEarningsLossPerShareFromContinuingOperations"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_BasicEarningsLossPerShareFromContinuingOperations_lbl" xml:lang="en-US" id="id_13917047_2935405_1_1">Basic earnings (loss) per share from continuing operations</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_BasicEarningsLossPerShareFromContinuingOperations_lbl" xml:lang="en-US" id="id_13917047_2935405_2_1">Basic earnings (loss) per share from continuing operations</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_BasicEarningsLossPerShareFromContinuingOperations" xlink:to="ifrs-full_BasicEarningsLossPerShareFromContinuingOperations_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_BasicEarningsPerShareAbstract" xlink:label="ifrs-full_BasicEarningsPerShareAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_BasicEarningsPerShareAbstract_lbl" xml:lang="en-US" id="id_13917047_2935615_1_1">Basic earnings per share [abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_BasicEarningsPerShareAbstract_lbl" xml:lang="en-US" id="id_13917047_2935615_2_1">Basic earnings (loss) per share-</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_BasicEarningsPerShareAbstract" xlink:to="ifrs-full_BasicEarningsPerShareAbstract_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_BenefitsPaidNetDefinedBenefitLiabilityAsset" xlink:label="cpa_BenefitsPaidNetDefinedBenefitLiabilityAsset"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_BenefitsPaidNetDefinedBenefitLiabilityAsset_lbl" xml:lang="en-US" id="id_13917047_2946162_3_1">Benefits paid, net defined benefit liability (asset).</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_BenefitsPaidNetDefinedBenefitLiabilityAsset_lbl" xml:lang="en-US" id="id_13917047_2946162_1_1">Benefits paid, net defined benefit liability (asset)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="cpa_BenefitsPaidNetDefinedBenefitLiabilityAsset_lbl" xml:lang="en-US" id="id_13917047_2946162_14_1">Benefits paid</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_BenefitsPaidNetDefinedBenefitLiabilityAsset" xlink:to="cpa_BenefitsPaidNetDefinedBenefitLiabilityAsset_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_BladexLineOfCreditMember" xlink:label="cpa_BladexLineOfCreditMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_BladexLineOfCreditMember_lbl" xml:lang="en-US" id="id_13917047_2980514_3_1">Bladex line of credit.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_BladexLineOfCreditMember_lbl" xml:lang="en-US" id="id_13917047_2980514_1_1">Bladex line of credit [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_BladexLineOfCreditMember_lbl" xml:lang="en-US" id="id_13917047_2980514_2_1">Bladex line of credit [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_BladexLineOfCreditMember" xlink:to="cpa_BladexLineOfCreditMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_BorrowingCostsCapitalised" xlink:label="ifrs-full_BorrowingCostsCapitalised"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_BorrowingCostsCapitalised_lbl" xml:lang="en-US" id="id_13917047_2935104_1_1">Borrowing costs capitalised</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_BorrowingCostsCapitalised_lbl" xml:lang="en-US" id="id_13917047_2935104_2_1">Borrowing costs capitalized</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_BorrowingCostsCapitalised" xlink:to="ifrs-full_BorrowingCostsCapitalised_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_BorrowingDueThroughTwoThousandEighteenMember" xlink:label="cpa_BorrowingDueThroughTwoThousandEighteenMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_BorrowingDueThroughTwoThousandEighteenMember_lbl" xml:lang="en-US" id="id_13917047_3036849_3_1">Borrowing due through two thousand eighteen.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_BorrowingDueThroughTwoThousandEighteenMember_lbl" xml:lang="en-US" id="id_13917047_3036849_1_1">Borrowing due through two thousand 2018 [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_BorrowingDueThroughTwoThousandEighteenMember_lbl" xml:lang="en-US" id="id_13917047_3036849_2_1">Borrowing due through 2018 [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_BorrowingDueThroughTwoThousandEighteenMember" xlink:to="cpa_BorrowingDueThroughTwoThousandEighteenMember_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_BorrowingDueThroughTwoThousandSeventeenMember" xlink:label="cpa_BorrowingDueThroughTwoThousandSeventeenMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_BorrowingDueThroughTwoThousandSeventeenMember_lbl" xml:lang="en-US" id="id_13917047_3008938_3_1">Borrowing due through two thousand seventeen.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_BorrowingDueThroughTwoThousandSeventeenMember_lbl" xml:lang="en-US" id="id_13917047_3008938_1_1">Borrowing due through two thousand seventeen [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_BorrowingDueThroughTwoThousandSeventeenMember_lbl" xml:lang="en-US" id="id_13917047_3008938_2_1">Borrowing due through 2017 [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_BorrowingDueThroughTwoThousandSeventeenMember" xlink:to="cpa_BorrowingDueThroughTwoThousandSeventeenMember_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_BorrowingDueThroughTwoThousandTwentyFiveMember" xlink:label="cpa_BorrowingDueThroughTwoThousandTwentyFiveMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_BorrowingDueThroughTwoThousandTwentyFiveMember_lbl" xml:lang="en-US" id="id_13917047_3008935_3_1">Borrowing due through two thousand twenty five [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_BorrowingDueThroughTwoThousandTwentyFiveMember_lbl" xml:lang="en-US" id="id_13917047_3008935_1_1">Borrowing due through two thousand twenty five [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_BorrowingDueThroughTwoThousandTwentyFiveMember_lbl" xml:lang="en-US" id="id_13917047_3008935_2_1">Borrowing due through 2025 [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_BorrowingDueThroughTwoThousandTwentyFiveMember" xlink:to="cpa_BorrowingDueThroughTwoThousandTwentyFiveMember_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_BorrowingDueThroughTwoThousandTwentySevenMember" xlink:label="cpa_BorrowingDueThroughTwoThousandTwentySevenMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_BorrowingDueThroughTwoThousandTwentySevenMember_lbl" xml:lang="en-US" id="id_13917047_3036848_3_1">Borrowing due through 2027.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_BorrowingDueThroughTwoThousandTwentySevenMember_lbl" xml:lang="en-US" id="id_13917047_3036848_1_1">Borrowing due through 2027 [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_BorrowingDueThroughTwoThousandTwentySevenMember_lbl" xml:lang="en-US" id="id_13917047_3036848_2_1">Borrowing due through 2027 [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_BorrowingDueThroughTwoThousandTwentySevenMember" xlink:to="cpa_BorrowingDueThroughTwoThousandTwentySevenMember_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_BorrowingDueThroughTwoThousandTwentySixMember" xlink:label="cpa_BorrowingDueThroughTwoThousandTwentySixMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_BorrowingDueThroughTwoThousandTwentySixMember_lbl" xml:lang="en-US" id="id_13917047_3008937_3_1">Borrowing due through two thousand twenty six [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_BorrowingDueThroughTwoThousandTwentySixMember_lbl" xml:lang="en-US" id="id_13917047_3008937_1_1">Borrowing due through two thousand twenty six [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_BorrowingDueThroughTwoThousandTwentySixMember_lbl" xml:lang="en-US" id="id_13917047_3008937_2_1">Borrowing due through 2026 [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_BorrowingDueThroughTwoThousandTwentySixMember" xlink:to="cpa_BorrowingDueThroughTwoThousandTwentySixMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_Borrowings" xlink:label="ifrs-full_Borrowings"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_Borrowings_lbl" xml:lang="en-US" id="id_13917047_2935408_1_1">Borrowings</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="ifrs-full_Borrowings_lbl" xml:lang="en-US" id="id_13917047_2935408_4_1">Debt including current maturities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="ifrs-full_Borrowings_lbl" xml:lang="en-US" id="id_13917047_2935408_5_1">Debt including current maturities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/positiveLabel" xlink:label="ifrs-full_Borrowings_lbl" xml:lang="en-US" id="id_13917047_2935408_32_1">Long-term debt maturity</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/positiveTerseLabel" xlink:label="ifrs-full_Borrowings_lbl" xml:lang="en-US" id="id_13917047_2935408_33_1">Total debt (note 18)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_Borrowings_lbl" xml:lang="en-US" id="id_13917047_2935408_2_1">Debt</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_Borrowings_lbl" xml:lang="en-US" id="id_13917047_2935408_12_1">Debt including current maturities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Borrowings" xlink:to="ifrs-full_Borrowings_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_BorrowingsAbstract" xlink:label="ifrs-full_BorrowingsAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_BorrowingsAbstract_lbl" xml:lang="en-US" id="id_13917047_2935624_1_1">Borrowings [abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_BorrowingsAbstract_lbl" xml:lang="en-US" id="id_13917047_2935624_2_1">Borrowings [abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_BorrowingsAbstract" xlink:to="ifrs-full_BorrowingsAbstract_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_BorrowingsByNameAxis" xlink:label="ifrs-full_BorrowingsByNameAxis"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_BorrowingsByNameAxis_lbl" xml:lang="en-US" id="id_13917047_2934121_1_1">Borrowings by name [axis]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_BorrowingsByNameAxis_lbl" xml:lang="en-US" id="id_13917047_2934121_2_1">Borrowings by name [axis]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_BorrowingsByNameAxis" xlink:to="ifrs-full_BorrowingsByNameAxis_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_BorrowingsByNameMember" xlink:label="ifrs-full_BorrowingsByNameMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_BorrowingsByNameMember_lbl" xml:lang="en-US" id="id_13917047_2934122_1_1">Borrowings by name [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_BorrowingsByNameMember_lbl" xml:lang="en-US" id="id_13917047_2934122_2_1">Borrowings by name [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_BorrowingsByNameMember" xlink:to="ifrs-full_BorrowingsByNameMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_BorrowingsInterestRate" xlink:label="ifrs-full_BorrowingsInterestRate"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_BorrowingsInterestRate_lbl" xml:lang="en-US" id="id_13917047_2935625_1_1">Borrowings, interest rate</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_BorrowingsInterestRate_lbl" xml:lang="en-US" id="id_13917047_2935625_2_1">Effective interest rates of borrowings</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_BorrowingsInterestRate_lbl" xml:lang="en-US" id="id_13917047_2935625_12_1">Fixed interest rates</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_BorrowingsInterestRate" xlink:to="ifrs-full_BorrowingsInterestRate_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_BorrowingsMaturityPeriod" xlink:label="cpa_BorrowingsMaturityPeriod"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_BorrowingsMaturityPeriod_lbl" xml:lang="en-US" id="id_13917047_2977530_3_1">Borrowings maturity period.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_BorrowingsMaturityPeriod_lbl" xml:lang="en-US" id="id_13917047_2977530_1_1">Borrowings Maturity Period</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_BorrowingsMaturityPeriod_lbl" xml:lang="en-US" id="id_13917047_2977530_2_1">Aircraft financing maturity period</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_BorrowingsMaturityPeriod" xlink:to="cpa_BorrowingsMaturityPeriod_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_BorrowingsOnWhichApplicableInterestRateIsFixed" xlink:label="cpa_BorrowingsOnWhichApplicableInterestRateIsFixed"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_BorrowingsOnWhichApplicableInterestRateIsFixed_lbl" xml:lang="en-US" id="id_13917047_2946229_3_1">Borrowings on which applicable interest rate is fixed.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_BorrowingsOnWhichApplicableInterestRateIsFixed_lbl" xml:lang="en-US" id="id_13917047_2946229_1_1">Borrowings on which applicable interest rate is fixed</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_BorrowingsOnWhichApplicableInterestRateIsFixed_lbl" xml:lang="en-US" id="id_13917047_2946229_2_1">Borrowing on which fixed applicable interest rate is exercised</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_BorrowingsOnWhichApplicableInterestRateIsFixed" xlink:to="cpa_BorrowingsOnWhichApplicableInterestRateIsFixed_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_BottomOfRangeMember" xlink:label="ifrs-full_BottomOfRangeMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_BottomOfRangeMember_lbl" xml:lang="en-US" id="id_13917047_2935626_1_1">Bottom of range [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_BottomOfRangeMember_lbl" xml:lang="en-US" id="id_13917047_2935626_2_1">Bottom of range [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_BottomOfRangeMember" xlink:to="ifrs-full_BottomOfRangeMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/country/2017/country-2017-01-31.xsd#country_BR" xlink:label="country_BR"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="country_BR_lbl" xml:lang="en-US" id="id_13917047_2933436_1_1">BRAZIL</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="country_BR_lbl" xml:lang="en-US" id="id_13917047_2933436_2_1">Brazil [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="country_BR" xlink:to="country_BR_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/currency/2017/currency-2017-01-31.xsd#currency_BRL" xlink:label="currency_BRL"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="currency_BRL_lbl" xml:lang="en-US" id="id_13917047_2933212_1_1">Brazil, Brazil Real</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="currency_BRL_lbl" xml:lang="en-US" id="id_13917047_2933212_2_1">Brazil, Brazil real [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="currency_BRL" xlink:to="currency_BRL_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_CableOndaMember" xlink:label="cpa_CableOndaMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_CableOndaMember_lbl" xml:lang="en-US" id="id_13917047_2996805_3_1">Cable onda.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_CableOndaMember_lbl" xml:lang="en-US" id="id_13917047_2996805_1_1">Cable Onda [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_CableOndaMember_lbl" xml:lang="en-US" id="id_13917047_2996805_2_1">Cable onda [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_CableOndaMember" xlink:to="cpa_CableOndaMember_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_CableOndaSAMember" xlink:label="cpa_CableOndaSAMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_CableOndaSAMember_lbl" xml:lang="en-US" id="id_13917047_2980547_3_1">Cable Onda, S. A.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_CableOndaSAMember_lbl" xml:lang="en-US" id="id_13917047_2980547_1_1">Cable Onda, S. A. [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_CableOndaSAMember_lbl" xml:lang="en-US" id="id_13917047_2980547_2_1">Cable Onda, S. A. [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_CableOndaSAMember" xlink:to="cpa_CableOndaSAMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CapitalisationRateOfBorrowingCostsEligibleForCapitalisation" xlink:label="ifrs-full_CapitalisationRateOfBorrowingCostsEligibleForCapitalisation"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CapitalisationRateOfBorrowingCostsEligibleForCapitalisation_lbl" xml:lang="en-US" id="id_13917047_2935632_1_1">Capitalisation rate of borrowing costs eligible for capitalisation</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_CapitalisationRateOfBorrowingCostsEligibleForCapitalisation_lbl" xml:lang="en-US" id="id_13917047_2935632_2_1">Capitalized borrowing rate</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CapitalisationRateOfBorrowingCostsEligibleForCapitalisation" xlink:to="ifrs-full_CapitalisationRateOfBorrowingCostsEligibleForCapitalisation_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CapitalisedDevelopmentExpenditureMember" xlink:label="ifrs-full_CapitalisedDevelopmentExpenditureMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CapitalisedDevelopmentExpenditureMember_lbl" xml:lang="en-US" id="id_13917047_2935111_1_1">Capitalised development expenditure [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_CapitalisedDevelopmentExpenditureMember_lbl" xml:lang="en-US" id="id_13917047_2935111_2_1">Capitalised development expenditure [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CapitalisedDevelopmentExpenditureMember" xlink:to="ifrs-full_CapitalisedDevelopmentExpenditureMember_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_Capitalization" xlink:label="cpa_Capitalization"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_Capitalization_lbl" xml:lang="en-US" id="id_13917047_2946487_3_1">Capitalization</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_Capitalization_lbl" xml:lang="en-US" id="id_13917047_2946487_1_1">Capitalization</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="cpa_Capitalization_lbl" xml:lang="en-US" id="id_13917047_2946487_6_1">Total capitalization</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_Capitalization" xlink:to="cpa_Capitalization_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_CargoAndCourierExpenses" xlink:label="cpa_CargoAndCourierExpenses"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_CargoAndCourierExpenses_lbl" xml:lang="en-US" id="id_13917047_3036128_3_1">Cargo and courier expenses.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_CargoAndCourierExpenses_lbl" xml:lang="en-US" id="id_13917047_3036128_1_1">Cargo and courier expenses</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_CargoAndCourierExpenses_lbl" xml:lang="en-US" id="id_13917047_3036128_2_1">Cargo and courier expenses</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_CargoAndCourierExpenses" xlink:to="cpa_CargoAndCourierExpenses_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_CargoMailAndOtherTravelAgenciesReceivables" xlink:label="cpa_CargoMailAndOtherTravelAgenciesReceivables"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_CargoMailAndOtherTravelAgenciesReceivables_lbl" xml:lang="en-US" id="id_13917047_2946191_3_1">Cargo mail and other travel agencies receivables.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_CargoMailAndOtherTravelAgenciesReceivables_lbl" xml:lang="en-US" id="id_13917047_2946191_1_1">Cargo mail and other travel agencies receivables</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_CargoMailAndOtherTravelAgenciesReceivables_lbl" xml:lang="en-US" id="id_13917047_2946191_2_1">Cargo, mail and other travel agencies</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_CargoMailAndOtherTravelAgenciesReceivables" xlink:to="cpa_CargoMailAndOtherTravelAgenciesReceivables_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_CarriedForwardTaxLossesOfCopaColombiaMember" xlink:label="cpa_CarriedForwardTaxLossesOfCopaColombiaMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_CarriedForwardTaxLossesOfCopaColombiaMember_lbl" xml:lang="en-US" id="id_13917047_3048998_3_1">Carried forward tax losses of Copa Colombia.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_CarriedForwardTaxLossesOfCopaColombiaMember_lbl" xml:lang="en-US" id="id_13917047_3048998_1_1">Carried forward tax losses of Copa Colombia [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_CarriedForwardTaxLossesOfCopaColombiaMember_lbl" xml:lang="en-US" id="id_13917047_3048998_2_1">Carried forward tax losses of Copa Colombia [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_CarriedForwardTaxLossesOfCopaColombiaMember" xlink:to="cpa_CarriedForwardTaxLossesOfCopaColombiaMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis" xlink:label="ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_lbl" xml:lang="en-US" id="id_13917047_2934129_1_1">Carrying amount, accumulated depreciation, amortisation and impairment and gross carrying amount [axis]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_lbl" xml:lang="en-US" id="id_13917047_2934129_2_1">Carrying amount, accumulated depreciation, amortisation and impairment and gross carrying amount [axis]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis" xlink:to="ifrs-full_CarryingAmountAccumulatedDepreciationAmortisationAndImpairmentAndGrossCarryingAmountAxis_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CarryingAmountMember" xlink:label="ifrs-full_CarryingAmountMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CarryingAmountMember_lbl" xml:lang="en-US" id="id_13917047_2934130_1_1">Carrying amount [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_CarryingAmountMember_lbl" xml:lang="en-US" id="id_13917047_2934130_2_1">Carrying amount [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CarryingAmountMember" xlink:to="ifrs-full_CarryingAmountMember_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_CarryingAmountOfFixedAssetsUnderOperatingLease" xlink:label="cpa_CarryingAmountOfFixedAssetsUnderOperatingLease"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_CarryingAmountOfFixedAssetsUnderOperatingLease_lbl" xml:lang="en-US" id="id_13917047_2946131_3_1">Carrying amount of fixed assets under operating lease</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_CarryingAmountOfFixedAssetsUnderOperatingLease_lbl" xml:lang="en-US" id="id_13917047_2946131_1_1">Carrying amount of fixed assets under operating lease</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_CarryingAmountOfFixedAssetsUnderOperatingLease_lbl" xml:lang="en-US" id="id_13917047_2946131_2_1">Carrying amount of aircraft under operating lease</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_CarryingAmountOfFixedAssetsUnderOperatingLease" xlink:to="cpa_CarryingAmountOfFixedAssetsUnderOperatingLease_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CashAndCashEquivalents" xlink:label="ifrs-full_CashAndCashEquivalents"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CashAndCashEquivalents_lbl" xml:lang="en-US" id="id_13917047_2934132_1_1">Cash and cash equivalents</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="ifrs-full_CashAndCashEquivalents_lbl" xml:lang="en-US" id="id_13917047_2934132_4_1">Cash and cash equivalent at Ending balance</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="ifrs-full_CashAndCashEquivalents_lbl" xml:lang="en-US" id="id_13917047_2934132_5_1">Cash and cash equivalent at Beginning value</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_CashAndCashEquivalents_lbl" xml:lang="en-US" id="id_13917047_2934132_2_1">Cash and cash equivalents</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_CashAndCashEquivalents_lbl" xml:lang="en-US" id="id_13917047_2934132_6_1">Cash and cash equivalents</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CashAndCashEquivalents" xlink:to="ifrs-full_CashAndCashEquivalents_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CashAndCashEquivalentsAbstract" xlink:label="ifrs-full_CashAndCashEquivalentsAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CashAndCashEquivalentsAbstract_lbl" xml:lang="en-US" id="id_13917047_2934810_1_1">Cash and cash equivalents [abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_CashAndCashEquivalentsAbstract_lbl" xml:lang="en-US" id="id_13917047_2934810_2_1">Cash and Cash Equivalents [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CashAndCashEquivalentsAbstract" xlink:to="ifrs-full_CashAndCashEquivalentsAbstract_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_CashAndCashEquivalentsAndShorttermInvestments" xlink:label="cpa_CashAndCashEquivalentsAndShorttermInvestments"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_CashAndCashEquivalentsAndShorttermInvestments_lbl" xml:lang="en-US" id="id_13917047_3052442_3_1">Cash and cash equivalents and short-term investments.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_CashAndCashEquivalentsAndShorttermInvestments_lbl" xml:lang="en-US" id="id_13917047_3052442_1_1">Cash and cash equivalents and short-term investments</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_CashAndCashEquivalentsAndShorttermInvestments_lbl" xml:lang="en-US" id="id_13917047_3052442_2_1">Cash, cash equivalents and short-term investments</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_CashAndCashEquivalentsAndShorttermInvestments" xlink:to="cpa_CashAndCashEquivalentsAndShorttermInvestments_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CashFlowsFromUsedInFinancingActivities" xlink:label="ifrs-full_CashFlowsFromUsedInFinancingActivities"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CashFlowsFromUsedInFinancingActivities_lbl" xml:lang="en-US" id="id_13917047_2935642_1_1">Cash flows from (used in) financing activities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_CashFlowsFromUsedInFinancingActivities_lbl" xml:lang="en-US" id="id_13917047_2935642_6_1">Net cash used in financing activities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CashFlowsFromUsedInFinancingActivities" xlink:to="ifrs-full_CashFlowsFromUsedInFinancingActivities_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract" xlink:label="ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract_lbl" xml:lang="en-US" id="id_13917047_2935120_1_1">Cash flows from (used in) financing activities [abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract_lbl" xml:lang="en-US" id="id_13917047_2935120_2_1">Financing activities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract" xlink:to="ifrs-full_CashFlowsFromUsedInFinancingActivitiesAbstract_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CashFlowsFromUsedInInvestingActivities" xlink:label="ifrs-full_CashFlowsFromUsedInInvestingActivities"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CashFlowsFromUsedInInvestingActivities_lbl" xml:lang="en-US" id="id_13917047_2935423_1_1">Cash flows from (used in) investing activities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_CashFlowsFromUsedInInvestingActivities_lbl" xml:lang="en-US" id="id_13917047_2935423_6_1">Net cash (used in) from investing activities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CashFlowsFromUsedInInvestingActivities" xlink:to="ifrs-full_CashFlowsFromUsedInInvestingActivities_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract" xlink:label="ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract_lbl" xml:lang="en-US" id="id_13917047_2935424_1_1">Cash flows from (used in) investing activities [abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract_lbl" xml:lang="en-US" id="id_13917047_2935424_2_1">Investing activities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract" xlink:to="ifrs-full_CashFlowsFromUsedInInvestingActivitiesAbstract_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CashFlowsFromUsedInOperatingActivities" xlink:label="ifrs-full_CashFlowsFromUsedInOperatingActivities"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CashFlowsFromUsedInOperatingActivities_lbl" xml:lang="en-US" id="id_13917047_2935125_1_1">Cash flows from (used in) operating activities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_CashFlowsFromUsedInOperatingActivities_lbl" xml:lang="en-US" id="id_13917047_2935125_6_1">Net cash from operating activities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CashFlowsFromUsedInOperatingActivities" xlink:to="ifrs-full_CashFlowsFromUsedInOperatingActivities_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CashFlowsFromUsedInOperatingActivitiesAbstract" xlink:label="ifrs-full_CashFlowsFromUsedInOperatingActivitiesAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CashFlowsFromUsedInOperatingActivitiesAbstract_lbl" xml:lang="en-US" id="id_13917047_2935643_1_1">Cash flows from (used in) operating activities [abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_CashFlowsFromUsedInOperatingActivitiesAbstract_lbl" xml:lang="en-US" id="id_13917047_2935643_2_1">Operating activities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CashFlowsFromUsedInOperatingActivitiesAbstract" xlink:to="ifrs-full_CashFlowsFromUsedInOperatingActivitiesAbstract_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CashFlowsFromUsedInOperations" xlink:label="ifrs-full_CashFlowsFromUsedInOperations"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CashFlowsFromUsedInOperations_lbl" xml:lang="en-US" id="id_13917047_2934818_1_1">Cash flows from (used in) operations</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_CashFlowsFromUsedInOperations_lbl" xml:lang="en-US" id="id_13917047_2934818_6_1">Cash from operating activities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CashFlowsFromUsedInOperations" xlink:to="ifrs-full_CashFlowsFromUsedInOperations_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CashOnHand" xlink:label="ifrs-full_CashOnHand"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CashOnHand_lbl" xml:lang="en-US" id="id_13917047_2935127_1_1">Cash on hand</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_CashOnHand_lbl" xml:lang="en-US" id="id_13917047_2935127_2_1">Cash on hand</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CashOnHand" xlink:to="ifrs-full_CashOnHand_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CategoriesOfFinancialLiabilitiesAxis" xlink:label="ifrs-full_CategoriesOfFinancialLiabilitiesAxis"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CategoriesOfFinancialLiabilitiesAxis_lbl" xml:lang="en-US" id="id_13917047_2934823_1_1">Categories of financial liabilities [axis]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_CategoriesOfFinancialLiabilitiesAxis_lbl" xml:lang="en-US" id="id_13917047_2934823_2_1">Categories of financial liabilities [axis]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CategoriesOfFinancialLiabilitiesAxis" xlink:to="ifrs-full_CategoriesOfFinancialLiabilitiesAxis_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CategoriesOfRelatedPartiesAxis" xlink:label="ifrs-full_CategoriesOfRelatedPartiesAxis"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CategoriesOfRelatedPartiesAxis_lbl" xml:lang="en-US" id="id_13917047_2935131_1_1">Categories of related parties [axis]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_CategoriesOfRelatedPartiesAxis_lbl" xml:lang="en-US" id="id_13917047_2935131_2_1">Categories of related parties [axis]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CategoriesOfRelatedPartiesAxis" xlink:to="ifrs-full_CategoriesOfRelatedPartiesAxis_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_CentralAmericaAndCaribbeanMember" xlink:label="cpa_CentralAmericaAndCaribbeanMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_CentralAmericaAndCaribbeanMember_lbl" xml:lang="en-US" id="id_13917047_2980764_3_1">Central America and Caribbean.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_CentralAmericaAndCaribbeanMember_lbl" xml:lang="en-US" id="id_13917047_2980764_1_1">Central America And Caribbean [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_CentralAmericaAndCaribbeanMember_lbl" xml:lang="en-US" id="id_13917047_2980764_2_1">Central America and Caribbean [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_CentralAmericaAndCaribbeanMember" xlink:to="cpa_CentralAmericaAndCaribbeanMember_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_CentralBankOfVenezuelaMember" xlink:label="cpa_CentralBankOfVenezuelaMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_CentralBankOfVenezuelaMember_lbl" xml:lang="en-US" id="id_13917047_3048974_3_1">Central bank of Venezuela.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_CentralBankOfVenezuelaMember_lbl" xml:lang="en-US" id="id_13917047_3048974_1_1">Central Bank of Venezuela [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_CentralBankOfVenezuelaMember_lbl" xml:lang="en-US" id="id_13917047_3048974_2_1">Central Bank of Venezuela [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_CentralBankOfVenezuelaMember" xlink:to="cpa_CentralBankOfVenezuelaMember_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_ChangeInFrequentFlyerDeferredRevenue" xlink:label="cpa_ChangeInFrequentFlyerDeferredRevenue"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_ChangeInFrequentFlyerDeferredRevenue_lbl" xml:lang="en-US" id="id_13917047_2946223_3_1">Change in frequent flyer deferred revenue.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_ChangeInFrequentFlyerDeferredRevenue_lbl" xml:lang="en-US" id="id_13917047_2946223_1_1">Change in frequent flyer deferred revenue</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="cpa_ChangeInFrequentFlyerDeferredRevenue_lbl" xml:lang="en-US" id="id_13917047_2946223_14_1">Frequent flyer deferred revenue</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_ChangeInFrequentFlyerDeferredRevenue" xlink:to="cpa_ChangeInFrequentFlyerDeferredRevenue_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_ChangeInOtherLiability" xlink:label="cpa_ChangeInOtherLiability"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_ChangeInOtherLiability_lbl" xml:lang="en-US" id="id_13917047_2946224_3_1">Change in other liability.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_ChangeInOtherLiability_lbl" xml:lang="en-US" id="id_13917047_2946224_1_1">Change in other liability</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="cpa_ChangeInOtherLiability_lbl" xml:lang="en-US" id="id_13917047_2946224_14_1">Other liability</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_ChangeInOtherLiability" xlink:to="cpa_ChangeInOtherLiability_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_ChangeInTimingOfRevenueRecognition" xlink:label="cpa_ChangeInTimingOfRevenueRecognition"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_ChangeInTimingOfRevenueRecognition_lbl" xml:lang="en-US" id="id_13917047_3036242_3_1">Change in timing of revenue recognition.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_ChangeInTimingOfRevenueRecognition_lbl" xml:lang="en-US" id="id_13917047_3036242_1_1">Change In Timing Of Revenue Recognition</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_ChangeInTimingOfRevenueRecognition_lbl" xml:lang="en-US" id="id_13917047_3036242_2_1">Change in the timing of revenue recognition</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_ChangeInTimingOfRevenueRecognition" xlink:to="cpa_ChangeInTimingOfRevenueRecognition_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_ChangesInAccountPayable" xlink:label="cpa_ChangesInAccountPayable"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_ChangesInAccountPayable_lbl" xml:lang="en-US" id="id_13917047_2946222_3_1">Changes in account payable.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_ChangesInAccountPayable_lbl" xml:lang="en-US" id="id_13917047_2946222_1_1">Changes in account payable</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="cpa_ChangesInAccountPayable_lbl" xml:lang="en-US" id="id_13917047_2946222_14_1">Accounts payable</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_ChangesInAccountPayable" xlink:to="cpa_ChangesInAccountPayable_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_ChangesInAirTrafficLiability" xlink:label="cpa_ChangesInAirTrafficLiability"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_ChangesInAirTrafficLiability_lbl" xml:lang="en-US" id="id_13917047_2946210_3_1">Changes in air traffic liability.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_ChangesInAirTrafficLiability_lbl" xml:lang="en-US" id="id_13917047_2946210_1_1">Changes in air traffic liability</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="cpa_ChangesInAirTrafficLiability_lbl" xml:lang="en-US" id="id_13917047_2946210_14_1">Air traffic liability</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_ChangesInAirTrafficLiability" xlink:to="cpa_ChangesInAirTrafficLiability_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_ChangesInAmountDeferredForMileagesCreditsAsResultOfSalesFromCobrandPartnerAgreements" xlink:label="cpa_ChangesInAmountDeferredForMileagesCreditsAsResultOfSalesFromCobrandPartnerAgreements"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_ChangesInAmountDeferredForMileagesCreditsAsResultOfSalesFromCobrandPartnerAgreements_lbl" xml:lang="en-US" id="id_13917047_3036241_3_1">Changes in amount deferred for mileages credits as result of sales from co-brand partner agreements.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_ChangesInAmountDeferredForMileagesCreditsAsResultOfSalesFromCobrandPartnerAgreements_lbl" xml:lang="en-US" id="id_13917047_3036241_1_1">Changes In Amount Deferred For Mileages Credits As Result Of Sales From Co-brand Partner Agreements</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_ChangesInAmountDeferredForMileagesCreditsAsResultOfSalesFromCobrandPartnerAgreements_lbl" xml:lang="en-US" id="id_13917047_3036241_2_1">Change in the amount deferred for mileages credits</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_ChangesInAmountDeferredForMileagesCreditsAsResultOfSalesFromCobrandPartnerAgreements" xlink:to="cpa_ChangesInAmountDeferredForMileagesCreditsAsResultOfSalesFromCobrandPartnerAgreements_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_ChangesInOperatingActivitiesAbstract" xlink:label="cpa_ChangesInOperatingActivitiesAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_ChangesInOperatingActivitiesAbstract_lbl" xml:lang="en-US" id="id_13917047_2939717_3_1">Changes in operating activities [abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_ChangesInOperatingActivitiesAbstract_lbl" xml:lang="en-US" id="id_13917047_2939717_1_1">Changes in operating activities [abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_ChangesInOperatingActivitiesAbstract_lbl" xml:lang="en-US" id="id_13917047_2939717_2_1">Change in:</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_ChangesInOperatingActivitiesAbstract" xlink:to="cpa_ChangesInOperatingActivitiesAbstract_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_ChangesInRestrictedCashAndCashEquivalents" xlink:label="cpa_ChangesInRestrictedCashAndCashEquivalents"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_ChangesInRestrictedCashAndCashEquivalents_lbl" xml:lang="en-US" id="id_13917047_2960192_3_1">Changes in restricted cash and cash equivalents.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_ChangesInRestrictedCashAndCashEquivalents_lbl" xml:lang="en-US" id="id_13917047_2960192_1_1">Changes in Restricted Cash and Cash Equivalents</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_ChangesInRestrictedCashAndCashEquivalents_lbl" xml:lang="en-US" id="id_13917047_2960192_2_1">Restricted cash</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_ChangesInRestrictedCashAndCashEquivalents" xlink:to="cpa_ChangesInRestrictedCashAndCashEquivalents_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_CitibankLineOfCreditMember" xlink:label="cpa_CitibankLineOfCreditMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_CitibankLineOfCreditMember_lbl" xml:lang="en-US" id="id_13917047_2980512_3_1">Citibank line of credit.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_CitibankLineOfCreditMember_lbl" xml:lang="en-US" id="id_13917047_2980512_1_1">Citibank line of credit [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_CitibankLineOfCreditMember_lbl" xml:lang="en-US" id="id_13917047_2980512_2_1">Citibank line of credit [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_CitibankLineOfCreditMember" xlink:to="cpa_CitibankLineOfCreditMember_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_CitibankOneMember" xlink:label="cpa_CitibankOneMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_CitibankOneMember_lbl" xml:lang="en-US" id="id_13917047_2980648_3_1">Citibank.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_CitibankOneMember_lbl" xml:lang="en-US" id="id_13917047_2980648_1_1">Citibank one [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_CitibankOneMember_lbl" xml:lang="en-US" id="id_13917047_2980648_2_1">Citibank one [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_CitibankOneMember" xlink:to="cpa_CitibankOneMember_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_ClassACommonStockMember" xlink:label="cpa_ClassACommonStockMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_ClassACommonStockMember_lbl" xml:lang="en-US" id="id_13917047_2980859_3_1">Class A common stock.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_ClassACommonStockMember_lbl" xml:lang="en-US" id="id_13917047_2980859_1_1">Class A Common Stock [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_ClassACommonStockMember_lbl" xml:lang="en-US" id="id_13917047_2980859_2_1">Class A common stock [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_ClassACommonStockMember" xlink:to="cpa_ClassACommonStockMember_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_ClassBCommonStockMember" xlink:label="cpa_ClassBCommonStockMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_ClassBCommonStockMember_lbl" xml:lang="en-US" id="id_13917047_2980858_3_1">Class B common stock.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_ClassBCommonStockMember_lbl" xml:lang="en-US" id="id_13917047_2980858_1_1">Class B Common Stock [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_ClassBCommonStockMember_lbl" xml:lang="en-US" id="id_13917047_2980858_2_1">Class B common stock [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_ClassBCommonStockMember" xlink:to="cpa_ClassBCommonStockMember_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_ClassBSharesMember" xlink:label="cpa_ClassBSharesMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_ClassBSharesMember_lbl" xml:lang="en-US" id="id_13917047_3006099_3_1">Class B shares.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_ClassBSharesMember_lbl" xml:lang="en-US" id="id_13917047_3006099_1_1">Class B Shares [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_ClassBSharesMember_lbl" xml:lang="en-US" id="id_13917047_3006099_2_1">Class B shares [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_ClassBSharesMember" xlink:to="cpa_ClassBSharesMember_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_ClassCCommonStockMember" xlink:label="cpa_ClassCCommonStockMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_ClassCCommonStockMember_lbl" xml:lang="en-US" id="id_13917047_2980616_3_1">Class C common stock.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_ClassCCommonStockMember_lbl" xml:lang="en-US" id="id_13917047_2980616_1_1">Class C Common Stock [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_ClassCCommonStockMember_lbl" xml:lang="en-US" id="id_13917047_2980616_2_1">Class C common stock [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_ClassCCommonStockMember" xlink:to="cpa_ClassCCommonStockMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ClassesOfFinancialAssetsAxis" xlink:label="ifrs-full_ClassesOfFinancialAssetsAxis"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ClassesOfFinancialAssetsAxis_lbl" xml:lang="en-US" id="id_13917047_2935145_1_1">Classes of financial assets [axis]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ClassesOfFinancialAssetsAxis_lbl" xml:lang="en-US" id="id_13917047_2935145_2_1">Classes of financial assets [axis]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ClassesOfFinancialAssetsAxis" xlink:to="ifrs-full_ClassesOfFinancialAssetsAxis_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ClassesOfFinancialInstrumentsAxis" xlink:label="ifrs-full_ClassesOfFinancialInstrumentsAxis"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ClassesOfFinancialInstrumentsAxis_lbl" xml:lang="en-US" id="id_13917047_2935146_1_1">Classes of financial instruments [axis]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ClassesOfFinancialInstrumentsAxis_lbl" xml:lang="en-US" id="id_13917047_2935146_2_1">Classes of financial instruments [axis]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ClassesOfFinancialInstrumentsAxis" xlink:to="ifrs-full_ClassesOfFinancialInstrumentsAxis_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ClassesOfFinancialInstrumentsMember" xlink:label="ifrs-full_ClassesOfFinancialInstrumentsMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ClassesOfFinancialInstrumentsMember_lbl" xml:lang="en-US" id="id_13917047_2934848_1_1">Financial instruments, class [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ClassesOfFinancialInstrumentsMember_lbl" xml:lang="en-US" id="id_13917047_2934848_2_1">Financial instruments, class [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ClassesOfFinancialInstrumentsMember" xlink:to="ifrs-full_ClassesOfFinancialInstrumentsMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ClassesOfFinancialLiabilitiesAxis" xlink:label="ifrs-full_ClassesOfFinancialLiabilitiesAxis"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ClassesOfFinancialLiabilitiesAxis_lbl" xml:lang="en-US" id="id_13917047_2934849_1_1">Classes of financial liabilities [axis]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ClassesOfFinancialLiabilitiesAxis_lbl" xml:lang="en-US" id="id_13917047_2934849_2_1">Classes of financial liabilities [axis]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ClassesOfFinancialLiabilitiesAxis" xlink:to="ifrs-full_ClassesOfFinancialLiabilitiesAxis_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis" xlink:label="ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis_lbl" xml:lang="en-US" id="id_13917047_2934850_1_1">Classes of intangible assets and goodwill [axis]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis_lbl" xml:lang="en-US" id="id_13917047_2934850_2_1">Classes of intangible assets and goodwill [axis]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis" xlink:to="ifrs-full_ClassesOfIntangibleAssetsAndGoodwillAxis_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ClassesOfInventoriesAbstract" xlink:label="ifrs-full_ClassesOfInventoriesAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ClassesOfInventoriesAbstract_lbl" xml:lang="en-US" id="id_13917047_2935147_1_1">Classes of current inventories [abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ClassesOfInventoriesAbstract_lbl" xml:lang="en-US" id="id_13917047_2935147_2_1">Classes of Current Inventories [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ClassesOfInventoriesAbstract" xlink:to="ifrs-full_ClassesOfInventoriesAbstract_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ClassesOfLiabilitiesAxis" xlink:label="ifrs-full_ClassesOfLiabilitiesAxis"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ClassesOfLiabilitiesAxis_lbl" xml:lang="en-US" id="id_13917047_2935664_1_1">Classes of liabilities [axis]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ClassesOfLiabilitiesAxis_lbl" xml:lang="en-US" id="id_13917047_2935664_2_1">Classes of liabilities [axis]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ClassesOfLiabilitiesAxis" xlink:to="ifrs-full_ClassesOfLiabilitiesAxis_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis" xlink:label="ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_lbl" xml:lang="en-US" id="id_13917047_2935446_1_1">Classes of property, plant and equipment [axis]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_lbl" xml:lang="en-US" id="id_13917047_2935446_2_1">Classes of property, plant and equipment [axis]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis" xlink:to="ifrs-full_ClassesOfPropertyPlantAndEquipmentAxis_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ClassesOfShareCapitalAxis" xlink:label="ifrs-full_ClassesOfShareCapitalAxis"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ClassesOfShareCapitalAxis_lbl" xml:lang="en-US" id="id_13917047_2935448_1_1">Classes of share capital [axis]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ClassesOfShareCapitalAxis_lbl" xml:lang="en-US" id="id_13917047_2935448_2_1">Classes of share capital [axis]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ClassesOfShareCapitalAxis" xlink:to="ifrs-full_ClassesOfShareCapitalAxis_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ClassesOfShareCapitalMember" xlink:label="ifrs-full_ClassesOfShareCapitalMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ClassesOfShareCapitalMember_lbl" xml:lang="en-US" id="id_13917047_2935667_1_1">Share capital [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ClassesOfShareCapitalMember_lbl" xml:lang="en-US" id="id_13917047_2935667_2_1">Share capital [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ClassesOfShareCapitalMember" xlink:to="ifrs-full_ClassesOfShareCapitalMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ClassOfStockDomain" xlink:label="us-gaap_ClassOfStockDomain"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ClassOfStockDomain_lbl" xml:lang="en-US" id="id_13917047_2919081_1_1">Class of Stock [Domain]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ClassOfStockDomain_lbl" xml:lang="en-US" id="id_13917047_2919081_2_1">Class of Stock [Domain]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ClassOfStockDomain" xlink:to="us-gaap_ClassOfStockDomain_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ClosingForeignExchangeRate" xlink:label="ifrs-full_ClosingForeignExchangeRate"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ClosingForeignExchangeRate_lbl" xml:lang="en-US" id="id_13917047_2935150_1_1">Closing foreign exchange rate</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ClosingForeignExchangeRate_lbl" xml:lang="en-US" id="id_13917047_2935150_2_1">Percentage of foreign exchange rate</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ClosingForeignExchangeRate" xlink:to="ifrs-full_ClosingForeignExchangeRate_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/country/2017/country-2017-01-31.xsd#country_CO" xlink:label="country_CO"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="country_CO_lbl" xml:lang="en-US" id="id_13917047_2933443_1_1">COLOMBIA</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="country_CO_lbl" xml:lang="en-US" id="id_13917047_2933443_2_1">Colombia [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="country_CO" xlink:to="country_CO_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_CodeshareAgreementsMember" xlink:label="cpa_CodeshareAgreementsMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_CodeshareAgreementsMember_lbl" xml:lang="en-US" id="id_13917047_3537820_3_1">Codeshare agreements.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_CodeshareAgreementsMember_lbl" xml:lang="en-US" id="id_13917047_3537820_1_1">Codeshare agreements [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_CodeshareAgreementsMember_lbl" xml:lang="en-US" id="id_13917047_3537820_2_1">Codeshare agreements [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_CodeshareAgreementsMember" xlink:to="cpa_CodeshareAgreementsMember_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_CollectiveBargainingAgreementsTerm" xlink:label="cpa_CollectiveBargainingAgreementsTerm"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_CollectiveBargainingAgreementsTerm_lbl" xml:lang="en-US" id="id_13917047_2977069_3_1">Collective bargaining agreements term.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_CollectiveBargainingAgreementsTerm_lbl" xml:lang="en-US" id="id_13917047_2977069_1_1">Collective bargaining agreements term</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_CollectiveBargainingAgreementsTerm_lbl" xml:lang="en-US" id="id_13917047_2977069_2_1">Collective bargaining agreements terms</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_CollectiveBargainingAgreementsTerm" xlink:to="cpa_CollectiveBargainingAgreementsTerm_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_CommercialAllianceRenewalExtensionPeriod" xlink:label="cpa_CommercialAllianceRenewalExtensionPeriod"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_CommercialAllianceRenewalExtensionPeriod_lbl" xml:lang="en-US" id="id_13917047_2977485_3_1">Commercial alliance renewal extension period.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_CommercialAllianceRenewalExtensionPeriod_lbl" xml:lang="en-US" id="id_13917047_2977485_1_1">Commercial Alliance Renewal Extension Period</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_CommercialAllianceRenewalExtensionPeriod_lbl" xml:lang="en-US" id="id_13917047_2977485_2_1">Commercial alliance with United Airlines - Renewal extension period</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_CommercialAllianceRenewalExtensionPeriod" xlink:to="cpa_CommercialAllianceRenewalExtensionPeriod_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_Commissions" xlink:label="cpa_Commissions"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_Commissions_lbl" xml:lang="en-US" id="id_13917047_2959266_3_1">Commissions</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_Commissions_lbl" xml:lang="en-US" id="id_13917047_2959266_1_1">Commissions</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_Commissions_lbl" xml:lang="en-US" id="id_13917047_2959266_2_1">Commissions</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_Commissions" xlink:to="cpa_Commissions_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_CommitmentAndContingenciesAbstract" xlink:label="cpa_CommitmentAndContingenciesAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_CommitmentAndContingenciesAbstract_lbl" xml:lang="en-US" id="id_13917047_2942908_3_1">Commitment and contingencies.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_CommitmentAndContingenciesAbstract_lbl" xml:lang="en-US" id="id_13917047_2942908_1_1">Commitment And Contingencies [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_CommitmentAndContingenciesAbstract_lbl" xml:lang="en-US" id="id_13917047_2942908_2_1">Commitment And Contingencies [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_CommitmentAndContingenciesAbstract" xlink:to="cpa_CommitmentAndContingenciesAbstract_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_CommitmentsAndContingencies1" xlink:label="cpa_CommitmentsAndContingencies1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_CommitmentsAndContingencies1_lbl" xml:lang="en-US" id="id_13917047_2960333_3_1">Commitments and contingencies.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_CommitmentsAndContingencies1_lbl" xml:lang="en-US" id="id_13917047_2960333_1_1">Commitments and Contingencies1</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_CommitmentsAndContingencies1_lbl" xml:lang="en-US" id="id_13917047_2960333_2_1">Commitments and contingencies</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_CommitmentsAndContingencies1" xlink:to="cpa_CommitmentsAndContingencies1_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_CommitmentsAndContingenciesLineItems" xlink:label="cpa_CommitmentsAndContingenciesLineItems"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_CommitmentsAndContingenciesLineItems_lbl" xml:lang="en-US" id="id_13917047_2939729_3_1">Commitments and contingencies.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_CommitmentsAndContingenciesLineItems_lbl" xml:lang="en-US" id="id_13917047_2939729_1_1">Commitments and contingencies [Line Items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_CommitmentsAndContingenciesLineItems_lbl" xml:lang="en-US" id="id_13917047_2939729_2_1">Commitments and contingencies [line items]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_CommitmentsAndContingenciesLineItems" xlink:to="cpa_CommitmentsAndContingenciesLineItems_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_CommitmentsAndContingenciesTable" xlink:label="cpa_CommitmentsAndContingenciesTable"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_CommitmentsAndContingenciesTable_lbl" xml:lang="en-US" id="id_13917047_2978062_3_1">Schedule disclosing information related to details of commitments and contingencies.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_CommitmentsAndContingenciesTable_lbl" xml:lang="en-US" id="id_13917047_2978062_1_1">Commitments and contingencies [Table]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_CommitmentsAndContingenciesTable_lbl" xml:lang="en-US" id="id_13917047_2978062_2_1">Commitments and contingencies [Table]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_CommitmentsAndContingenciesTable" xlink:to="cpa_CommitmentsAndContingenciesTable_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_CommittedBorrowings" xlink:label="cpa_CommittedBorrowings"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_CommittedBorrowings_lbl" xml:lang="en-US" id="id_13917047_2946277_3_1">Committed borrowings.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_CommittedBorrowings_lbl" xml:lang="en-US" id="id_13917047_2946277_1_1">Committed borrowings</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_CommittedBorrowings_lbl" xml:lang="en-US" id="id_13917047_2946277_2_1">Committed line of credit</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_CommittedBorrowings" xlink:to="cpa_CommittedBorrowings_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_CommunicationsMember" xlink:label="cpa_CommunicationsMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_CommunicationsMember_lbl" xml:lang="en-US" id="id_13917047_2980491_3_1">Communications.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_CommunicationsMember_lbl" xml:lang="en-US" id="id_13917047_2980491_1_1">Communications [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_CommunicationsMember_lbl" xml:lang="en-US" id="id_13917047_2980491_2_1">Communications [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_CommunicationsMember" xlink:to="cpa_CommunicationsMember_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_CompaniaPanamenaDeAviacionMember" xlink:label="cpa_CompaniaPanamenaDeAviacionMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_CompaniaPanamenaDeAviacionMember_lbl" xml:lang="en-US" id="id_13917047_2996799_3_1">Compania panamena de aviacion.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_CompaniaPanamenaDeAviacionMember_lbl" xml:lang="en-US" id="id_13917047_2996799_1_1">Compania Panamena de Aviacion [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_CompaniaPanamenaDeAviacionMember_lbl" xml:lang="en-US" id="id_13917047_2996799_2_1">Compania Panamena de Aviacion, S. A. - Copa Airlines [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_CompaniaPanamenaDeAviacionMember" xlink:to="cpa_CompaniaPanamenaDeAviacionMember_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_CompensationCostRecognizedForNonvestedStockAndOptionsAwards" xlink:label="cpa_CompensationCostRecognizedForNonvestedStockAndOptionsAwards"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_CompensationCostRecognizedForNonvestedStockAndOptionsAwards_lbl" xml:lang="en-US" id="id_13917047_2946299_3_1">Compensation cost recognized for non-vested stock and options awards.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_CompensationCostRecognizedForNonvestedStockAndOptionsAwards_lbl" xml:lang="en-US" id="id_13917047_2946299_1_1">Compensation cost recognized for non-vested stock and options awards</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_CompensationCostRecognizedForNonvestedStockAndOptionsAwards_lbl" xml:lang="en-US" id="id_13917047_2946299_2_1">Share-based compensation expense</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_CompensationCostRecognizedForNonvestedStockAndOptionsAwards" xlink:to="cpa_CompensationCostRecognizedForNonvestedStockAndOptionsAwards_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ComponentsOfEquityAxis" xlink:label="ifrs-full_ComponentsOfEquityAxis"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ComponentsOfEquityAxis_lbl" xml:lang="en-US" id="id_13917047_2935452_1_1">Components of equity [axis]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ComponentsOfEquityAxis_lbl" xml:lang="en-US" id="id_13917047_2935452_2_1">Components of equity [axis]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ComponentsOfEquityAxis" xlink:to="ifrs-full_ComponentsOfEquityAxis_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTaxAbstract" xlink:label="ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTaxAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTaxAbstract_lbl" xml:lang="en-US" id="id_13917047_2935453_1_1">Components of other comprehensive income that will be reclassified to profit or loss, net of tax [abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTaxAbstract_lbl" xml:lang="en-US" id="id_13917047_2935453_2_1">Other comprehensive income (loss) to be reclassified to profit or loss in subsequent periods -</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTaxAbstract" xlink:to="ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTaxAbstract_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTaxAbstract" xlink:label="ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTaxAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTaxAbstract_lbl" xml:lang="en-US" id="id_13917047_2935155_1_1">Components of other comprehensive income that will not be reclassified to profit or loss, net of tax [abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTaxAbstract_lbl" xml:lang="en-US" id="id_13917047_2935155_2_1">Other comprehensive loss not to be reclassified to profit or loss in subsequent periods -</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTaxAbstract" xlink:to="ifrs-full_ComponentsOfOtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTaxAbstract_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ComprehensiveIncome" xlink:label="ifrs-full_ComprehensiveIncome"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ComprehensiveIncome_lbl" xml:lang="en-US" id="id_13917047_2934855_1_1">Comprehensive income</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_ComprehensiveIncome_lbl" xml:lang="en-US" id="id_13917047_2934855_6_1">Total comprehensive income (loss) for the year</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ComprehensiveIncome" xlink:to="ifrs-full_ComprehensiveIncome_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_ComputerSoftwareDevelopmentMember" xlink:label="cpa_ComputerSoftwareDevelopmentMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_ComputerSoftwareDevelopmentMember_lbl" xml:lang="en-US" id="id_13917047_2980726_3_1">Computer software development.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_ComputerSoftwareDevelopmentMember_lbl" xml:lang="en-US" id="id_13917047_2980726_1_1">Computer software development [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_ComputerSoftwareDevelopmentMember_lbl" xml:lang="en-US" id="id_13917047_2980726_2_1">Computer software development [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_ComputerSoftwareDevelopmentMember" xlink:to="cpa_ComputerSoftwareDevelopmentMember_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_ComputerSoftwareLicensesMember" xlink:label="cpa_ComputerSoftwareLicensesMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_ComputerSoftwareLicensesMember_lbl" xml:lang="en-US" id="id_13917047_2980724_3_1">Computer software licenses.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_ComputerSoftwareLicensesMember_lbl" xml:lang="en-US" id="id_13917047_2980724_1_1">Computer software licenses [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_ComputerSoftwareLicensesMember_lbl" xml:lang="en-US" id="id_13917047_2980724_2_1">Computer software licenses [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_ComputerSoftwareLicensesMember" xlink:to="cpa_ComputerSoftwareLicensesMember_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_ConnectMilesMember" xlink:label="cpa_ConnectMilesMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_ConnectMilesMember_lbl" xml:lang="en-US" id="id_13917047_2980768_3_1">Connect miles.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_ConnectMilesMember_lbl" xml:lang="en-US" id="id_13917047_2980768_1_1">Connect Miles [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_ConnectMilesMember_lbl" xml:lang="en-US" id="id_13917047_2980768_2_1">ConnectMiles [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_ConnectMilesMember" xlink:to="cpa_ConnectMilesMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ConsolidatedStructuredEntitiesAxis" xlink:label="ifrs-full_ConsolidatedStructuredEntitiesAxis"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ConsolidatedStructuredEntitiesAxis_lbl" xml:lang="en-US" id="id_13917047_2934859_1_1">Consolidated structured entities [axis]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ConsolidatedStructuredEntitiesAxis_lbl" xml:lang="en-US" id="id_13917047_2934859_2_1">Consolidated structured entities [axis]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ConsolidatedStructuredEntitiesAxis" xlink:to="ifrs-full_ConsolidatedStructuredEntitiesAxis_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ConstructionInProgressMember" xlink:label="ifrs-full_ConstructionInProgressMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ConstructionInProgressMember_lbl" xml:lang="en-US" id="id_13917047_2934862_1_1">Construction in progress [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ConstructionInProgressMember_lbl" xml:lang="en-US" id="id_13917047_2934862_2_1">Construction in progress [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ConstructionInProgressMember" xlink:to="ifrs-full_ConstructionInProgressMember_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_ContractAgreementTerm" xlink:label="cpa_ContractAgreementTerm"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_ContractAgreementTerm_lbl" xml:lang="en-US" id="id_13917047_2974832_3_1">Contract agreement term.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_ContractAgreementTerm_lbl" xml:lang="en-US" id="id_13917047_2974832_1_1">Contract agreement term</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_ContractAgreementTerm_lbl" xml:lang="en-US" id="id_13917047_2974832_2_1">Contract agreement term</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_ContractAgreementTerm" xlink:to="cpa_ContractAgreementTerm_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ContractualCapitalCommitments" xlink:label="ifrs-full_ContractualCapitalCommitments"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ContractualCapitalCommitments_lbl" xml:lang="en-US" id="id_13917047_2936136_1_1">Contractual capital commitments</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ContractualCapitalCommitments_lbl" xml:lang="en-US" id="id_13917047_2936136_2_1">Firm order value</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ContractualCapitalCommitments" xlink:to="ifrs-full_ContractualCapitalCommitments_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_ContractualCashFlowMember" xlink:label="cpa_ContractualCashFlowMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_ContractualCashFlowMember_lbl" xml:lang="en-US" id="id_13917047_2981039_3_1">Contractual cash flow.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_ContractualCashFlowMember_lbl" xml:lang="en-US" id="id_13917047_2981039_1_1">Contractual Cash Flow [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_ContractualCashFlowMember_lbl" xml:lang="en-US" id="id_13917047_2981039_2_1">Contractual cash flow [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_ContractualCashFlowMember" xlink:to="cpa_ContractualCashFlowMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ContributionsToPlanByEmployerNetDefinedBenefitLiabilityAsset" xlink:label="ifrs-full_ContributionsToPlanByEmployerNetDefinedBenefitLiabilityAsset"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ContributionsToPlanByEmployerNetDefinedBenefitLiabilityAsset_lbl" xml:lang="en-US" id="id_13917047_2934869_1_1">Contributions to plan by employer, net defined benefit liability (asset)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_ContributionsToPlanByEmployerNetDefinedBenefitLiabilityAsset_lbl" xml:lang="en-US" id="id_13917047_2934869_14_1">Employer contributions</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ContributionsToPlanByEmployerNetDefinedBenefitLiabilityAsset" xlink:to="ifrs-full_ContributionsToPlanByEmployerNetDefinedBenefitLiabilityAsset_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_ContributionsToPlanByEmployerNetOfRegularContributions" xlink:label="cpa_ContributionsToPlanByEmployerNetOfRegularContributions"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_ContributionsToPlanByEmployerNetOfRegularContributions_lbl" xml:lang="en-US" id="id_13917047_3057340_3_1">Contributions to plan by employer, net of regular contributions.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_ContributionsToPlanByEmployerNetOfRegularContributions_lbl" xml:lang="en-US" id="id_13917047_3057340_1_1">Contributions to plan by employer, net of regular contributions</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_ContributionsToPlanByEmployerNetOfRegularContributions_lbl" xml:lang="en-US" id="id_13917047_3057340_2_1">Employer contributions</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_ContributionsToPlanByEmployerNetOfRegularContributions" xlink:to="cpa_ContributionsToPlanByEmployerNetOfRegularContributions_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/currency/2017/currency-2017-01-31.xsd#currency_COP" xlink:label="currency_COP"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="currency_COP_lbl" xml:lang="en-US" id="id_13917047_2934165_1_1">Colombia, Pesos</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="currency_COP_lbl" xml:lang="en-US" id="id_13917047_2934165_2_1">Colombia, pesos [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="currency_COP" xlink:to="currency_COP_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_CopaAirlinesMember" xlink:label="cpa_CopaAirlinesMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_CopaAirlinesMember_lbl" xml:lang="en-US" id="id_13917047_2980784_3_1">Copa airlines.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_CopaAirlinesMember_lbl" xml:lang="en-US" id="id_13917047_2980784_1_1">Copa airlines [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_CopaAirlinesMember_lbl" xml:lang="en-US" id="id_13917047_2980784_2_1">Copa Airlines [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_CopaAirlinesMember" xlink:to="cpa_CopaAirlinesMember_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_CopaColombiaMember" xlink:label="cpa_CopaColombiaMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_CopaColombiaMember_lbl" xml:lang="en-US" id="id_13917047_2980780_3_1">Copa Colombia.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_CopaColombiaMember_lbl" xml:lang="en-US" id="id_13917047_2980780_1_1">Copa Colombia [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_CopaColombiaMember_lbl" xml:lang="en-US" id="id_13917047_2980780_2_1">Copa Colombia [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_CopaColombiaMember" xlink:to="cpa_CopaColombiaMember_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_CorporacionDeInversionesAreasMember" xlink:label="cpa_CorporacionDeInversionesAreasMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_CorporacionDeInversionesAreasMember_lbl" xml:lang="en-US" id="id_13917047_2980631_3_1">Corporacion de inversiones areas, S. A.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_CorporacionDeInversionesAreasMember_lbl" xml:lang="en-US" id="id_13917047_2980631_1_1">Corporacion de Inversiones Areas, S. A [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_CorporacionDeInversionesAreasMember_lbl" xml:lang="en-US" id="id_13917047_2980631_2_1">Corporacion de inversiones areas, S. A [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_CorporacionDeInversionesAreasMember" xlink:to="cpa_CorporacionDeInversionesAreasMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CounterpartiesAxis" xlink:label="ifrs-full_CounterpartiesAxis"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CounterpartiesAxis_lbl" xml:lang="en-US" id="id_13917047_2936144_1_1">Counterparties [axis]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_CounterpartiesAxis_lbl" xml:lang="en-US" id="id_13917047_2936144_2_1">Counterparties [axis]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CounterpartiesAxis" xlink:to="ifrs-full_CounterpartiesAxis_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CounterpartiesMember" xlink:label="ifrs-full_CounterpartiesMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CounterpartiesMember_lbl" xml:lang="en-US" id="id_13917047_2936145_1_1">Counterparties [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_CounterpartiesMember_lbl" xml:lang="en-US" id="id_13917047_2936145_2_1">Counterparties [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CounterpartiesMember" xlink:to="ifrs-full_CounterpartiesMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CountryOfDomicileMember" xlink:label="ifrs-full_CountryOfDomicileMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CountryOfDomicileMember_lbl" xml:lang="en-US" id="id_13917047_2935174_1_1">Country of domicile [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_CountryOfDomicileMember_lbl" xml:lang="en-US" id="id_13917047_2935174_2_1">Domestic [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CountryOfDomicileMember" xlink:to="ifrs-full_CountryOfDomicileMember_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_CovenantsMember" xlink:label="cpa_CovenantsMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_CovenantsMember_lbl" xml:lang="en-US" id="id_13917047_3049017_3_1">Covenants.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_CovenantsMember_lbl" xml:lang="en-US" id="id_13917047_3049017_1_1">Covenants [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_CovenantsMember_lbl" xml:lang="en-US" id="id_13917047_3049017_2_1">Covenants [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_CovenantsMember" xlink:to="cpa_CovenantsMember_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_CreditCardsReceivables" xlink:label="cpa_CreditCardsReceivables"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_CreditCardsReceivables_lbl" xml:lang="en-US" id="id_13917047_2946205_3_1">Credit cards receivables.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_CreditCardsReceivables_lbl" xml:lang="en-US" id="id_13917047_2946205_1_1">Credit cards receivables</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_CreditCardsReceivables_lbl" xml:lang="en-US" id="id_13917047_2946205_2_1">Credit cards</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_CreditCardsReceivables" xlink:to="cpa_CreditCardsReceivables_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CreditDerivativeFairValue" xlink:label="ifrs-full_CreditDerivativeFairValue"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CreditDerivativeFairValue_lbl" xml:lang="en-US" id="id_13917047_2936150_1_1">Credit derivative, fair value</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_CreditDerivativeFairValue_lbl" xml:lang="en-US" id="id_13917047_2936150_2_1">Fair value of derivative contracts</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CreditDerivativeFairValue" xlink:to="ifrs-full_CreditDerivativeFairValue_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_CurrencyAxis" xlink:label="us-gaap_CurrencyAxis"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CurrencyAxis_lbl" xml:lang="en-US" id="id_13917047_2919492_1_1">Currency [Axis]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CurrencyAxis_lbl" xml:lang="en-US" id="id_13917047_2919492_2_1">Currency [Axis]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CurrencyAxis" xlink:to="us-gaap_CurrencyAxis_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CurrencyRiskMember" xlink:label="ifrs-full_CurrencyRiskMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrencyRiskMember_lbl" xml:lang="en-US" id="id_13917047_2934877_1_1">Currency risk [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_CurrencyRiskMember_lbl" xml:lang="en-US" id="id_13917047_2934877_2_1">Currency risk [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrencyRiskMember" xlink:to="ifrs-full_CurrencyRiskMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CurrentAccruedExpensesAndOtherCurrentLiabilities" xlink:label="ifrs-full_CurrentAccruedExpensesAndOtherCurrentLiabilities"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrentAccruedExpensesAndOtherCurrentLiabilities_lbl" xml:lang="en-US" id="id_13917047_2936157_1_1">Current accrued expenses and other current liabilities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_CurrentAccruedExpensesAndOtherCurrentLiabilities_lbl" xml:lang="en-US" id="id_13917047_2936157_2_1">Accrued expenses payable</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentAccruedExpensesAndOtherCurrentLiabilities" xlink:to="ifrs-full_CurrentAccruedExpensesAndOtherCurrentLiabilities_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CurrentAssets" xlink:label="ifrs-full_CurrentAssets"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrentAssets_lbl" xml:lang="en-US" id="id_13917047_2936159_1_1">Current assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_CurrentAssets_lbl" xml:lang="en-US" id="id_13917047_2936159_2_1">Current assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_CurrentAssets_lbl" xml:lang="en-US" id="id_13917047_2936159_6_1">Total current assets</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentAssets" xlink:to="ifrs-full_CurrentAssets_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CurrentAssetsAbstract" xlink:label="ifrs-full_CurrentAssetsAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrentAssetsAbstract_lbl" xml:lang="en-US" id="id_13917047_2936365_1_1">Current assets [abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_CurrentAssetsAbstract_lbl" xml:lang="en-US" id="id_13917047_2936365_2_1">Current assets</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentAssetsAbstract" xlink:to="ifrs-full_CurrentAssetsAbstract_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_CurrentFiscalYearEndDate" xlink:label="dei_CurrentFiscalYearEndDate"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CurrentFiscalYearEndDate_lbl" xml:lang="en-US" id="id_13917047_2934499_1_1">Current Fiscal Year End Date</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="dei_CurrentFiscalYearEndDate_lbl" xml:lang="en-US" id="id_13917047_2934499_2_1">Current Fiscal Year End Date</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CurrentFiscalYearEndDate" xlink:to="dei_CurrentFiscalYearEndDate_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CurrentInterestReceivable" xlink:label="ifrs-full_CurrentInterestReceivable"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrentInterestReceivable_lbl" xml:lang="en-US" id="id_13917047_2935188_1_1">Current interest receivable</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_CurrentInterestReceivable_lbl" xml:lang="en-US" id="id_13917047_2935188_2_1">Interest receivable</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentInterestReceivable" xlink:to="ifrs-full_CurrentInterestReceivable_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CurrentInvestments" xlink:label="ifrs-full_CurrentInvestments"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrentInvestments_lbl" xml:lang="en-US" id="id_13917047_2935189_1_1">Current investments</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/positiveLabel" xlink:label="ifrs-full_CurrentInvestments_lbl" xml:lang="en-US" id="id_13917047_2935189_32_1">Short-term investments</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_CurrentInvestments_lbl" xml:lang="en-US" id="id_13917047_2935189_2_1">Investments</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_CurrentInvestments_lbl" xml:lang="en-US" id="id_13917047_2935189_12_1">Investments short term</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentInvestments" xlink:to="ifrs-full_CurrentInvestments_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CurrentLiabilities" xlink:label="ifrs-full_CurrentLiabilities"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrentLiabilities_lbl" xml:lang="en-US" id="id_13917047_2935191_1_1">Current liabilities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_CurrentLiabilities_lbl" xml:lang="en-US" id="id_13917047_2935191_6_1">Total current liabilities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentLiabilities" xlink:to="ifrs-full_CurrentLiabilities_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CurrentLiabilitiesAbstract" xlink:label="ifrs-full_CurrentLiabilitiesAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrentLiabilitiesAbstract_lbl" xml:lang="en-US" id="id_13917047_2934891_1_1">Current liabilities [abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_CurrentLiabilitiesAbstract_lbl" xml:lang="en-US" id="id_13917047_2934891_2_1">Current liabilities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentLiabilitiesAbstract" xlink:to="ifrs-full_CurrentLiabilitiesAbstract_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_CurrentlyStatedMember" xlink:label="cpa_CurrentlyStatedMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_CurrentlyStatedMember_lbl" xml:lang="en-US" id="id_13917047_2981274_3_1">Currently stated.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_CurrentlyStatedMember_lbl" xml:lang="en-US" id="id_13917047_2981274_1_1">Currently Stated [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_CurrentlyStatedMember_lbl" xml:lang="en-US" id="id_13917047_2981274_2_1">IFRS15 [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_CurrentlyStatedMember" xlink:to="cpa_CurrentlyStatedMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CurrentMember" xlink:label="ifrs-full_CurrentMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrentMember_lbl" xml:lang="en-US" id="id_13917047_2936386_1_1">Current [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_CurrentMember_lbl" xml:lang="en-US" id="id_13917047_2936386_2_1">Past due 1 to 30 days [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentMember" xlink:to="ifrs-full_CurrentMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CurrentPortionOfLongtermBorrowings" xlink:label="ifrs-full_CurrentPortionOfLongtermBorrowings"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrentPortionOfLongtermBorrowings_lbl" xml:lang="en-US" id="id_13917047_2936179_1_1">Current portion of non-current borrowings</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_CurrentPortionOfLongtermBorrowings_lbl" xml:lang="en-US" id="id_13917047_2936179_2_1">Current maturities of long - term debt</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_CurrentPortionOfLongtermBorrowings_lbl" xml:lang="en-US" id="id_13917047_2936179_14_1">Current maturities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentPortionOfLongtermBorrowings" xlink:to="ifrs-full_CurrentPortionOfLongtermBorrowings_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_CurrentPortionOfProvisionForReturnCondition" xlink:label="cpa_CurrentPortionOfProvisionForReturnCondition"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_CurrentPortionOfProvisionForReturnCondition_lbl" xml:lang="en-US" id="id_13917047_3036756_3_1">Current portion of provision for return condition.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_CurrentPortionOfProvisionForReturnCondition_lbl" xml:lang="en-US" id="id_13917047_3036756_1_1">Current portion of provision for return condition</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_CurrentPortionOfProvisionForReturnCondition_lbl" xml:lang="en-US" id="id_13917047_3036756_2_1">Current portion of provision for return condition</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_CurrentPortionOfProvisionForReturnCondition" xlink:to="cpa_CurrentPortionOfProvisionForReturnCondition_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_CurrentPortionOfTheProvisionForMaintenance" xlink:label="cpa_CurrentPortionOfTheProvisionForMaintenance"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_CurrentPortionOfTheProvisionForMaintenance_lbl" xml:lang="en-US" id="id_13917047_3036757_3_1">current portion of the provision for maintenance</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_CurrentPortionOfTheProvisionForMaintenance_lbl" xml:lang="en-US" id="id_13917047_3036757_1_1">current portion of the provision for maintenance</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_CurrentPortionOfTheProvisionForMaintenance_lbl" xml:lang="en-US" id="id_13917047_3036757_2_1">Current portion of provision for maintenance</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_CurrentPortionOfTheProvisionForMaintenance" xlink:to="cpa_CurrentPortionOfTheProvisionForMaintenance_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CurrentPrepaidExpenses" xlink:label="ifrs-full_CurrentPrepaidExpenses"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrentPrepaidExpenses_lbl" xml:lang="en-US" id="id_13917047_2934893_1_1">Current prepaid expenses</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_CurrentPrepaidExpenses_lbl" xml:lang="en-US" id="id_13917047_2934893_2_1">Current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_CurrentPrepaidExpenses_lbl" xml:lang="en-US" id="id_13917047_2934893_12_1">Prepaid expenses</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentPrepaidExpenses" xlink:to="ifrs-full_CurrentPrepaidExpenses_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CurrentPrepaymentsAbstract" xlink:label="ifrs-full_CurrentPrepaymentsAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrentPrepaymentsAbstract_lbl" xml:lang="en-US" id="id_13917047_2935196_1_1">Current prepayments [abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_CurrentPrepaymentsAbstract_lbl" xml:lang="en-US" id="id_13917047_2935196_2_1">Current prepayments [abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentPrepaymentsAbstract" xlink:to="ifrs-full_CurrentPrepaymentsAbstract_lbl"/>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrentServiceCostNetDefinedBenefitLiabilityAsset_lbl" xml:lang="en-US" id="id_13917047_2936187_1_1">Current service cost, net defined benefit liability (asset)</label>
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    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentServiceCostNetDefinedBenefitLiabilityAsset" xlink:to="ifrs-full_CurrentServiceCostNetDefinedBenefitLiabilityAsset_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_CurrentTaxesAndInterestPayable" xlink:label="cpa_CurrentTaxesAndInterestPayable"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_CurrentTaxesAndInterestPayable_lbl" xml:lang="en-US" id="id_13917047_2946045_3_1">Current taxes and interest payable.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_CurrentTaxesAndInterestPayable_lbl" xml:lang="en-US" id="id_13917047_2946045_1_1">Current Taxes And Interest Payable</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_CurrentTaxesAndInterestPayable_lbl" xml:lang="en-US" id="id_13917047_2946045_2_1">Taxes and interest payable</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_CurrentTaxesAndInterestPayable" xlink:to="cpa_CurrentTaxesAndInterestPayable_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CurrentTaxExpenseIncome" xlink:label="ifrs-full_CurrentTaxExpenseIncome"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrentTaxExpenseIncome_lbl" xml:lang="en-US" id="id_13917047_2936189_1_1">Current tax expense (income)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_CurrentTaxExpenseIncome_lbl" xml:lang="en-US" id="id_13917047_2936189_14_1">Current period</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentTaxExpenseIncome" xlink:to="ifrs-full_CurrentTaxExpenseIncome_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CurrentTaxExpenseIncomeAndAdjustmentsForCurrentTaxOfPriorPeriods" xlink:label="ifrs-full_CurrentTaxExpenseIncomeAndAdjustmentsForCurrentTaxOfPriorPeriods"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrentTaxExpenseIncomeAndAdjustmentsForCurrentTaxOfPriorPeriods_lbl" xml:lang="en-US" id="id_13917047_2936190_1_1">Current tax expense (income) and adjustments for current tax of prior periods</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:label="ifrs-full_CurrentTaxExpenseIncomeAndAdjustmentsForCurrentTaxOfPriorPeriods_lbl" xml:lang="en-US" id="id_13917047_2936190_19_1">Current taxes expense, total</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentTaxExpenseIncomeAndAdjustmentsForCurrentTaxOfPriorPeriods" xlink:to="ifrs-full_CurrentTaxExpenseIncomeAndAdjustmentsForCurrentTaxOfPriorPeriods_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CurrentTaxExpenseIncomeAndAdjustmentsForCurrentTaxOfPriorPeriodsAbstract" xlink:label="ifrs-full_CurrentTaxExpenseIncomeAndAdjustmentsForCurrentTaxOfPriorPeriodsAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrentTaxExpenseIncomeAndAdjustmentsForCurrentTaxOfPriorPeriodsAbstract_lbl" xml:lang="en-US" id="id_13917047_2934903_1_1">Current tax expense (income) and adjustments for current tax of prior periods [abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_CurrentTaxExpenseIncomeAndAdjustmentsForCurrentTaxOfPriorPeriodsAbstract_lbl" xml:lang="en-US" id="id_13917047_2934903_2_1">Current taxes expense</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentTaxExpenseIncomeAndAdjustmentsForCurrentTaxOfPriorPeriodsAbstract" xlink:to="ifrs-full_CurrentTaxExpenseIncomeAndAdjustmentsForCurrentTaxOfPriorPeriodsAbstract_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CurrentTaxLiabilities" xlink:label="ifrs-full_CurrentTaxLiabilities"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrentTaxLiabilities_lbl" xml:lang="en-US" id="id_13917047_2936191_1_1">Current tax liabilities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_CurrentTaxLiabilities_lbl" xml:lang="en-US" id="id_13917047_2936191_2_1">Income tax payable</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentTaxLiabilities" xlink:to="ifrs-full_CurrentTaxLiabilities_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_CurrentTradeReceivables" xlink:label="ifrs-full_CurrentTradeReceivables"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_CurrentTradeReceivables_lbl" xml:lang="en-US" id="id_13917047_2936194_1_1">Current trade receivables</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_CurrentTradeReceivables_lbl" xml:lang="en-US" id="id_13917047_2936194_2_1">Accounts receivable</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_CurrentTradeReceivables_lbl" xml:lang="en-US" id="id_13917047_2936194_12_1">Current</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_CurrentTradeReceivables" xlink:to="ifrs-full_CurrentTradeReceivables_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_Debt1Member" xlink:label="cpa_Debt1Member"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_Debt1Member_lbl" xml:lang="en-US" id="id_13917047_3008108_3_1">Debt [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_Debt1Member_lbl" xml:lang="en-US" id="id_13917047_3008108_1_1">Debt 1 [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_Debt1Member_lbl" xml:lang="en-US" id="id_13917047_3008108_2_1">Debt [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_Debt1Member" xlink:to="cpa_Debt1Member_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions" xlink:label="ifrs-full_DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions_lbl" xml:lang="en-US" id="id_13917047_2935207_1_1">Decrease (increase) through tax on share-based payment transactions, equity</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions_lbl" xml:lang="en-US" id="id_13917047_2935207_14_1">Share-based compensation expense</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions" xlink:to="ifrs-full_DecreaseIncreaseThroughTaxOnSharebasedPaymentTransactions_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DeferredIncomeClassifiedAsCurrent" xlink:label="ifrs-full_DeferredIncomeClassifiedAsCurrent"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DeferredIncomeClassifiedAsCurrent_lbl" xml:lang="en-US" id="id_13917047_2936205_1_1">Deferred income classified as current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DeferredIncomeClassifiedAsCurrent_lbl" xml:lang="en-US" id="id_13917047_2936205_2_1">Frequent flyer deferred revenue</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DeferredIncomeClassifiedAsCurrent" xlink:to="ifrs-full_DeferredIncomeClassifiedAsCurrent_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DeferredIncomeClassifiedAsNoncurrent" xlink:label="ifrs-full_DeferredIncomeClassifiedAsNoncurrent"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DeferredIncomeClassifiedAsNoncurrent_lbl" xml:lang="en-US" id="id_13917047_2936206_1_1">Deferred income classified as non-current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DeferredIncomeClassifiedAsNoncurrent_lbl" xml:lang="en-US" id="id_13917047_2936206_2_1">Frequent flyer deferred revenue</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DeferredIncomeClassifiedAsNoncurrent" xlink:to="ifrs-full_DeferredIncomeClassifiedAsNoncurrent_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DeferredTaxAssets" xlink:label="ifrs-full_DeferredTaxAssets"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DeferredTaxAssets_lbl" xml:lang="en-US" id="id_13917047_2936208_1_1">Deferred tax assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DeferredTaxAssets_lbl" xml:lang="en-US" id="id_13917047_2936208_2_1">Deferred tax assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_DeferredTaxAssets_lbl" xml:lang="en-US" id="id_13917047_2936208_6_1">Deferred tax assets</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DeferredTaxAssets" xlink:to="ifrs-full_DeferredTaxAssets_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_DeferredTaxAssetsAbstract" xlink:label="cpa_DeferredTaxAssetsAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_DeferredTaxAssetsAbstract_lbl" xml:lang="en-US" id="id_13917047_2943023_3_1">Deferred tax assets.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_DeferredTaxAssetsAbstract_lbl" xml:lang="en-US" id="id_13917047_2943023_1_1">Deferred tax assets [abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_DeferredTaxAssetsAbstract_lbl" xml:lang="en-US" id="id_13917047_2943023_2_1">Deferred tax assets</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_DeferredTaxAssetsAbstract" xlink:to="cpa_DeferredTaxAssetsAbstract_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_DeferredTaxAssetsAirFuelDerivative" xlink:label="cpa_DeferredTaxAssetsAirFuelDerivative"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_DeferredTaxAssetsAirFuelDerivative_lbl" xml:lang="en-US" id="id_13917047_2946348_3_1">Deferred tax assets air fuel derivative.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_DeferredTaxAssetsAirFuelDerivative_lbl" xml:lang="en-US" id="id_13917047_2946348_1_1">Deferred tax assets air fuel derivative</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_DeferredTaxAssetsAirFuelDerivative_lbl" xml:lang="en-US" id="id_13917047_2946348_2_1">Fuel derivative</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_DeferredTaxAssetsAirFuelDerivative" xlink:to="cpa_DeferredTaxAssetsAirFuelDerivative_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_DeferredTaxAssetsAirTrafficLiability" xlink:label="cpa_DeferredTaxAssetsAirTrafficLiability"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_DeferredTaxAssetsAirTrafficLiability_lbl" xml:lang="en-US" id="id_13917047_2946281_3_1">Deferred tax assets air traffic liability.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_DeferredTaxAssetsAirTrafficLiability_lbl" xml:lang="en-US" id="id_13917047_2946281_1_1">Deferred tax assets air traffic liability</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_DeferredTaxAssetsAirTrafficLiability_lbl" xml:lang="en-US" id="id_13917047_2946281_2_1">Air traffic liability</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_DeferredTaxAssetsAirTrafficLiability" xlink:to="cpa_DeferredTaxAssetsAirTrafficLiability_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DeferredTaxAssetsAndLiabilitiesAbstract" xlink:label="ifrs-full_DeferredTaxAssetsAndLiabilitiesAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DeferredTaxAssetsAndLiabilitiesAbstract_lbl" xml:lang="en-US" id="id_13917047_2935215_1_1">Deferred tax assets and liabilities [abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DeferredTaxAssetsAndLiabilitiesAbstract_lbl" xml:lang="en-US" id="id_13917047_2935215_2_1">Deferred tax assets and liabilities [abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DeferredTaxAssetsAndLiabilitiesAbstract" xlink:to="ifrs-full_DeferredTaxAssetsAndLiabilitiesAbstract_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_DeferredTaxAssetsOtherProvisions" xlink:label="cpa_DeferredTaxAssetsOtherProvisions"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_DeferredTaxAssetsOtherProvisions_lbl" xml:lang="en-US" id="id_13917047_2946349_3_1">Deferred tax assets other provisions.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_DeferredTaxAssetsOtherProvisions_lbl" xml:lang="en-US" id="id_13917047_2946349_1_1">Deferred Tax Assets Other Provisions</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_DeferredTaxAssetsOtherProvisions_lbl" xml:lang="en-US" id="id_13917047_2946349_2_1">Other provisions</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_DeferredTaxAssetsOtherProvisions" xlink:to="cpa_DeferredTaxAssetsOtherProvisions_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_DeferredTaxAssetsProvisionForReturnConditions" xlink:label="cpa_DeferredTaxAssetsProvisionForReturnConditions"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_DeferredTaxAssetsProvisionForReturnConditions_lbl" xml:lang="en-US" id="id_13917047_2946347_3_1">Deferred tax assets provision for return conditions.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_DeferredTaxAssetsProvisionForReturnConditions_lbl" xml:lang="en-US" id="id_13917047_2946347_1_1">Deferred tax assets provision for return conditions</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_DeferredTaxAssetsProvisionForReturnConditions_lbl" xml:lang="en-US" id="id_13917047_2946347_2_1">Provision for return conditions</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_DeferredTaxAssetsProvisionForReturnConditions" xlink:to="cpa_DeferredTaxAssetsProvisionForReturnConditions_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_DeferredTaxAssetsSetOffTax" xlink:label="cpa_DeferredTaxAssetsSetOffTax"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_DeferredTaxAssetsSetOffTax_lbl" xml:lang="en-US" id="id_13917047_2946351_3_1">Deferred tax assets air set off tax.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_DeferredTaxAssetsSetOffTax_lbl" xml:lang="en-US" id="id_13917047_2946351_1_1">Deferred tax assets set off tax</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="cpa_DeferredTaxAssetsSetOffTax_lbl" xml:lang="en-US" id="id_13917047_2946351_14_1">Set off tax</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_DeferredTaxAssetsSetOffTax" xlink:to="cpa_DeferredTaxAssetsSetOffTax_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_DeferredTaxAssetsTaxLoss" xlink:label="cpa_DeferredTaxAssetsTaxLoss"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_DeferredTaxAssetsTaxLoss_lbl" xml:lang="en-US" id="id_13917047_2946350_3_1">Deferred tax assets air tax loss.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_DeferredTaxAssetsTaxLoss_lbl" xml:lang="en-US" id="id_13917047_2946350_1_1">Deferred tax assets tax Loss</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_DeferredTaxAssetsTaxLoss_lbl" xml:lang="en-US" id="id_13917047_2946350_2_1">Tax Loss</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_DeferredTaxAssetsTaxLoss" xlink:to="cpa_DeferredTaxAssetsTaxLoss_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DeferredTaxExpenseIncomeAbstract" xlink:label="ifrs-full_DeferredTaxExpenseIncomeAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DeferredTaxExpenseIncomeAbstract_lbl" xml:lang="en-US" id="id_13917047_2935216_1_1">Deferred tax expense (income) [abstract]</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesAssetsSetOffTax_lbl" xml:lang="en-US" id="id_13917047_2969414_3_1">The amount of deferred tax expense or (income) relating to the creation or reversal of temporary differences, assets set off tax.</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesDeferredTaxAssets_lbl" xml:lang="en-US" id="id_13917047_2969415_3_1">The amount of deferred tax expense or (income) relating to the creation or reversal of temporary differences, deferred tax assets.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesDeferredTaxAssets_lbl" xml:lang="en-US" id="id_13917047_2969415_1_1">Deferred tax expense (income) relating to origination and reversal of temporary differences, deferred tax assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesDeferredTaxAssets_lbl" xml:lang="en-US" id="id_13917047_2969415_6_1">Deferred tax assets</label>
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    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesDeferredTaxLiabilities" xlink:label="cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesDeferredTaxLiabilities"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesDeferredTaxLiabilities_lbl" xml:lang="en-US" id="id_13917047_2969408_3_1">The amount of deferred tax expense or (income) relating to the creation or reversal of temporary differences, deferred tax liabilities.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesDeferredTaxLiabilities_lbl" xml:lang="en-US" id="id_13917047_2969408_1_1">Deferred tax expense (income) relating to origination and reversal of temporary differences, deferred tax liabilities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesDeferredTaxLiabilities_lbl" xml:lang="en-US" id="id_13917047_2969408_6_1">Deferred tax liabilities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesDeferredTaxLiabilities" xlink:to="cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesDeferredTaxLiabilities_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesFuelDerivative" xlink:label="cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesFuelDerivative"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesFuelDerivative_lbl" xml:lang="en-US" id="id_13917047_2969411_3_1">The amount of deferred tax expense or (income) relating to the creation or reversal of temporary differences, fuel derivative.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesFuelDerivative_lbl" xml:lang="en-US" id="id_13917047_2969411_1_1">Deferred tax expense (income) relating to origination and reversal of temporary differences, fuel derivative</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesFuelDerivative_lbl" xml:lang="en-US" id="id_13917047_2969411_2_1">Fuel derivative</label>
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    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesLiabilitiesSetOffTax" xlink:label="cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesLiabilitiesSetOffTax"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesLiabilitiesSetOffTax_lbl" xml:lang="en-US" id="id_13917047_2969407_3_1">The amount of deferred tax expense or (income) relating to the creation or reversal of temporary differences, liabilities set off tax.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesLiabilitiesSetOffTax_lbl" xml:lang="en-US" id="id_13917047_2969407_1_1">Deferred tax expense (income) relating to origination and reversal of temporary differences, liabilities set off tax</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesLiabilitiesSetOffTax_lbl" xml:lang="en-US" id="id_13917047_2969407_2_1">Set off tax</label>
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    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesMaintenanceDeposits" xlink:label="cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesMaintenanceDeposits"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesMaintenanceDeposits_lbl" xml:lang="en-US" id="id_13917047_2969403_3_1">The amount of deferred tax expense or (income) relating to the creation or reversal of temporary differences, maintenance deposits.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesMaintenanceDeposits_lbl" xml:lang="en-US" id="id_13917047_2969403_1_1">Deferred tax expense (income) relating to origination and reversal of temporary differences, maintenance deposits</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesOther_lbl" xml:lang="en-US" id="id_13917047_2969406_3_1">The amount of deferred tax expense or (income) relating to the creation or reversal of temporary differences, other.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesOther_lbl" xml:lang="en-US" id="id_13917047_2969406_1_1">Deferred tax expense (income) relating to origination and reversal of temporary differences, other</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesOther_lbl" xml:lang="en-US" id="id_13917047_2969406_2_1">Other</label>
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    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesOtherProvisions" xlink:label="cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesOtherProvisions"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesOtherProvisions_lbl" xml:lang="en-US" id="id_13917047_2969412_3_1">The amount of deferred tax expense or (income) relating to the creation or reversal of temporary differences, other provisions.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesOtherProvisions_lbl" xml:lang="en-US" id="id_13917047_2969412_1_1">Deferred tax expense (income) relating to origination and reversal of temporary differences, other provisions</label>
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    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesPrepaidDividendTax" xlink:label="cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesPrepaidDividendTax"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesPrepaidDividendTax_lbl" xml:lang="en-US" id="id_13917047_2969404_3_1">The amount of deferred tax expense or (income) relating to the creation or reversal of temporary differences, prepaid dividend tax.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesPrepaidDividendTax_lbl" xml:lang="en-US" id="id_13917047_2969404_1_1">Deferred tax expense (income) relating to origination and reversal of temporary differences, prepaid dividend tax</label>
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    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesPropertyAndEquipment" xlink:label="cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesPropertyAndEquipment"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesPropertyAndEquipment_lbl" xml:lang="en-US" id="id_13917047_2969405_3_1">The amount of deferred tax expense or (income) relating to the creation or reversal of temporary differences, property and equipment.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesPropertyAndEquipment_lbl" xml:lang="en-US" id="id_13917047_2969405_1_1">Deferred tax expense (income) relating to origination and reversal of temporary differences, property and equipment</label>
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    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesProvisionForReturnConditions" xlink:label="cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesProvisionForReturnConditions"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesProvisionForReturnConditions_lbl" xml:lang="en-US" id="id_13917047_2969409_3_1">The amount of deferred tax expense or (income) relating to the creation or reversal of temporary differences, provision for return conditions.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesProvisionForReturnConditions_lbl" xml:lang="en-US" id="id_13917047_2969409_1_1">Deferred tax expense (income) relating to origination and reversal of temporary differences, provision for return conditions</label>
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    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesTaxLoss" xlink:label="cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesTaxLoss"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesTaxLoss_lbl" xml:lang="en-US" id="id_13917047_2969413_3_1">The amount of deferred tax expense or (income) relating to the creation or reversal of temporary differences, tax loss.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_DeferredTaxExpenseIncomeRelatingToOriginationAndReversalOfTemporaryDifferencesTaxLoss_lbl" xml:lang="en-US" id="id_13917047_2969413_1_1">Deferred tax expense (income) relating to origination and reversal of temporary differences, tax loss</label>
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    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DeferredTaxLiabilities" xlink:to="ifrs-full_DeferredTaxLiabilities_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_DeferredTaxLiabilities1Abstract" xlink:label="cpa_DeferredTaxLiabilities1Abstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_DeferredTaxLiabilities1Abstract_lbl" xml:lang="en-US" id="id_13917047_2943153_3_1">Deferred tax liabilities.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_DeferredTaxLiabilities1Abstract_lbl" xml:lang="en-US" id="id_13917047_2943153_1_1">Deferred Tax Liabilities 1 [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_DeferredTaxLiabilities1Abstract_lbl" xml:lang="en-US" id="id_13917047_2943153_2_1">Deferred tax liabilities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_DeferredTaxLiabilities1Abstract" xlink:to="cpa_DeferredTaxLiabilities1Abstract_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_DeferredTaxLiabilitiesMaintenanceDeposits" xlink:label="cpa_DeferredTaxLiabilitiesMaintenanceDeposits"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_DeferredTaxLiabilitiesMaintenanceDeposits_lbl" xml:lang="en-US" id="id_13917047_2946273_3_1">Deferred tax liabilities maintenance deposits</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_DeferredTaxLiabilitiesMaintenanceDeposits_lbl" xml:lang="en-US" id="id_13917047_2946273_1_1">Deferred tax liabilities maintenance deposits</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="cpa_DeferredTaxLiabilitiesMaintenanceDeposits_lbl" xml:lang="en-US" id="id_13917047_2946273_14_1">Maintenance deposits</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_DeferredTaxLiabilitiesMaintenanceDeposits" xlink:to="cpa_DeferredTaxLiabilitiesMaintenanceDeposits_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_DeferredTaxLiabilitiesOther1" xlink:label="cpa_DeferredTaxLiabilitiesOther1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_DeferredTaxLiabilitiesOther1_lbl" xml:lang="en-US" id="id_13917047_2946276_3_1">Deferred tax liabilities other.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_DeferredTaxLiabilitiesOther1_lbl" xml:lang="en-US" id="id_13917047_2946276_1_1">Deferred tax liabilities other1</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="cpa_DeferredTaxLiabilitiesOther1_lbl" xml:lang="en-US" id="id_13917047_2946276_14_1">Other</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_DeferredTaxLiabilitiesOther1" xlink:to="cpa_DeferredTaxLiabilitiesOther1_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_DeferredTaxLiabilitiesPrepaidDividendTax" xlink:label="cpa_DeferredTaxLiabilitiesPrepaidDividendTax"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_DeferredTaxLiabilitiesPrepaidDividendTax_lbl" xml:lang="en-US" id="id_13917047_2946274_3_1">Deferred tax liabilities prepaid dividend tax.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_DeferredTaxLiabilitiesPrepaidDividendTax_lbl" xml:lang="en-US" id="id_13917047_2946274_1_1">Deferred tax liabilities prepaid dividend tax</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="cpa_DeferredTaxLiabilitiesPrepaidDividendTax_lbl" xml:lang="en-US" id="id_13917047_2946274_14_1">Prepaid dividend tax</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_DeferredTaxLiabilitiesPrepaidDividendTax" xlink:to="cpa_DeferredTaxLiabilitiesPrepaidDividendTax_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_DeferredTaxLiabilitiesPropertyAndEquipment" xlink:label="cpa_DeferredTaxLiabilitiesPropertyAndEquipment"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_DeferredTaxLiabilitiesPropertyAndEquipment_lbl" xml:lang="en-US" id="id_13917047_2946275_3_1">Deferred tax liabilities property and equipment.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_DeferredTaxLiabilitiesPropertyAndEquipment_lbl" xml:lang="en-US" id="id_13917047_2946275_1_1">Deferred tax liabilities property and equipment</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="cpa_DeferredTaxLiabilitiesPropertyAndEquipment_lbl" xml:lang="en-US" id="id_13917047_2946275_14_1">Property and equipment</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_DeferredTaxLiabilitiesPropertyAndEquipment" xlink:to="cpa_DeferredTaxLiabilitiesPropertyAndEquipment_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_DeferredTaxLiabilitiesSetOffTax" xlink:label="cpa_DeferredTaxLiabilitiesSetOffTax"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_DeferredTaxLiabilitiesSetOffTax_lbl" xml:lang="en-US" id="id_13917047_2946278_3_1">Deferred tax liabilities set off tax.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_DeferredTaxLiabilitiesSetOffTax_lbl" xml:lang="en-US" id="id_13917047_2946278_1_1">Deferred tax liabilities set off tax</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_DeferredTaxLiabilitiesSetOffTax_lbl" xml:lang="en-US" id="id_13917047_2946278_2_1">Set off tax</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_DeferredTaxLiabilitiesSetOffTax" xlink:to="cpa_DeferredTaxLiabilitiesSetOffTax_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DeferredTaxLiabilityAsset" xlink:label="ifrs-full_DeferredTaxLiabilityAsset"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DeferredTaxLiabilityAsset_lbl" xml:lang="en-US" id="id_13917047_2935218_1_1">Deferred tax liability (asset)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:label="ifrs-full_DeferredTaxLiabilityAsset_lbl" xml:lang="en-US" id="id_13917047_2935218_19_1">Total deferred taxes</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DeferredTaxLiabilityAsset" xlink:to="ifrs-full_DeferredTaxLiabilityAsset_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_DefinedBenefitObligationLiabilitiesMember" xlink:label="cpa_DefinedBenefitObligationLiabilitiesMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_DefinedBenefitObligationLiabilitiesMember_lbl" xml:lang="en-US" id="id_13917047_2980736_3_1">Defined benefit obligation liabilities.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_DefinedBenefitObligationLiabilitiesMember_lbl" xml:lang="en-US" id="id_13917047_2980736_1_1">Defined benefit obligation liabilities [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_DefinedBenefitObligationLiabilitiesMember_lbl" xml:lang="en-US" id="id_13917047_2980736_2_1">Defined benefit obligation [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_DefinedBenefitObligationLiabilitiesMember" xlink:to="cpa_DefinedBenefitObligationLiabilitiesMember_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_DefinedBenefitObligationMember" xlink:label="cpa_DefinedBenefitObligationMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_DefinedBenefitObligationMember_lbl" xml:lang="en-US" id="id_13917047_2998158_3_1">Defined benefit obligation [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_DefinedBenefitObligationMember_lbl" xml:lang="en-US" id="id_13917047_2998158_1_1">Defined benefit obligation [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_DefinedBenefitObligationMember_lbl" xml:lang="en-US" id="id_13917047_2998158_2_1">Defined benefit obligation [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_DefinedBenefitObligationMember" xlink:to="cpa_DefinedBenefitObligationMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DefinedBenefitPlansAxis" xlink:label="ifrs-full_DefinedBenefitPlansAxis"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DefinedBenefitPlansAxis_lbl" xml:lang="en-US" id="id_13917047_2934928_1_1">Defined benefit plans [axis]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DefinedBenefitPlansAxis_lbl" xml:lang="en-US" id="id_13917047_2934928_2_1">Defined benefit plans [axis]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DefinedBenefitPlansAxis" xlink:to="ifrs-full_DefinedBenefitPlansAxis_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DefinedBenefitPlansMember" xlink:label="ifrs-full_DefinedBenefitPlansMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DefinedBenefitPlansMember_lbl" xml:lang="en-US" id="id_13917047_2936213_1_1">Defined benefit plans [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DefinedBenefitPlansMember_lbl" xml:lang="en-US" id="id_13917047_2936213_2_1">Defined benefit plans [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DefinedBenefitPlansMember" xlink:to="ifrs-full_DefinedBenefitPlansMember_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_DepreciationAmortizationAndImpairment" xlink:label="cpa_DepreciationAmortizationAndImpairment"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_DepreciationAmortizationAndImpairment_lbl" xml:lang="en-US" id="id_13917047_2954291_3_1">Depreciation amortization and impairment.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_DepreciationAmortizationAndImpairment_lbl" xml:lang="en-US" id="id_13917047_2954291_1_1">Depreciation amortization and impairment</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_DepreciationAmortizationAndImpairment_lbl" xml:lang="en-US" id="id_13917047_2954291_2_1">Depreciation, amortization and impairment</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_DepreciationAmortizationAndImpairment" xlink:to="cpa_DepreciationAmortizationAndImpairment_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DepreciationAndAmortisationExpense" xlink:label="ifrs-full_DepreciationAndAmortisationExpense"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DepreciationAndAmortisationExpense_lbl" xml:lang="en-US" id="id_13917047_2936409_1_1">Depreciation and amortisation expense</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DepreciationAndAmortisationExpense_lbl" xml:lang="en-US" id="id_13917047_2936409_2_1">Depreciation and amortization</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DepreciationAndAmortisationExpense" xlink:to="ifrs-full_DepreciationAndAmortisationExpense_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DepreciationPropertyPlantAndEquipment" xlink:label="ifrs-full_DepreciationPropertyPlantAndEquipment"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DepreciationPropertyPlantAndEquipment_lbl" xml:lang="en-US" id="id_13917047_2934932_1_1">Depreciation, property, plant and equipment</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_DepreciationPropertyPlantAndEquipment_lbl" xml:lang="en-US" id="id_13917047_2934932_14_1">Depreciation for the year</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DepreciationPropertyPlantAndEquipment" xlink:to="ifrs-full_DepreciationPropertyPlantAndEquipment_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DerivativeFinancialLiabilities" xlink:label="ifrs-full_DerivativeFinancialLiabilities"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DerivativeFinancialLiabilities_lbl" xml:lang="en-US" id="id_13917047_2936414_1_1">Derivative financial liabilities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DerivativeFinancialLiabilities_lbl" xml:lang="en-US" id="id_13917047_2936414_2_1">Derivative financial liabilities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DerivativeFinancialLiabilities" xlink:to="ifrs-full_DerivativeFinancialLiabilities_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_DerivativeInstrumentExpenseIncreases" xlink:label="cpa_DerivativeInstrumentExpenseIncreases"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_DerivativeInstrumentExpenseIncreases_lbl" xml:lang="en-US" id="id_13917047_2946292_3_1">Derivative instrument expense increases.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_DerivativeInstrumentExpenseIncreases_lbl" xml:lang="en-US" id="id_13917047_2946292_1_1">Derivative instrument expense increases</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_DerivativeInstrumentExpenseIncreases_lbl" xml:lang="en-US" id="id_13917047_2946292_2_1">Derivative instrument expense increase</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_DerivativeInstrumentExpenseIncreases" xlink:to="cpa_DerivativeInstrumentExpenseIncreases_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_DerivativeInstrumentHedgingTerm" xlink:label="cpa_DerivativeInstrumentHedgingTerm"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_DerivativeInstrumentHedgingTerm_lbl" xml:lang="en-US" id="id_13917047_2977062_3_1">Derivative instrument hedging term.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_DerivativeInstrumentHedgingTerm_lbl" xml:lang="en-US" id="id_13917047_2977062_1_1">Derivative instrument hedging term</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_DerivativeInstrumentHedgingTerm_lbl" xml:lang="en-US" id="id_13917047_2977062_2_1">Derivative instrument hedging term</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_DerivativeInstrumentHedgingTerm" xlink:to="cpa_DerivativeInstrumentHedgingTerm_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_DerivativeInstrumentIncreasesPercentage" xlink:label="cpa_DerivativeInstrumentIncreasesPercentage"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_DerivativeInstrumentIncreasesPercentage_lbl" xml:lang="en-US" id="id_13917047_3020345_3_1">Derivative instrument increases percentage.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_DerivativeInstrumentIncreasesPercentage_lbl" xml:lang="en-US" id="id_13917047_3020345_1_1">Derivative instrument increases percentage</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_DerivativeInstrumentIncreasesPercentage_lbl" xml:lang="en-US" id="id_13917047_3020345_2_1">Derivative instrument hypothetical increases percentage</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_DerivativeInstrumentIncreasesPercentage" xlink:to="cpa_DerivativeInstrumentIncreasesPercentage_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_DesarrolloInmobiliarioDelEsteSAMember" xlink:label="cpa_DesarrolloInmobiliarioDelEsteSAMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_DesarrolloInmobiliarioDelEsteSAMember_lbl" xml:lang="en-US" id="id_13917047_2980544_3_1">Desarrollo inmobiliario del este, S. A.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_DesarrolloInmobiliarioDelEsteSAMember_lbl" xml:lang="en-US" id="id_13917047_2980544_1_1">Desarrollo inmobiliario del Este, S. A.[member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_DesarrolloInmobiliarioDelEsteSAMember_lbl" xml:lang="en-US" id="id_13917047_2980544_2_1">Desarrollo inmobiliario del este, S. A. [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_DesarrolloInmobiliarioDelEsteSAMember" xlink:to="cpa_DesarrolloInmobiliarioDelEsteSAMember_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_DesarrolloInmobiliarioMember" xlink:label="cpa_DesarrolloInmobiliarioMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_DesarrolloInmobiliarioMember_lbl" xml:lang="en-US" id="id_13917047_2980630_3_1">Desarrollo inmobiliario.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_DesarrolloInmobiliarioMember_lbl" xml:lang="en-US" id="id_13917047_2980630_1_1">Desarrollo inmobiliario [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_DesarrolloInmobiliarioMember_lbl" xml:lang="en-US" id="id_13917047_2980630_2_1">Desarrollo inmobiliario [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_DesarrolloInmobiliarioMember" xlink:to="cpa_DesarrolloInmobiliarioMember_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_DescriptionOfAccountingPolicyForBasisOfConsolidationExplanatory" xlink:label="cpa_DescriptionOfAccountingPolicyForBasisOfConsolidationExplanatory"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_DescriptionOfAccountingPolicyForBasisOfConsolidationExplanatory_lbl" xml:lang="en-US" id="id_13917047_3019420_3_1">The description of the entity's accounting policy for basis of consolidation.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_DescriptionOfAccountingPolicyForBasisOfConsolidationExplanatory_lbl" xml:lang="en-US" id="id_13917047_3019420_1_1">Description of accounting policy for basis of consolidation [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_DescriptionOfAccountingPolicyForBasisOfConsolidationExplanatory_lbl" xml:lang="en-US" id="id_13917047_3019420_2_1">Basis of consolidation</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DescriptionOfAccountingPolicyForBorrowingsExplanatory" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForBorrowingsExplanatory"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForBorrowingsExplanatory_lbl" xml:lang="en-US" id="id_13917047_2936219_1_1">Description of accounting policy for borrowings [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForBorrowingsExplanatory_lbl" xml:lang="en-US" id="id_13917047_2936219_2_1">Borrowing costs</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfAccountingPolicyForBorrowingsExplanatory" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForBorrowingsExplanatory_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_DescriptionOfAccountingPolicyForCurrentVersusNonCurrentClassificationExplanatory" xlink:label="cpa_DescriptionOfAccountingPolicyForCurrentVersusNonCurrentClassificationExplanatory"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_DescriptionOfAccountingPolicyForCurrentVersusNonCurrentClassificationExplanatory_lbl" xml:lang="en-US" id="id_13917047_3013079_3_1">The description of the entity's accounting policy for current versus non current classification.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_DescriptionOfAccountingPolicyForCurrentVersusNonCurrentClassificationExplanatory_lbl" xml:lang="en-US" id="id_13917047_3013079_1_1">Description of accounting policy for current versus non current classification explanatory [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_DescriptionOfAccountingPolicyForCurrentVersusNonCurrentClassificationExplanatory_lbl" xml:lang="en-US" id="id_13917047_3013079_2_1">Current versus non-current classification</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_DescriptionOfAccountingPolicyForCurrentVersusNonCurrentClassificationExplanatory" xlink:to="cpa_DescriptionOfAccountingPolicyForCurrentVersusNonCurrentClassificationExplanatory_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory_lbl" xml:lang="en-US" id="id_13917047_2936223_1_1">Description of accounting policy for employee benefits [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory_lbl" xml:lang="en-US" id="id_13917047_2936223_2_1">Employee benefits</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_DescriptionOfAccountingPolicyForExpendablePartsAndSuppliesExplanatory" xlink:label="cpa_DescriptionOfAccountingPolicyForExpendablePartsAndSuppliesExplanatory"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_DescriptionOfAccountingPolicyForExpendablePartsAndSuppliesExplanatory_lbl" xml:lang="en-US" id="id_13917047_3013081_3_1">The description of accounting policy for expendable parts and supplies.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_DescriptionOfAccountingPolicyForExpendablePartsAndSuppliesExplanatory_lbl" xml:lang="en-US" id="id_13917047_3013081_1_1">Description of accounting policy for expendable parts and supplies explanatory [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_DescriptionOfAccountingPolicyForExpendablePartsAndSuppliesExplanatory_lbl" xml:lang="en-US" id="id_13917047_3013081_2_1">Expendable parts and supplies</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_DescriptionOfAccountingPolicyForExpendablePartsAndSuppliesExplanatory" xlink:to="cpa_DescriptionOfAccountingPolicyForExpendablePartsAndSuppliesExplanatory_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory_lbl" xml:lang="en-US" id="id_13917047_2936422_1_1">Description of accounting policy for financial instruments [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory_lbl" xml:lang="en-US" id="id_13917047_2936422_2_1">Financial instruments</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory_lbl" xml:lang="en-US" id="id_13917047_2934949_1_1">Description of accounting policy for functional currency [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory_lbl" xml:lang="en-US" id="id_13917047_2934949_2_1">Foreign currencies</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory_lbl" xml:lang="en-US" id="id_13917047_2935904_1_1">Description of accounting policy for impairment of financial assets [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory_lbl" xml:lang="en-US" id="id_13917047_2935904_2_1">Impairment</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_DescriptionOfAccountingPolicyForIntangibleAssetsExplanatory" xlink:label="cpa_DescriptionOfAccountingPolicyForIntangibleAssetsExplanatory"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_DescriptionOfAccountingPolicyForIntangibleAssetsExplanatory_lbl" xml:lang="en-US" id="id_13917047_3019297_3_1">The description of accounting policy for intangible assets.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_DescriptionOfAccountingPolicyForIntangibleAssetsExplanatory_lbl" xml:lang="en-US" id="id_13917047_3019297_1_1">Description of Accounting Policy for Intangible Assets Explanatory</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_DescriptionOfAccountingPolicyForIntangibleAssetsExplanatory_lbl" xml:lang="en-US" id="id_13917047_3019297_2_1">Intangible assets</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_DescriptionOfAccountingPolicyForIntangibleAssetsExplanatory" xlink:to="cpa_DescriptionOfAccountingPolicyForIntangibleAssetsExplanatory_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DescriptionOfAccountingPolicyForLeasesExplanatory" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForLeasesExplanatory"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForLeasesExplanatory_lbl" xml:lang="en-US" id="id_13917047_2936426_1_1">Description of accounting policy for leases [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForLeasesExplanatory_lbl" xml:lang="en-US" id="id_13917047_2936426_2_1">Leases</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfAccountingPolicyForLeasesExplanatory" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForLeasesExplanatory_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_DescriptionOfAccountingPolicyForPassengerTrafficCommissionsExplanatory" xlink:label="cpa_DescriptionOfAccountingPolicyForPassengerTrafficCommissionsExplanatory"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_DescriptionOfAccountingPolicyForPassengerTrafficCommissionsExplanatory_lbl" xml:lang="en-US" id="id_13917047_3013082_3_1">The description of accounting policy for passenger traffic commissions.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_DescriptionOfAccountingPolicyForPassengerTrafficCommissionsExplanatory_lbl" xml:lang="en-US" id="id_13917047_3013082_1_1">Description of accounting policy for passenger traffic commissions explanatory [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_DescriptionOfAccountingPolicyForPassengerTrafficCommissionsExplanatory_lbl" xml:lang="en-US" id="id_13917047_3013082_2_1">Passenger traffic commissions</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_DescriptionOfAccountingPolicyForPassengerTrafficCommissionsExplanatory" xlink:to="cpa_DescriptionOfAccountingPolicyForPassengerTrafficCommissionsExplanatory_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory_lbl" xml:lang="en-US" id="id_13917047_2936428_1_1">Description of accounting policy for property, plant and equipment [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory_lbl" xml:lang="en-US" id="id_13917047_2936428_2_1">Property and equipment</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DescriptionOfAccountingPolicyForProvisionsExplanatory" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForProvisionsExplanatory"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForProvisionsExplanatory_lbl" xml:lang="en-US" id="id_13917047_2936234_1_1">Description of accounting policy for provisions [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForProvisionsExplanatory_lbl" xml:lang="en-US" id="id_13917047_2936234_2_1">Provisions</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfAccountingPolicyForProvisionsExplanatory" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForProvisionsExplanatory_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DescriptionOfAccountingPolicyForRecognitionOfRevenue" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForRecognitionOfRevenue"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForRecognitionOfRevenue_lbl" xml:lang="en-US" id="id_13917047_2935912_1_1">Description of accounting policy for recognition of revenue [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DescriptionOfAccountingPolicyForRecognitionOfRevenue_lbl" xml:lang="en-US" id="id_13917047_2935912_2_1">Revenue recognition</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfAccountingPolicyForRecognitionOfRevenue" xlink:to="ifrs-full_DescriptionOfAccountingPolicyForRecognitionOfRevenue_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_DescriptionOfAccountingPolicyForTaxExplanatory" xlink:label="cpa_DescriptionOfAccountingPolicyForTaxExplanatory"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_DescriptionOfAccountingPolicyForTaxExplanatory_lbl" xml:lang="en-US" id="id_13917047_3019304_3_1">The description of accounting policy for tax.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_DescriptionOfAccountingPolicyForTaxExplanatory_lbl" xml:lang="en-US" id="id_13917047_3019304_1_1">Description of Accounting Policy for Tax Explanatory</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_DescriptionOfAccountingPolicyForTaxExplanatory_lbl" xml:lang="en-US" id="id_13917047_3019304_2_1">Taxes</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_DescriptionOfAccountingPolicyForTaxExplanatory" xlink:to="cpa_DescriptionOfAccountingPolicyForTaxExplanatory_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents" xlink:label="ifrs-full_DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents_lbl" xml:lang="en-US" id="id_13917047_2934963_1_1">Description of accounting policy for determining components of cash and cash equivalents [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents_lbl" xml:lang="en-US" id="id_13917047_2934963_2_1">Cash and cash equivalents</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents" xlink:to="ifrs-full_DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretationsLineItems" xlink:label="ifrs-full_DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretationsLineItems"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretationsLineItems_lbl" xml:lang="en-US" id="id_13917047_2935944_1_1">Disclosure of expected impact of initial application of new standards or interpretations [line items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretationsLineItems_lbl" xml:lang="en-US" id="id_13917047_2935944_2_1">Disclosure of expected impact of initial application of new standards or interpretations [line items]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretationsLineItems" xlink:to="ifrs-full_DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretationsLineItems_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretationsTable" xlink:label="ifrs-full_DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretationsTable"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretationsTable_lbl" xml:lang="en-US" id="id_13917047_2936448_1_1">Disclosure of expected impact of initial application of new standards or interpretations [table]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretationsTable_lbl" xml:lang="en-US" id="id_13917047_2936448_2_1">Disclosure of expected impact of initial application of new standards or interpretations [table]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretationsTable" xlink:to="ifrs-full_DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretationsTable_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DescriptionOfExpectedVolatilityShareOptionsGranted" xlink:label="ifrs-full_DescriptionOfExpectedVolatilityShareOptionsGranted"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DescriptionOfExpectedVolatilityShareOptionsGranted_lbl" xml:lang="en-US" id="id_13917047_2935945_1_1">Expected volatility, share options granted</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DescriptionOfExpectedVolatilityShareOptionsGranted_lbl" xml:lang="en-US" id="id_13917047_2935945_2_1">Expected volatility</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DescriptionOfExpectedVolatilityShareOptionsGranted" xlink:to="ifrs-full_DescriptionOfExpectedVolatilityShareOptionsGranted_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DescriptionOfFinancialInstrumentsDesignatedAsHedgingInstrument" xlink:label="ifrs-full_DescriptionOfFinancialInstrumentsDesignatedAsHedgingInstrument"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DescriptionOfFinancialInstrumentsDesignatedAsHedgingInstrument_lbl" xml:lang="en-US" id="id_13917047_2936268_1_1">Description of financial instruments designated as hedging instruments</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DescriptionOfFinancialInstrumentsDesignatedAsHedgingInstrument_lbl" xml:lang="en-US" id="id_13917047_2936268_2_1">Derivative instrument hedging description</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DescriptionOfMaximumTermOfOptionsGrantedForSharebasedPaymentArrangement" xlink:label="ifrs-full_DescriptionOfMaximumTermOfOptionsGrantedForSharebasedPaymentArrangement"/>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_DisclosureOfAccountsReceivablesExplanatory_lbl" xml:lang="en-US" id="id_13917047_3013122_1_1">Disclosure of accounts receivables [text block]</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_DisclosureOfCorrectionOfErrorsExplanatory_lbl" xml:lang="en-US" id="id_13917047_3531978_3_1">Disclosure of correction of errors.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_DisclosureOfCorrectionOfErrorsExplanatory_lbl" xml:lang="en-US" id="id_13917047_3531978_1_1">Disclosure of correction of errors [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_DisclosureOfCorrectionOfErrorsExplanatory_lbl" xml:lang="en-US" id="id_13917047_3531978_2_1">Schedule of Correction of Error</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_DisclosureOfCorrectionOfErrorsLineItems_lbl" xml:lang="en-US" id="id_13917047_3531980_2_1">Disclosure of correction of errors [line items]</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_DisclosureOfCorrectionOfErrorsTable_lbl" xml:lang="en-US" id="id_13917047_3531979_3_1">Disclosure of correction of errors [table]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_DisclosureOfCorrectionOfErrorsTable_lbl" xml:lang="en-US" id="id_13917047_3531979_1_1">Disclosure of correction of errors [table]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_DisclosureOfCorrectionOfErrorsTable_lbl" xml:lang="en-US" id="id_13917047_3531979_2_1">Disclosure of correction of errors [table]</label>
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    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_DisclosureOfDefinedBenefitObligationAffectedByChangesToRelevantActuarialAssumptionsExplanatory" xlink:label="cpa_DisclosureOfDefinedBenefitObligationAffectedByChangesToRelevantActuarialAssumptionsExplanatory"/>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfDefinedBenefitPlansAbstract_lbl" xml:lang="en-US" id="id_13917047_2935749_2_1">Disclosure of defined benefit plans [abstract]</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_DisclosureOfDefinedBenefitPlansFuturePeriodExplanatory_lbl" xml:lang="en-US" id="id_13917047_3018493_3_1">Disclosure of defined benefit plans future period.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_DisclosureOfDefinedBenefitPlansFuturePeriodExplanatory_lbl" xml:lang="en-US" id="id_13917047_3018493_1_1">Disclosure Of Defined Benefit Plans Future Period [Text Block]</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfDefinedBenefitPlansLineItems" xlink:label="ifrs-full_DisclosureOfDefinedBenefitPlansLineItems"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfDefinedBenefitPlansLineItems_lbl" xml:lang="en-US" id="id_13917047_2937042_1_1">Disclosure of defined benefit plans [line items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfDefinedBenefitPlansLineItems_lbl" xml:lang="en-US" id="id_13917047_2937042_2_1">Disclosure of defined benefit plans [line items]</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfDefinedBenefitPlansTable" xlink:label="ifrs-full_DisclosureOfDefinedBenefitPlansTable"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfDefinedBenefitPlansTable_lbl" xml:lang="en-US" id="id_13917047_2936062_1_1">Disclosure of defined benefit plans [table]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfDefinedBenefitPlansTable_lbl" xml:lang="en-US" id="id_13917047_2936062_2_1">Disclosure of defined benefit plans [table]</label>
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    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_DisclosureOfDetailedInformationAboutAccountsReceivablesExplanatory" xlink:label="cpa_DisclosureOfDetailedInformationAboutAccountsReceivablesExplanatory"/>
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    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsExplanatory" xlink:label="ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsExplanatory"/>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsExplanatory_lbl" xml:lang="en-US" id="id_13917047_2936556_2_1">Summary of Maturities of Long-term Debt</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems" xlink:label="ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems_lbl" xml:lang="en-US" id="id_13917047_2935753_1_1">Disclosure of detailed information about borrowings [line items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsLineItems_lbl" xml:lang="en-US" id="id_13917047_2935753_2_1">Disclosure of detailed information about borrowings [line items]</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsTable_lbl" xml:lang="en-US" id="id_13917047_2935754_1_1">Disclosure of detailed information about borrowings [table]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsTable_lbl" xml:lang="en-US" id="id_13917047_2935754_2_1">Disclosure of detailed information about borrowings [table]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsTable" xlink:to="ifrs-full_DisclosureOfDetailedInformationAboutBorrowingsTable_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_DisclosureOfDetailedInformationAboutFairValueMeasurementOfLiabilitiesExplanatory" xlink:label="cpa_DisclosureOfDetailedInformationAboutFairValueMeasurementOfLiabilitiesExplanatory"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_DisclosureOfDetailedInformationAboutFairValueMeasurementOfLiabilitiesExplanatory_lbl" xml:lang="en-US" id="id_13917047_3012995_3_1">The disclosure of detailed information about fair value measurement of liabilities.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_DisclosureOfDetailedInformationAboutFairValueMeasurementOfLiabilitiesExplanatory_lbl" xml:lang="en-US" id="id_13917047_3012995_1_1">Disclosure Of Detailed Information About Fair Value Measurement Of Liabilities [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_DisclosureOfDetailedInformationAboutFairValueMeasurementOfLiabilitiesExplanatory_lbl" xml:lang="en-US" id="id_13917047_3012995_2_1">Summary of Financial Instruments Measured at Fair Value</label>
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    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_DisclosureOfDetailedInformationAboutInventoriesExplanatory" xlink:label="cpa_DisclosureOfDetailedInformationAboutInventoriesExplanatory"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_DisclosureOfDetailedInformationAboutInventoriesExplanatory_lbl" xml:lang="en-US" id="id_13917047_3019269_3_1">The disclosure of detailed information about inventories.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_DisclosureOfDetailedInformationAboutInventoriesExplanatory_lbl" xml:lang="en-US" id="id_13917047_3019269_1_1">Disclosure of detailed information about inventories [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_DisclosureOfDetailedInformationAboutInventoriesExplanatory_lbl" xml:lang="en-US" id="id_13917047_3019269_2_1">Disclosure of Expendable Parts and Supplies</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_DisclosureOfDetailedInformationAboutInventoriesExplanatory" xlink:to="cpa_DisclosureOfDetailedInformationAboutInventoriesExplanatory_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfDetailedInformationAboutInvestmentPropertyExplanatory" xlink:label="ifrs-full_DisclosureOfDetailedInformationAboutInvestmentPropertyExplanatory"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfDetailedInformationAboutInvestmentPropertyExplanatory_lbl" xml:lang="en-US" id="id_13917047_2936069_1_1">Disclosure of detailed information about investment property [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfDetailedInformationAboutInvestmentPropertyExplanatory_lbl" xml:lang="en-US" id="id_13917047_2936069_2_1">Schedule of Information About Investments</label>
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    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_DisclosureOfDetailedInformationAboutOtherAssetsExplanatory" xlink:label="cpa_DisclosureOfDetailedInformationAboutOtherAssetsExplanatory"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_DisclosureOfDetailedInformationAboutOtherAssetsExplanatory_lbl" xml:lang="en-US" id="id_13917047_3019314_3_1">The disclosure of detailed information about other assets.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_DisclosureOfDetailedInformationAboutOtherAssetsExplanatory_lbl" xml:lang="en-US" id="id_13917047_3019314_1_1">Disclosure of detailed information about other assets [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_DisclosureOfDetailedInformationAboutOtherAssetsExplanatory_lbl" xml:lang="en-US" id="id_13917047_3019314_2_1">Summary of Other Assets</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_DisclosureOfDetailedInformationAboutOtherAssetsExplanatory" xlink:to="cpa_DisclosureOfDetailedInformationAboutOtherAssetsExplanatory_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_DisclosureOfDetailedInformationAboutPrepaidExpensesExplanatory" xlink:label="cpa_DisclosureOfDetailedInformationAboutPrepaidExpensesExplanatory"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_DisclosureOfDetailedInformationAboutPrepaidExpensesExplanatory_lbl" xml:lang="en-US" id="id_13917047_3013078_3_1">The disclosure of detailed information about prepaid expenses explanatory.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_DisclosureOfDetailedInformationAboutPrepaidExpensesExplanatory_lbl" xml:lang="en-US" id="id_13917047_3013078_1_1">Disclosure Of Detailed Information About Prepaid Expenses Explanatory</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_DisclosureOfDetailedInformationAboutPrepaidExpensesExplanatory_lbl" xml:lang="en-US" id="id_13917047_3013078_2_1">Detailed Information about Prepaid Expenses</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_DisclosureOfDetailedInformationAboutPrepaidExpensesExplanatory" xlink:to="cpa_DisclosureOfDetailedInformationAboutPrepaidExpensesExplanatory_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory" xlink:label="ifrs-full_DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory_lbl" xml:lang="en-US" id="id_13917047_2935758_1_1">Disclosure of detailed information about property, plant and equipment [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory_lbl" xml:lang="en-US" id="id_13917047_2935758_2_1">Summary of Property and Equipment</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory" xlink:to="ifrs-full_DisclosureOfDetailedInformationAboutPropertyPlantAndEquipmentExplanatory_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_DisclosureOfDetailInformationAboutGearingRatioExplanatory" xlink:label="cpa_DisclosureOfDetailInformationAboutGearingRatioExplanatory"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_DisclosureOfDetailInformationAboutGearingRatioExplanatory_lbl" xml:lang="en-US" id="id_13917047_3012990_3_1">The disclosure of detail information about gearing ratio.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_DisclosureOfDetailInformationAboutGearingRatioExplanatory_lbl" xml:lang="en-US" id="id_13917047_3012990_1_1">Disclosure Of Detail Information About Gearing Ratio [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_DisclosureOfDetailInformationAboutGearingRatioExplanatory_lbl" xml:lang="en-US" id="id_13917047_3012990_2_1">Summary of Gearing Ratio</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_DisclosureOfDetailInformationAboutGearingRatioExplanatory" xlink:to="cpa_DisclosureOfDetailInformationAboutGearingRatioExplanatory_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersLineItems" xlink:label="ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersLineItems"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersLineItems_lbl" xml:lang="en-US" id="id_13917047_2935760_1_1">Disclosure of disaggregation of revenue from contracts with customers [line items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersLineItems_lbl" xml:lang="en-US" id="id_13917047_2935760_2_1">Disclosure of disaggregation of revenue from contracts with customers [line items]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersLineItems" xlink:to="ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersLineItems_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersTable" xlink:label="ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersTable"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersTable_lbl" xml:lang="en-US" id="id_13917047_2937046_1_1">Disclosure of disaggregation of revenue from contracts with customers [table]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersTable_lbl" xml:lang="en-US" id="id_13917047_2937046_2_1">Disclosure of disaggregation of revenue from contracts with customers [table]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersTable" xlink:to="ifrs-full_DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersTable_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfEarningsPerShareExplanatory" xlink:label="ifrs-full_DisclosureOfEarningsPerShareExplanatory"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfEarningsPerShareExplanatory_lbl" xml:lang="en-US" id="id_13917047_2936070_1_1">Disclosure of earnings per share [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfEarningsPerShareExplanatory_lbl" xml:lang="en-US" id="id_13917047_2936070_2_1">Earnings (loss) per share</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfEarningsPerShareExplanatory" xlink:to="ifrs-full_DisclosureOfEarningsPerShareExplanatory_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfEmployeeBenefitsExplanatory" xlink:label="ifrs-full_DisclosureOfEmployeeBenefitsExplanatory"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfEmployeeBenefitsExplanatory_lbl" xml:lang="en-US" id="id_13917047_2936076_1_1">Disclosure of employee benefits [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfEmployeeBenefitsExplanatory_lbl" xml:lang="en-US" id="id_13917047_2936076_2_1">Net pension assets</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfEmployeeBenefitsExplanatory" xlink:to="ifrs-full_DisclosureOfEmployeeBenefitsExplanatory_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfEntitysReportableSegmentsExplanatory" xlink:label="ifrs-full_DisclosureOfEntitysReportableSegmentsExplanatory"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfEntitysReportableSegmentsExplanatory_lbl" xml:lang="en-US" id="id_13917047_2936077_1_1">Disclosure of entity's operating segments [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfEntitysReportableSegmentsExplanatory_lbl" xml:lang="en-US" id="id_13917047_2936077_2_1">Segment reporting</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfEntitysReportableSegmentsExplanatory" xlink:to="ifrs-full_DisclosureOfEntitysReportableSegmentsExplanatory_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_DisclosureOfEquityExplanatory" xlink:label="cpa_DisclosureOfEquityExplanatory"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_DisclosureOfEquityExplanatory_lbl" xml:lang="en-US" id="id_13917047_3016171_3_1">The entire disclosure of equity explanatory.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_DisclosureOfEquityExplanatory_lbl" xml:lang="en-US" id="id_13917047_3016171_1_1">Disclosure of Equity [Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_DisclosureOfEquityExplanatory_lbl" xml:lang="en-US" id="id_13917047_3016171_2_1">Equity</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_DisclosureOfEquityExplanatory" xlink:to="cpa_DisclosureOfEquityExplanatory_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_DisclosureOfEquityLineItems" xlink:label="cpa_DisclosureOfEquityLineItems"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_DisclosureOfEquityLineItems_lbl" xml:lang="en-US" id="id_13917047_2939733_3_1">Disclosure of equity [Line Items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_DisclosureOfEquityLineItems_lbl" xml:lang="en-US" id="id_13917047_2939733_1_1">Disclosure of equity [Line Items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_DisclosureOfEquityLineItems_lbl" xml:lang="en-US" id="id_13917047_2939733_2_1">Disclosure of equity [line items]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_DisclosureOfEquityLineItems" xlink:to="cpa_DisclosureOfEquityLineItems_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_DisclosureOfEquityTable" xlink:label="cpa_DisclosureOfEquityTable"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_DisclosureOfEquityTable_lbl" xml:lang="en-US" id="id_13917047_2978064_3_1">Disclosure of equity [Table]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_DisclosureOfEquityTable_lbl" xml:lang="en-US" id="id_13917047_2978064_1_1">Disclosure of equity [Table]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_DisclosureOfEquityTable_lbl" xml:lang="en-US" id="id_13917047_2978064_2_1">Disclosure of equity [Table]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_DisclosureOfEquityTable" xlink:to="cpa_DisclosureOfEquityTable_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfEventsAfterReportingPeriodExplanatory" xlink:label="ifrs-full_DisclosureOfEventsAfterReportingPeriodExplanatory"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfEventsAfterReportingPeriodExplanatory_lbl" xml:lang="en-US" id="id_13917047_2936567_1_1">Disclosure of events after reporting period [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfEventsAfterReportingPeriodExplanatory_lbl" xml:lang="en-US" id="id_13917047_2936567_2_1">Subsequent events</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfEventsAfterReportingPeriodExplanatory" xlink:to="ifrs-full_DisclosureOfEventsAfterReportingPeriodExplanatory_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesAbstract" xlink:label="ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesAbstract_lbl" xml:lang="en-US" id="id_13917047_2937053_1_1">Disclosure of fair value measurement of liabilities [abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesAbstract_lbl" xml:lang="en-US" id="id_13917047_2937053_2_1">Disclosure of fair value measurement of liabilities [abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesAbstract" xlink:to="ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesAbstract_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesLineItems" xlink:label="ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesLineItems"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesLineItems_lbl" xml:lang="en-US" id="id_13917047_2935774_1_1">Disclosure of fair value measurement of liabilities [line items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesLineItems_lbl" xml:lang="en-US" id="id_13917047_2935774_2_1">Disclosure of fair value measurement of liabilities [line items]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesLineItems" xlink:to="ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesLineItems_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesTable" xlink:label="ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesTable"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesTable_lbl" xml:lang="en-US" id="id_13917047_2935775_1_1">Disclosure of fair value measurement of liabilities [table]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_DisclosureOfFairValueMeasurementOfLiabilitiesTable_lbl" xml:lang="en-US" id="id_13917047_2935775_2_1">Disclosure of fair value measurement of liabilities [table]</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_DisclosureOfInformationAboutUnconsolidatedSubsidiariesTable" xlink:label="ifrs-full_DisclosureOfInformationAboutUnconsolidatedSubsidiariesTable"/>
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    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_DisclosureOfMaturityPortfolioOfAccountsReceivableExplanatory" xlink:label="cpa_DisclosureOfMaturityPortfolioOfAccountsReceivableExplanatory"/>
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    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_DisclosureOfNumberAndWeightedAverageExercisePricesOfEquityInstrumentsExplanatory" xlink:label="cpa_DisclosureOfNumberAndWeightedAverageExercisePricesOfEquityInstrumentsExplanatory"/>
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    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_DisclosureOfOperatingLeaseByLesseeAbstract" xlink:label="cpa_DisclosureOfOperatingLeaseByLesseeAbstract"/>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_DisclosureOfOperatingLeaseByLesseeAbstract_lbl" xml:lang="en-US" id="id_13917047_2942651_2_1">Disclosure of Operating Lease by Lessee [Abstract]</label>
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    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_DisclosureOfOperatingLeaseByLesseeTable" xlink:label="cpa_DisclosureOfOperatingLeaseByLesseeTable"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_DisclosureOfOperatingLeaseByLesseeTable_lbl" xml:lang="en-US" id="id_13917047_2978066_3_1">Disclosure of operating lease by lessee.</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentPeriodEndDate_lbl" xml:lang="en-US" id="id_13917047_2934744_1_1">Document Period End Date</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentType_lbl" xml:lang="en-US" id="id_13917047_2934504_1_1">Document Type</label>
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    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_EarningsBeforeIncomeTaxesDepreciationAmortizationAndRestructuringToFinanceChargeExpenseRatio" xlink:label="cpa_EarningsBeforeIncomeTaxesDepreciationAmortizationAndRestructuringToFinanceChargeExpenseRatio"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_EarningsBeforeIncomeTaxesDepreciationAmortizationAndRestructuringToFinanceChargeExpenseRatio_lbl" xml:lang="en-US" id="id_13917047_2945280_3_1">Earnings before income taxes depreciation amortization and restructuring to finance charge expense ratio.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_EarningsBeforeIncomeTaxesDepreciationAmortizationAndRestructuringToFinanceChargeExpenseRatio_lbl" xml:lang="en-US" id="id_13917047_2945280_1_1">Earnings before income taxes depreciation amortization and restructuring to finance charge expense ratio</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_EarningsBeforeIncomeTaxesDepreciationAmortizationAndRestructuringToFinanceChargeExpenseRatio_lbl" xml:lang="en-US" id="id_13917047_2945280_2_1">EBITDAR to a finance charge expense ratio</label>
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    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_EarningsBeforeIncomeTaxesDepreciationAmortizationAndRestructuringToFixedChargeRatio" xlink:label="cpa_EarningsBeforeIncomeTaxesDepreciationAmortizationAndRestructuringToFixedChargeRatio"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_EarningsBeforeIncomeTaxesDepreciationAmortizationAndRestructuringToFixedChargeRatio_lbl" xml:lang="en-US" id="id_13917047_3020356_3_1">Earnings before income taxes depreciation amortization and restructuring to fixed charge ratio.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_EarningsBeforeIncomeTaxesDepreciationAmortizationAndRestructuringToFixedChargeRatio_lbl" xml:lang="en-US" id="id_13917047_3020356_1_1">Earnings before income taxes depreciation amortization and restructuring to fixed charge ratio</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_EarningsBeforeIncomeTaxesDepreciationAmortizationAndRestructuringToFixedChargeRatio_lbl" xml:lang="en-US" id="id_13917047_3020356_2_1">Earnings before income taxes, depreciation, amortization, and restructuring, or rent cost ("EBITDAR") to a fixed charge ratio</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_EarningsPerShareAbstract" xlink:label="ifrs-full_EarningsPerShareAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_EarningsPerShareAbstract_lbl" xml:lang="en-US" id="id_13917047_2937182_1_1">Earnings per share [abstract]</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_EarningsPerShareExplanatory" xlink:label="ifrs-full_EarningsPerShareExplanatory"/>
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    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_EditoraDelCaribeSAMember" xlink:label="cpa_EditoraDelCaribeSAMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_EditoraDelCaribeSAMember_lbl" xml:lang="en-US" id="id_13917047_2980538_3_1">Editora del caribe, S. A.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_EditoraDelCaribeSAMember_lbl" xml:lang="en-US" id="id_13917047_2980538_1_1">Editora del Caribe, S. A. [member]</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_EffectOfExchangeRateChangesOnCashAndCashEquivalents" xlink:label="ifrs-full_EffectOfExchangeRateChangesOnCashAndCashEquivalents"/>
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    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_EmployeeBenefitsExpense" xlink:label="ifrs-full_EmployeeBenefitsExpense"/>
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    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityCentralIndexKey" xlink:label="dei_EntityCentralIndexKey"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCentralIndexKey_lbl" xml:lang="en-US" id="id_13917047_2933911_1_1">Entity Central Index Key</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="dei_EntityCentralIndexKey_lbl" xml:lang="en-US" id="id_13917047_2933911_2_1">Entity Central Index Key</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityCommonStockSharesOutstanding" xlink:label="dei_EntityCommonStockSharesOutstanding"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCommonStockSharesOutstanding_lbl" xml:lang="en-US" id="id_13917047_2934510_1_1">Entity Common Stock, Shares Outstanding</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityCurrentReportingStatus" xlink:label="dei_EntityCurrentReportingStatus"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCurrentReportingStatus_lbl" xml:lang="en-US" id="id_13917047_2934752_1_1">Entity Current Reporting Status</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="dei_EntityCurrentReportingStatus_lbl" xml:lang="en-US" id="id_13917047_2934752_2_1">Entity Current Reporting Status</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityDomain" xlink:label="dei_EntityDomain"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityDomain_lbl" xml:lang="en-US" id="id_13917047_2934222_1_1">Entity [Domain]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="dei_EntityDomain_lbl" xml:lang="en-US" id="id_13917047_2934222_2_1">Entity [Domain]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityDomain" xlink:to="dei_EntityDomain_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityFilerCategory" xlink:label="dei_EntityFilerCategory"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityFilerCategory_lbl" xml:lang="en-US" id="id_13917047_2933912_1_1">Entity Filer Category</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="dei_EntityFilerCategory_lbl" xml:lang="en-US" id="id_13917047_2933912_2_1">Entity Filer Category</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityRegistrantName" xlink:label="dei_EntityRegistrantName"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityRegistrantName_lbl" xml:lang="en-US" id="id_13917047_2934518_1_1">Entity Registrant Name</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="dei_EntityRegistrantName_lbl" xml:lang="en-US" id="id_13917047_2934518_2_1">Entity Registrant Name</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_EntitysTotalForAssociatesMember" xlink:label="ifrs-full_EntitysTotalForAssociatesMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_EntitysTotalForAssociatesMember_lbl" xml:lang="en-US" id="id_13917047_2937354_1_1">Entity's total for associates [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_EntitysTotalForAssociatesMember_lbl" xml:lang="en-US" id="id_13917047_2937354_2_1">Entity's total for associates [member]</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_EntitysTotalForConsolidatedStructuredEntitiesMember_lbl" xml:lang="en-US" id="id_13917047_2936889_1_1">Entity's total for consolidated structured entities [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_EntitysTotalForConsolidatedStructuredEntitiesMember_lbl" xml:lang="en-US" id="id_13917047_2936889_2_1">Entity's total for consolidated structured entities [member]</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_EntitysTotalForImpairmentOfFinancialAssetsMember" xlink:label="ifrs-full_EntitysTotalForImpairmentOfFinancialAssetsMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_EntitysTotalForImpairmentOfFinancialAssetsMember_lbl" xml:lang="en-US" id="id_13917047_2937356_1_1">Entity's total for impairment of financial assets [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_EntitysTotalForImpairmentOfFinancialAssetsMember_lbl" xml:lang="en-US" id="id_13917047_2937356_2_1">Entity's total for impairment of financial assets [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_EntitysTotalForImpairmentOfFinancialAssetsMember" xlink:to="ifrs-full_EntitysTotalForImpairmentOfFinancialAssetsMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_EntitysTotalForJointOperationsMember" xlink:label="ifrs-full_EntitysTotalForJointOperationsMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_EntitysTotalForJointOperationsMember_lbl" xml:lang="en-US" id="id_13917047_2936891_1_1">Entity's total for joint operations [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_EntitysTotalForJointOperationsMember_lbl" xml:lang="en-US" id="id_13917047_2936891_2_1">Entity's total for joint operations [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_EntitysTotalForJointOperationsMember" xlink:to="ifrs-full_EntitysTotalForJointOperationsMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_EntitysTotalForRelatedPartiesMember" xlink:label="ifrs-full_EntitysTotalForRelatedPartiesMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_EntitysTotalForRelatedPartiesMember_lbl" xml:lang="en-US" id="id_13917047_2936590_1_1">Entity's total for related parties [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_EntitysTotalForRelatedPartiesMember_lbl" xml:lang="en-US" id="id_13917047_2936590_2_1">Entity's total for related parties [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_EntitysTotalForRelatedPartiesMember" xlink:to="ifrs-full_EntitysTotalForRelatedPartiesMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_EntitysTotalForSubsidiariesMember" xlink:label="ifrs-full_EntitysTotalForSubsidiariesMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_EntitysTotalForSubsidiariesMember_lbl" xml:lang="en-US" id="id_13917047_2936893_1_1">Entity's total for subsidiaries [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_EntitysTotalForSubsidiariesMember_lbl" xml:lang="en-US" id="id_13917047_2936893_2_1">Entity's total for subsidiaries [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_EntitysTotalForSubsidiariesMember" xlink:to="ifrs-full_EntitysTotalForSubsidiariesMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityVoluntaryFilers" xlink:label="dei_EntityVoluntaryFilers"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityVoluntaryFilers_lbl" xml:lang="en-US" id="id_13917047_2933925_1_1">Entity Voluntary Filers</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="dei_EntityVoluntaryFilers_lbl" xml:lang="en-US" id="id_13917047_2933925_2_1">Entity Voluntary Filers</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityVoluntaryFilers" xlink:to="dei_EntityVoluntaryFilers_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityWellKnownSeasonedIssuer" xlink:label="dei_EntityWellKnownSeasonedIssuer"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityWellKnownSeasonedIssuer_lbl" xml:lang="en-US" id="id_13917047_2934520_1_1">Entity Well-known Seasoned Issuer</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="dei_EntityWellKnownSeasonedIssuer_lbl" xml:lang="en-US" id="id_13917047_2934520_2_1">Entity Well-known Seasoned Issuer</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityWellKnownSeasonedIssuer" xlink:to="dei_EntityWellKnownSeasonedIssuer_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_Equity" xlink:label="ifrs-full_Equity"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_Equity_lbl" xml:lang="en-US" id="id_13917047_2937193_1_1">Equity</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="ifrs-full_Equity_lbl" xml:lang="en-US" id="id_13917047_2937193_4_1">Ending balance</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="ifrs-full_Equity_lbl" xml:lang="en-US" id="id_13917047_2937193_5_1">Beginning balance</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_Equity_lbl" xml:lang="en-US" id="id_13917047_2937193_2_1">Total equity</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_Equity_lbl" xml:lang="en-US" id="id_13917047_2937193_6_1">Total equity</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Equity" xlink:to="ifrs-full_Equity_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_EquityAbstract" xlink:label="ifrs-full_EquityAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_EquityAbstract_lbl" xml:lang="en-US" id="id_13917047_2936592_1_1">Equity [abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_EquityAbstract_lbl" xml:lang="en-US" id="id_13917047_2936592_2_1">Equity</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_EquityAbstract" xlink:to="ifrs-full_EquityAbstract_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_EquityAndLiabilities" xlink:label="ifrs-full_EquityAndLiabilities"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_EquityAndLiabilities_lbl" xml:lang="en-US" id="id_13917047_2936593_1_1">Equity and liabilities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_EquityAndLiabilities_lbl" xml:lang="en-US" id="id_13917047_2936593_2_1">Total liabilities and equity</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_EquityAndLiabilities_lbl" xml:lang="en-US" id="id_13917047_2936593_6_1">Total liabilities and equity</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_EquityAndLiabilities" xlink:to="ifrs-full_EquityAndLiabilities_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_EquityAndLiabilitiesAbstract" xlink:label="ifrs-full_EquityAndLiabilitiesAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_EquityAndLiabilitiesAbstract_lbl" xml:lang="en-US" id="id_13917047_2937358_1_1">Equity and liabilities [abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_EquityAndLiabilitiesAbstract_lbl" xml:lang="en-US" id="id_13917047_2937358_2_1">LIABILITIES AND EQUITY</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_EquityAndLiabilitiesAbstract" xlink:to="ifrs-full_EquityAndLiabilitiesAbstract_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_EquityMember" xlink:label="ifrs-full_EquityMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_EquityMember_lbl" xml:lang="en-US" id="id_13917047_2937197_1_1">Equity [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_EquityMember_lbl" xml:lang="en-US" id="id_13917047_2937197_2_1">Equity [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_EquityMember" xlink:to="ifrs-full_EquityMember_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_EstimatedUsefulLivesOfIntangibleAsset" xlink:label="cpa_EstimatedUsefulLivesOfIntangibleAsset"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_EstimatedUsefulLivesOfIntangibleAsset_lbl" xml:lang="en-US" id="id_13917047_2977073_3_1">Estimated useful lives of intangible asset.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_EstimatedUsefulLivesOfIntangibleAsset_lbl" xml:lang="en-US" id="id_13917047_2977073_1_1">Estimated useful lives of intangible asset</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_EstimatedUsefulLivesOfIntangibleAsset_lbl" xml:lang="en-US" id="id_13917047_2977073_2_1">Estimated useful lives</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_EstimatedUsefulLivesOfIntangibleAsset" xlink:to="cpa_EstimatedUsefulLivesOfIntangibleAsset_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_EstimatedUsefulLivesOfTangibleAsset" xlink:label="cpa_EstimatedUsefulLivesOfTangibleAsset"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_EstimatedUsefulLivesOfTangibleAsset_lbl" xml:lang="en-US" id="id_13917047_2977466_3_1">An estimate of the average number of years an asset is considered usable before its value is fully depreciated.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_EstimatedUsefulLivesOfTangibleAsset_lbl" xml:lang="en-US" id="id_13917047_2977466_1_1">Estimated Useful Lives Of Tangible Asset</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_EstimatedUsefulLivesOfTangibleAsset_lbl" xml:lang="en-US" id="id_13917047_2977466_2_1">Estimated useful life (years)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_EstimatedUsefulLivesOfTangibleAsset" xlink:to="cpa_EstimatedUsefulLivesOfTangibleAsset_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_EstimateOfContributionsExpectedToBePaidToPlan" xlink:label="ifrs-full_EstimateOfContributionsExpectedToBePaidToPlan"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_EstimateOfContributionsExpectedToBePaidToPlan_lbl" xml:lang="en-US" id="id_13917047_2936598_1_1">Estimate of contributions expected to be paid to plan for next annual reporting period</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_EstimateOfContributionsExpectedToBePaidToPlan_lbl" xml:lang="en-US" id="id_13917047_2936598_2_1">Total expected payments</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_EstimateOfContributionsExpectedToBePaidToPlan" xlink:to="ifrs-full_EstimateOfContributionsExpectedToBePaidToPlan_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_ExchangeRateDifferenceNet" xlink:label="cpa_ExchangeRateDifferenceNet"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_ExchangeRateDifferenceNet_lbl" xml:lang="en-US" id="id_13917047_3054825_3_1">Exchange rate difference, net.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_ExchangeRateDifferenceNet_lbl" xml:lang="en-US" id="id_13917047_3054825_1_1">Exchange rate difference, net</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_ExchangeRateDifferenceNet_lbl" xml:lang="en-US" id="id_13917047_3054825_2_1">Exchange rate difference, net</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_ExchangeRateDifferenceNet" xlink:to="cpa_ExchangeRateDifferenceNet_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_ExecutiveOfficersMember" xlink:label="cpa_ExecutiveOfficersMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_ExecutiveOfficersMember_lbl" xml:lang="en-US" id="id_13917047_2980636_3_1">Executive officers.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_ExecutiveOfficersMember_lbl" xml:lang="en-US" id="id_13917047_2980636_1_1">Executive officers [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_ExecutiveOfficersMember_lbl" xml:lang="en-US" id="id_13917047_2980636_2_1">Executive officers [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_ExecutiveOfficersMember" xlink:to="cpa_ExecutiveOfficersMember_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_ExercisePricePerShareOptions" xlink:label="cpa_ExercisePricePerShareOptions"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_ExercisePricePerShareOptions_lbl" xml:lang="en-US" id="id_13917047_3019969_3_1">Exercise price per share options.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_ExercisePricePerShareOptions_lbl" xml:lang="en-US" id="id_13917047_3019969_1_1">Exercise Price Per Share Options</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_ExercisePricePerShareOptions_lbl" xml:lang="en-US" id="id_13917047_3019969_2_1">Exercise price of the options</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_ExercisePricePerShareOptions" xlink:to="cpa_ExercisePricePerShareOptions_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ExpectedDividendAsPercentageShareOptionsGranted" xlink:label="ifrs-full_ExpectedDividendAsPercentageShareOptionsGranted"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ExpectedDividendAsPercentageShareOptionsGranted_lbl" xml:lang="en-US" id="id_13917047_2936602_1_1">Expected dividend as percentage, share options granted</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ExpectedDividendAsPercentageShareOptionsGranted_lbl" xml:lang="en-US" id="id_13917047_2936602_2_1">Expected dividend yield</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ExpectedDividendAsPercentageShareOptionsGranted" xlink:to="ifrs-full_ExpectedDividendAsPercentageShareOptionsGranted_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ExpenseFromSharebasedPaymentTransactionsInWhichGoodsOrServicesReceivedDidNotQualifyForRecognitionAsAssets" xlink:label="ifrs-full_ExpenseFromSharebasedPaymentTransactionsInWhichGoodsOrServicesReceivedDidNotQualifyForRecognitionAsAssets"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ExpenseFromSharebasedPaymentTransactionsInWhichGoodsOrServicesReceivedDidNotQualifyForRecognitionAsAssets_lbl" xml:lang="en-US" id="id_13917047_2936606_1_1">Expense from share-based payment transactions in which goods or services received did not qualify for recognition as assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ExpenseFromSharebasedPaymentTransactionsInWhichGoodsOrServicesReceivedDidNotQualifyForRecognitionAsAssets_lbl" xml:lang="en-US" id="id_13917047_2936606_2_1">Estimated compensation cost for next year</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ExpenseFromSharebasedPaymentTransactionsInWhichGoodsOrServicesReceivedDidNotQualifyForRecognitionAsAssets" xlink:to="ifrs-full_ExpenseFromSharebasedPaymentTransactionsInWhichGoodsOrServicesReceivedDidNotQualifyForRecognitionAsAssets_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_ExperienceGainLossNetDefinedBenefitLiabilityAsset" xlink:label="cpa_ExperienceGainLossNetDefinedBenefitLiabilityAsset"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_ExperienceGainLossNetDefinedBenefitLiabilityAsset_lbl" xml:lang="en-US" id="id_13917047_2946156_3_1">Experience gain (loss), net defined benefit liability (asset).</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_ExperienceGainLossNetDefinedBenefitLiabilityAsset_lbl" xml:lang="en-US" id="id_13917047_2946156_1_1">Experience gain (loss), net defined benefit liability (asset)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_ExperienceGainLossNetDefinedBenefitLiabilityAsset_lbl" xml:lang="en-US" id="id_13917047_2946156_2_1">Experience (gain) loss</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_ExperienceGainLossNetDefinedBenefitLiabilityAsset" xlink:to="cpa_ExperienceGainLossNetDefinedBenefitLiabilityAsset_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_ExportImportBankOfUnitedStatesMember" xlink:label="cpa_ExportImportBankOfUnitedStatesMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_ExportImportBankOfUnitedStatesMember_lbl" xml:lang="en-US" id="id_13917047_3048966_3_1">Export-Import Bank of United States.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_ExportImportBankOfUnitedStatesMember_lbl" xml:lang="en-US" id="id_13917047_3048966_1_1">Export-Import Bank of United States [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_ExportImportBankOfUnitedStatesMember_lbl" xml:lang="en-US" id="id_13917047_3048966_2_1">Export-import bank of united states [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_ExportImportBankOfUnitedStatesMember" xlink:to="cpa_ExportImportBankOfUnitedStatesMember_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_FactoringMember" xlink:label="cpa_FactoringMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_FactoringMember_lbl" xml:lang="en-US" id="id_13917047_2980581_3_1">Factoring.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_FactoringMember_lbl" xml:lang="en-US" id="id_13917047_2980581_1_1">Factoring [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_FactoringMember_lbl" xml:lang="en-US" id="id_13917047_2980581_2_1">Interest on factoring [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_FactoringMember" xlink:to="cpa_FactoringMember_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_FairValueOfAssetsMember" xlink:label="cpa_FairValueOfAssetsMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_FairValueOfAssetsMember_lbl" xml:lang="en-US" id="id_13917047_2980600_3_1">Fair value of assets.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_FairValueOfAssetsMember_lbl" xml:lang="en-US" id="id_13917047_2980600_1_1">Fair value of assets [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_FairValueOfAssetsMember_lbl" xml:lang="en-US" id="id_13917047_2980600_2_1">Fair value of assets [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_FairValueOfAssetsMember" xlink:to="cpa_FairValueOfAssetsMember_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_FairValueOfNonvestedStockAward" xlink:label="cpa_FairValueOfNonvestedStockAward"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_FairValueOfNonvestedStockAward_lbl" xml:lang="en-US" id="id_13917047_3019467_3_1">Fair value of non-vested stock award.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_FairValueOfNonvestedStockAward_lbl" xml:lang="en-US" id="id_13917047_3019467_1_1">Fair value of non-vested stock award</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_FairValueOfNonvestedStockAward_lbl" xml:lang="en-US" id="id_13917047_3019467_2_1">Fair value of non-vested stock awards</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_FairValueOfNonvestedStockAward" xlink:to="cpa_FairValueOfNonvestedStockAward_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_FemaleMember" xlink:label="cpa_FemaleMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_FemaleMember_lbl" xml:lang="en-US" id="id_13917047_2995313_3_1">Female [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_FemaleMember_lbl" xml:lang="en-US" id="id_13917047_2995313_1_1">Female [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_FemaleMember_lbl" xml:lang="en-US" id="id_13917047_2995313_2_1">Female [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_FemaleMember" xlink:to="cpa_FemaleMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_FinanceCosts" xlink:label="ifrs-full_FinanceCosts"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_FinanceCosts_lbl" xml:lang="en-US" id="id_13917047_2937434_1_1">Finance costs</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_FinanceCosts_lbl" xml:lang="en-US" id="id_13917047_2937434_14_1">Finance cost</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_FinanceCosts" xlink:to="ifrs-full_FinanceCosts_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_FinanceIncome" xlink:label="ifrs-full_FinanceIncome"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_FinanceIncome_lbl" xml:lang="en-US" id="id_13917047_2937905_1_1">Finance income</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_FinanceIncome_lbl" xml:lang="en-US" id="id_13917047_2937905_2_1">Finance income</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_FinanceIncome" xlink:to="ifrs-full_FinanceIncome_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_FinanceLeaseMember" xlink:label="cpa_FinanceLeaseMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_FinanceLeaseMember_lbl" xml:lang="en-US" id="id_13917047_2981235_3_1">Finance lease.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_FinanceLeaseMember_lbl" xml:lang="en-US" id="id_13917047_2981235_1_1">Finance Lease [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_FinanceLeaseMember_lbl" xml:lang="en-US" id="id_13917047_2981235_2_1">Finance lease [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_FinanceLeaseMember" xlink:to="cpa_FinanceLeaseMember_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_FinancialAssetLiabilitiesNet" xlink:label="cpa_FinancialAssetLiabilitiesNet"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_FinancialAssetLiabilitiesNet_lbl" xml:lang="en-US" id="id_13917047_2946479_3_1">Financial asset liabilities net.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_FinancialAssetLiabilitiesNet_lbl" xml:lang="en-US" id="id_13917047_2946479_1_1">Financial Asset Liabilities Net</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_FinancialAssetLiabilitiesNet_lbl" xml:lang="en-US" id="id_13917047_2946479_2_1">Net position</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_FinancialAssetLiabilitiesNet" xlink:to="cpa_FinancialAssetLiabilitiesNet_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_FinancialAssets" xlink:label="ifrs-full_FinancialAssets"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_FinancialAssets_lbl" xml:lang="en-US" id="id_13917047_2936647_1_1">Financial assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_FinancialAssets_lbl" xml:lang="en-US" id="id_13917047_2936647_6_1">Total assets</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_FinancialAssets" xlink:to="ifrs-full_FinancialAssets_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_FinancialAssetsAtFairValueMember" xlink:label="ifrs-full_FinancialAssetsAtFairValueMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_FinancialAssetsAtFairValueMember_lbl" xml:lang="en-US" id="id_13917047_2936955_1_1">Financial assets at fair value, class [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_FinancialAssetsAtFairValueMember_lbl" xml:lang="en-US" id="id_13917047_2936955_2_1">Financial Assets at Fair Value, Class [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_FinancialAssetsAtFairValueMember" xlink:to="ifrs-full_FinancialAssetsAtFairValueMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_FinancialAssetsImpairedMember" xlink:label="ifrs-full_FinancialAssetsImpairedMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_FinancialAssetsImpairedMember_lbl" xml:lang="en-US" id="id_13917047_2936654_1_1">Financial assets impaired [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_FinancialAssetsImpairedMember_lbl" xml:lang="en-US" id="id_13917047_2936654_2_1">Impaired [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_FinancialAssetsImpairedMember" xlink:to="ifrs-full_FinancialAssetsImpairedMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_FinancialAssetsMember" xlink:label="ifrs-full_FinancialAssetsMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_FinancialAssetsMember_lbl" xml:lang="en-US" id="id_13917047_2937442_1_1">Financial assets, class [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_FinancialAssetsMember_lbl" xml:lang="en-US" id="id_13917047_2937442_2_1">Financial assets, class [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_FinancialAssetsMember" xlink:to="ifrs-full_FinancialAssetsMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_FinancialAssetsNeitherPastDueNorImpairedMember" xlink:label="ifrs-full_FinancialAssetsNeitherPastDueNorImpairedMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_FinancialAssetsNeitherPastDueNorImpairedMember_lbl" xml:lang="en-US" id="id_13917047_2936959_1_1">Financial assets neither past due nor impaired [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_FinancialAssetsNeitherPastDueNorImpairedMember_lbl" xml:lang="en-US" id="id_13917047_2936959_2_1">Financial assets neither past due nor impaired [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_FinancialAssetsNeitherPastDueNorImpairedMember" xlink:to="ifrs-full_FinancialAssetsNeitherPastDueNorImpairedMember_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_FinancialAssetsNotImpairedMember" xlink:label="cpa_FinancialAssetsNotImpairedMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_FinancialAssetsNotImpairedMember_lbl" xml:lang="en-US" id="id_13917047_2982688_3_1">Financial assets not impaired.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_FinancialAssetsNotImpairedMember_lbl" xml:lang="en-US" id="id_13917047_2982688_1_1">Financial Assets Not Impaired [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_FinancialAssetsNotImpairedMember_lbl" xml:lang="en-US" id="id_13917047_2982688_2_1">Financial assets not impaired [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_FinancialAssetsNotImpairedMember" xlink:to="cpa_FinancialAssetsNotImpairedMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_FinancialEffectOfCorrectionsOfAccountingErrorsMember" xlink:label="ifrs-full_FinancialEffectOfCorrectionsOfAccountingErrorsMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_FinancialEffectOfCorrectionsOfAccountingErrorsMember_lbl" xml:lang="en-US" id="id_13917047_2937926_1_1">Increase (decrease) due to corrections of prior period errors [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_FinancialEffectOfCorrectionsOfAccountingErrorsMember_lbl" xml:lang="en-US" id="id_13917047_2937926_2_1">Increase (decrease) due to corrections of prior period errors [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_FinancialEffectOfCorrectionsOfAccountingErrorsMember" xlink:to="ifrs-full_FinancialEffectOfCorrectionsOfAccountingErrorsMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_FinancialLiabilities" xlink:label="ifrs-full_FinancialLiabilities"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_FinancialLiabilities_lbl" xml:lang="en-US" id="id_13917047_2936666_1_1">Financial liabilities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_FinancialLiabilities_lbl" xml:lang="en-US" id="id_13917047_2936666_6_1">Total liabilities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_FinancialLiabilities" xlink:to="ifrs-full_FinancialLiabilities_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_FinancialLiabilitiesAtFairValue" xlink:label="ifrs-full_FinancialLiabilitiesAtFairValue"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_FinancialLiabilitiesAtFairValue_lbl" xml:lang="en-US" id="id_13917047_2938092_1_1">Financial liabilities, at fair value</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_FinancialLiabilitiesAtFairValue_lbl" xml:lang="en-US" id="id_13917047_2938092_2_1">Fuel derivatives</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_FinancialLiabilitiesAtFairValue" xlink:to="ifrs-full_FinancialLiabilitiesAtFairValue_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_FinancialLiabilitiesAtFairValueMember" xlink:label="ifrs-full_FinancialLiabilitiesAtFairValueMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_FinancialLiabilitiesAtFairValueMember_lbl" xml:lang="en-US" id="id_13917047_2936967_1_1">Financial liabilities at fair value, class [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_FinancialLiabilitiesAtFairValueMember_lbl" xml:lang="en-US" id="id_13917047_2936967_2_1">Financial Liabilities at Fair Value, Class [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_FinancialLiabilitiesAtFairValueMember" xlink:to="ifrs-full_FinancialLiabilitiesAtFairValueMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_FinancialLiabilitiesCategoryMember" xlink:label="ifrs-full_FinancialLiabilitiesCategoryMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_FinancialLiabilitiesCategoryMember_lbl" xml:lang="en-US" id="id_13917047_2936668_1_1">Financial liabilities, category [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_FinancialLiabilitiesCategoryMember_lbl" xml:lang="en-US" id="id_13917047_2936668_2_1">Financial liabilities, category [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_FinancialLiabilitiesCategoryMember" xlink:to="ifrs-full_FinancialLiabilitiesCategoryMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_FinancialLiabilitiesMember" xlink:label="ifrs-full_FinancialLiabilitiesMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_FinancialLiabilitiesMember_lbl" xml:lang="en-US" id="id_13917047_2936669_1_1">Financial liabilities, class [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_FinancialLiabilitiesMember_lbl" xml:lang="en-US" id="id_13917047_2936669_2_1">Financial liabilities, class [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_FinancialLiabilitiesMember" xlink:to="ifrs-full_FinancialLiabilitiesMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_FixedInterestRateMember" xlink:label="ifrs-full_FixedInterestRateMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_FixedInterestRateMember_lbl" xml:lang="en-US" id="id_13917047_2936972_1_1">Fixed interest rate [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_FixedInterestRateMember_lbl" xml:lang="en-US" id="id_13917047_2936972_2_1">Fixed interest rate [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_FixedInterestRateMember" xlink:to="ifrs-full_FixedInterestRateMember_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_FixedRateOfInstrumentsAbstract" xlink:label="cpa_FixedRateOfInstrumentsAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_FixedRateOfInstrumentsAbstract_lbl" xml:lang="en-US" id="id_13917047_2943585_3_1">Fixed rate of instruments.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_FixedRateOfInstrumentsAbstract_lbl" xml:lang="en-US" id="id_13917047_2943585_1_1">Fixed Rate of Instruments [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_FixedRateOfInstrumentsAbstract_lbl" xml:lang="en-US" id="id_13917047_2943585_2_1">Fixed Rate of Instruments [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_FixedRateOfInstrumentsAbstract" xlink:to="cpa_FixedRateOfInstrumentsAbstract_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_FixturesAndFittingsMember" xlink:label="ifrs-full_FixturesAndFittingsMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_FixturesAndFittingsMember_lbl" xml:lang="en-US" id="id_13917047_2937934_1_1">Fixtures and fittings [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_FixturesAndFittingsMember_lbl" xml:lang="en-US" id="id_13917047_2937934_2_1">Furniture, fixture, equipment a and other [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_FixturesAndFittingsMember" xlink:to="ifrs-full_FixturesAndFittingsMember_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_FlightEquipment1Member" xlink:label="cpa_FlightEquipment1Member"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_FlightEquipment1Member_lbl" xml:lang="en-US" id="id_13917047_2994640_3_1">Flight equipment.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_FlightEquipment1Member_lbl" xml:lang="en-US" id="id_13917047_2994640_1_1">Flight Equipment 1 [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_FlightEquipment1Member_lbl" xml:lang="en-US" id="id_13917047_2994640_2_1">Flight equipment [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_FlightEquipment1Member" xlink:to="cpa_FlightEquipment1Member_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_FlightOperationsExpense" xlink:label="cpa_FlightOperationsExpense"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_FlightOperationsExpense_lbl" xml:lang="en-US" id="id_13917047_2946127_3_1">Flight operations expense.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_FlightOperationsExpense_lbl" xml:lang="en-US" id="id_13917047_2946127_1_1">Flight Operations Expense</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_FlightOperationsExpense_lbl" xml:lang="en-US" id="id_13917047_2946127_2_1">Flight operations</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_FlightOperationsExpense" xlink:to="cpa_FlightOperationsExpense_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_FloatingInterestRateMember" xlink:label="ifrs-full_FloatingInterestRateMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_FloatingInterestRateMember_lbl" xml:lang="en-US" id="id_13917047_2937935_1_1">Floating interest rate [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_FloatingInterestRateMember_lbl" xml:lang="en-US" id="id_13917047_2937935_2_1">Floating interest rate [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_FloatingInterestRateMember" xlink:to="ifrs-full_FloatingInterestRateMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ForeignCountriesMember" xlink:label="ifrs-full_ForeignCountriesMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ForeignCountriesMember_lbl" xml:lang="en-US" id="id_13917047_2938100_1_1">Foreign countries [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ForeignCountriesMember_lbl" xml:lang="en-US" id="id_13917047_2938100_2_1">International [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ForeignCountriesMember" xlink:to="ifrs-full_ForeignCountriesMember_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_ForeignCurrencyExchangeRateForUsDollar" xlink:label="cpa_ForeignCurrencyExchangeRateForUsDollar"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_ForeignCurrencyExchangeRateForUsDollar_lbl" xml:lang="en-US" id="id_13917047_2945310_3_1">Foreign currency exchange rate for Us dollar.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_ForeignCurrencyExchangeRateForUsDollar_lbl" xml:lang="en-US" id="id_13917047_2945310_1_1">Foreign currency exchange rate for Us dollar</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_ForeignCurrencyExchangeRateForUsDollar_lbl" xml:lang="en-US" id="id_13917047_2945310_2_1">Foreign exchange rate on first auction</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_ForeignCurrencyExchangeRateForUsDollar" xlink:to="cpa_ForeignCurrencyExchangeRateForUsDollar_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_FuelAccessoriesMember" xlink:label="cpa_FuelAccessoriesMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_FuelAccessoriesMember_lbl" xml:lang="en-US" id="id_13917047_2980495_3_1">Fuel accesories.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_FuelAccessoriesMember_lbl" xml:lang="en-US" id="id_13917047_2980495_1_1">Fuel accessories [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_FuelAccessoriesMember_lbl" xml:lang="en-US" id="id_13917047_2980495_2_1">Fuel accessories [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_FuelAccessoriesMember" xlink:to="cpa_FuelAccessoriesMember_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_FuelDerivativeInstrumentsMember" xlink:label="cpa_FuelDerivativeInstrumentsMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_FuelDerivativeInstrumentsMember_lbl" xml:lang="en-US" id="id_13917047_2980560_3_1">Fuel derivative instruments.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_FuelDerivativeInstrumentsMember_lbl" xml:lang="en-US" id="id_13917047_2980560_1_1">Fuel derivative instruments [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_FuelDerivativeInstrumentsMember_lbl" xml:lang="en-US" id="id_13917047_2980560_2_1">Fuel derivative instruments [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_FuelDerivativeInstrumentsMember" xlink:to="cpa_FuelDerivativeInstrumentsMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_FuelExpense" xlink:label="ifrs-full_FuelExpense"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_FuelExpense_lbl" xml:lang="en-US" id="id_13917047_2936974_1_1">Fuel expense</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_FuelExpense_lbl" xml:lang="en-US" id="id_13917047_2936974_2_1">Fuel</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_FuelExpense" xlink:to="ifrs-full_FuelExpense_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_FurnitureFixturesAndOtherEquipmentMember" xlink:label="cpa_FurnitureFixturesAndOtherEquipmentMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_FurnitureFixturesAndOtherEquipmentMember_lbl" xml:lang="en-US" id="id_13917047_2997608_3_1">Furniture fixtures and other equipment.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_FurnitureFixturesAndOtherEquipmentMember_lbl" xml:lang="en-US" id="id_13917047_2997608_1_1">Furniture fixtures and other equipment [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_FurnitureFixturesAndOtherEquipmentMember_lbl" xml:lang="en-US" id="id_13917047_2997608_2_1">Furniture, fixture, equipment and other [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_FurnitureFixturesAndOtherEquipmentMember" xlink:to="cpa_FurnitureFixturesAndOtherEquipmentMember_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_FuturePaymentsPursuantToNonCompeteAgreement" xlink:label="cpa_FuturePaymentsPursuantToNonCompeteAgreement"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_FuturePaymentsPursuantToNonCompeteAgreement_lbl" xml:lang="en-US" id="id_13917047_2946353_3_1">Future payments pursuant to a non-compete agreement.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_FuturePaymentsPursuantToNonCompeteAgreement_lbl" xml:lang="en-US" id="id_13917047_2946353_1_1">Future payments pursuant to a non-compete agreement</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_FuturePaymentsPursuantToNonCompeteAgreement_lbl" xml:lang="en-US" id="id_13917047_2946353_2_1">Future payments pursuant to a non-compete agreement</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_FuturePaymentsPursuantToNonCompeteAgreement" xlink:to="cpa_FuturePaymentsPursuantToNonCompeteAgreement_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_GainsLossesOnChangeInFairValueOfDerivatives" xlink:label="ifrs-full_GainsLossesOnChangeInFairValueOfDerivatives"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_GainsLossesOnChangeInFairValueOfDerivatives_lbl" xml:lang="en-US" id="id_13917047_2937950_1_1">Gains (losses) on change in fair value of derivatives</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_GainsLossesOnChangeInFairValueOfDerivatives_lbl" xml:lang="en-US" id="id_13917047_2937950_2_1">Net change in fair value of derivatives</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_GainsLossesOnChangeInFairValueOfDerivatives" xlink:to="ifrs-full_GainsLossesOnChangeInFairValueOfDerivatives_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_GainsLossesOnChangeInValueOfForeignCurrencyBasisSpreadsBeforeTax" xlink:label="ifrs-full_GainsLossesOnChangeInValueOfForeignCurrencyBasisSpreadsBeforeTax"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_GainsLossesOnChangeInValueOfForeignCurrencyBasisSpreadsBeforeTax_lbl" xml:lang="en-US" id="id_13917047_2938106_1_1">Gains (losses) on change in value of foreign currency basis spreads, before tax</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/positiveLabel" xlink:label="ifrs-full_GainsLossesOnChangeInValueOfForeignCurrencyBasisSpreadsBeforeTax_lbl" xml:lang="en-US" id="id_13917047_2938106_32_1">Gain(Loss)on foreign currency fluctuations</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_GainsLossesOnChangeInValueOfForeignCurrencyBasisSpreadsBeforeTax_lbl" xml:lang="en-US" id="id_13917047_2938106_2_1">(Loss) Gain on foreign currency fluctuations</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_GainsLossesOnChangeInValueOfForeignCurrencyBasisSpreadsBeforeTax_lbl" xml:lang="en-US" id="id_13917047_2938106_12_1">Gain (loss) on foreign currency fluctuations</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_GainsLossesOnChangeInValueOfForeignCurrencyBasisSpreadsBeforeTax" xlink:to="ifrs-full_GainsLossesOnChangeInValueOfForeignCurrencyBasisSpreadsBeforeTax_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_GainsLossesOnExchangeDifferencesOnTranslationRecognisedInProfitOrLoss" xlink:label="ifrs-full_GainsLossesOnExchangeDifferencesOnTranslationRecognisedInProfitOrLoss"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_GainsLossesOnExchangeDifferencesOnTranslationRecognisedInProfitOrLoss_lbl" xml:lang="en-US" id="id_13917047_2938110_1_1">Foreign exchange gain (loss)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_GainsLossesOnExchangeDifferencesOnTranslationRecognisedInProfitOrLoss_lbl" xml:lang="en-US" id="id_13917047_2938110_2_1">Foreign currency gain on translation</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_GainsLossesOnExchangeDifferencesOnTranslationRecognisedInProfitOrLoss_lbl" xml:lang="en-US" id="id_13917047_2938110_12_1">Foreign exchange gain (loss)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_GainsLossesOnExchangeDifferencesOnTranslationRecognisedInProfitOrLoss" xlink:to="ifrs-full_GainsLossesOnExchangeDifferencesOnTranslationRecognisedInProfitOrLoss_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_GalindoAriasAndLopezMember" xlink:label="cpa_GalindoAriasAndLopezMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_GalindoAriasAndLopezMember_lbl" xml:lang="en-US" id="id_13917047_2980535_3_1">Galindo, arias and lopez.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_GalindoAriasAndLopezMember_lbl" xml:lang="en-US" id="id_13917047_2980535_1_1">Galindo, Arias and Lopez [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_GalindoAriasAndLopezMember_lbl" xml:lang="en-US" id="id_13917047_2980535_2_1">Galindo, arias and lopez [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_GalindoAriasAndLopezMember" xlink:to="cpa_GalindoAriasAndLopezMember_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_GBMInternationalIncMember" xlink:label="cpa_GBMInternationalIncMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_GBMInternationalIncMember_lbl" xml:lang="en-US" id="id_13917047_2980534_3_1">GBM International, Inc.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_GBMInternationalIncMember_lbl" xml:lang="en-US" id="id_13917047_2980534_1_1">GBM International, Inc.[Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_GBMInternationalIncMember_lbl" xml:lang="en-US" id="id_13917047_2980534_2_1">GBM International, Inc. [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_GBMInternationalIncMember" xlink:to="cpa_GBMInternationalIncMember_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_GearingRatio" xlink:label="cpa_GearingRatio"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_GearingRatio_lbl" xml:lang="en-US" id="id_13917047_3022688_3_1">Gearing ratio.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_GearingRatio_lbl" xml:lang="en-US" id="id_13917047_3022688_1_1">Gearing ratio</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_GearingRatio_lbl" xml:lang="en-US" id="id_13917047_3022688_2_1">Gearing ratio</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_GearingRatio" xlink:to="cpa_GearingRatio_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_GEEnginesServicesLLCMember" xlink:label="cpa_GEEnginesServicesLLCMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_GEEnginesServicesLLCMember_lbl" xml:lang="en-US" id="id_13917047_2980763_3_1">GE Engines Services LLC.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_GEEnginesServicesLLCMember_lbl" xml:lang="en-US" id="id_13917047_2980763_1_1">GE Engines Services LLC [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_GEEnginesServicesLLCMember_lbl" xml:lang="en-US" id="id_13917047_2980763_2_1">GE Engines Services, LLC [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_GEEnginesServicesLLCMember" xlink:to="cpa_GEEnginesServicesLLCMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_GeographicalAreasAxis" xlink:label="ifrs-full_GeographicalAreasAxis"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_GeographicalAreasAxis_lbl" xml:lang="en-US" id="id_13917047_2937968_1_1">Geographical areas [axis]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_GeographicalAreasAxis_lbl" xml:lang="en-US" id="id_13917047_2937968_2_1">Geographical areas [axis]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_GeographicalAreasAxis" xlink:to="ifrs-full_GeographicalAreasAxis_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_GeographicalAreasMember" xlink:label="ifrs-full_GeographicalAreasMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_GeographicalAreasMember_lbl" xml:lang="en-US" id="id_13917047_2937969_1_1">Geographical areas [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_GeographicalAreasMember_lbl" xml:lang="en-US" id="id_13917047_2937969_2_1">Geographical areas [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_GeographicalAreasMember" xlink:to="ifrs-full_GeographicalAreasMember_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_GlobalBrandsPanamaSAMember" xlink:label="cpa_GlobalBrandsPanamaSAMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_GlobalBrandsPanamaSAMember_lbl" xml:lang="en-US" id="id_13917047_2980536_3_1">Global Brands Panama, S. A.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_GlobalBrandsPanamaSAMember_lbl" xml:lang="en-US" id="id_13917047_2980536_1_1">Global Brands Panama, S. A. [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_GlobalBrandsPanamaSAMember_lbl" xml:lang="en-US" id="id_13917047_2980536_2_1">Global Brands Panama, S. A. [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_GlobalBrandsPanamaSAMember" xlink:to="cpa_GlobalBrandsPanamaSAMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_GoodwillMember" xlink:label="ifrs-full_GoodwillMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_GoodwillMember_lbl" xml:lang="en-US" id="id_13917047_2938130_1_1">Goodwill [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_GoodwillMember_lbl" xml:lang="en-US" id="id_13917047_2938130_2_1">Goodwill [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_GoodwillMember" xlink:to="ifrs-full_GoodwillMember_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_GovernmentReceivables" xlink:label="cpa_GovernmentReceivables"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_GovernmentReceivables_lbl" xml:lang="en-US" id="id_13917047_2946186_3_1">Government receivables.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_GovernmentReceivables_lbl" xml:lang="en-US" id="id_13917047_2946186_1_1">Government receivables</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_GovernmentReceivables_lbl" xml:lang="en-US" id="id_13917047_2946186_2_1">Government</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_GovernmentReceivables" xlink:to="cpa_GovernmentReceivables_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_GrantDateEightAMember" xlink:label="cpa_GrantDateEightAMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_GrantDateEightAMember_lbl" xml:lang="en-US" id="id_13917047_2981029_3_1">Grant date eight A.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_GrantDateEightAMember_lbl" xml:lang="en-US" id="id_13917047_2981029_1_1">Grant Date Eight A [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_GrantDateEightAMember_lbl" xml:lang="en-US" id="id_13917047_2981029_2_1">February, 2016 [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_GrantDateEightAMember" xlink:to="cpa_GrantDateEightAMember_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_GrantDateEightCMember" xlink:label="cpa_GrantDateEightCMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_GrantDateEightCMember_lbl" xml:lang="en-US" id="id_13917047_2981024_3_1">Grant date eight C.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_GrantDateEightCMember_lbl" xml:lang="en-US" id="id_13917047_2981024_1_1">Grant Date Eight C [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_GrantDateEightCMember_lbl" xml:lang="en-US" id="id_13917047_2981024_2_1">February, 2016 [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_GrantDateEightCMember" xlink:to="cpa_GrantDateEightCMember_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_GrantDateEightFMember" xlink:label="cpa_GrantDateEightFMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_GrantDateEightFMember_lbl" xml:lang="en-US" id="id_13917047_2981098_3_1">Grant date eight F.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_GrantDateEightFMember_lbl" xml:lang="en-US" id="id_13917047_2981098_1_1">Grant Date Eight F [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_GrantDateEightFMember_lbl" xml:lang="en-US" id="id_13917047_2981098_2_1">February, 2016 [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_GrantDateEightFMember" xlink:to="cpa_GrantDateEightFMember_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_GrantDateElevenAMember" xlink:label="cpa_GrantDateElevenAMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_GrantDateElevenAMember_lbl" xml:lang="en-US" id="id_13917047_2981018_3_1">Grant date eleven A.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_GrantDateElevenAMember_lbl" xml:lang="en-US" id="id_13917047_2981018_1_1">Grant Date Eleven A [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_GrantDateElevenAMember_lbl" xml:lang="en-US" id="id_13917047_2981018_2_1">June, 2016 [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_GrantDateElevenAMember" xlink:to="cpa_GrantDateElevenAMember_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_GrantDateElevenBMember" xlink:label="cpa_GrantDateElevenBMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_GrantDateElevenBMember_lbl" xml:lang="en-US" id="id_13917047_2981019_3_1">Grant date eleven B.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_GrantDateElevenBMember_lbl" xml:lang="en-US" id="id_13917047_2981019_1_1">Grant Date Eleven B [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_GrantDateElevenBMember_lbl" xml:lang="en-US" id="id_13917047_2981019_2_1">June, 2016 [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_GrantDateElevenBMember" xlink:to="cpa_GrantDateElevenBMember_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_GrantDateFifteenMember" xlink:label="cpa_GrantDateFifteenMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_GrantDateFifteenMember_lbl" xml:lang="en-US" id="id_13917047_3006989_3_1">Grant date fifteen.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_GrantDateFifteenMember_lbl" xml:lang="en-US" id="id_13917047_3006989_1_1">Grant date fifteen [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_GrantDateFifteenMember_lbl" xml:lang="en-US" id="id_13917047_3006989_2_1">June, 2017 [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_GrantDateFifteenMember" xlink:to="cpa_GrantDateFifteenMember_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_GrantDateFiveMember" xlink:label="cpa_GrantDateFiveMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_GrantDateFiveMember_lbl" xml:lang="en-US" id="id_13917047_3009421_3_1">Grant date five.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_GrantDateFiveMember_lbl" xml:lang="en-US" id="id_13917047_3009421_1_1">Grant Date Five [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_GrantDateFiveMember_lbl" xml:lang="en-US" id="id_13917047_3009421_2_1">April, 2015 [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_GrantDateFiveMember" xlink:to="cpa_GrantDateFiveMember_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_GrantDateFourAMember" xlink:label="cpa_GrantDateFourAMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_GrantDateFourAMember_lbl" xml:lang="en-US" id="id_13917047_2981097_3_1">Grant date four A.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_GrantDateFourAMember_lbl" xml:lang="en-US" id="id_13917047_2981097_1_1">Grant Date Four A [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_GrantDateFourAMember_lbl" xml:lang="en-US" id="id_13917047_2981097_2_1">February, 2015 [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_GrantDateFourAMember" xlink:to="cpa_GrantDateFourAMember_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_GrantDateFourteenMember" xlink:label="cpa_GrantDateFourteenMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_GrantDateFourteenMember_lbl" xml:lang="en-US" id="id_13917047_3006993_3_1">Grant date fourteen.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_GrantDateFourteenMember_lbl" xml:lang="en-US" id="id_13917047_3006993_1_1">Grant date fourteen [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_GrantDateFourteenMember_lbl" xml:lang="en-US" id="id_13917047_3006993_2_1">June, 2017 [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_GrantDateFourteenMember" xlink:to="cpa_GrantDateFourteenMember_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_GrantDateNineAMember" xlink:label="cpa_GrantDateNineAMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_GrantDateNineAMember_lbl" xml:lang="en-US" id="id_13917047_2981014_3_1">Grant date nine A.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_GrantDateNineAMember_lbl" xml:lang="en-US" id="id_13917047_2981014_1_1">Grant Date Nine A [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_GrantDateNineAMember_lbl" xml:lang="en-US" id="id_13917047_2981014_2_1">May, 2016 [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_GrantDateNineAMember" xlink:to="cpa_GrantDateNineAMember_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_GrantDateOneAMember" xlink:label="cpa_GrantDateOneAMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_GrantDateOneAMember_lbl" xml:lang="en-US" id="id_13917047_2981035_3_1">Grant date one A.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_GrantDateOneAMember_lbl" xml:lang="en-US" id="id_13917047_2981035_1_1">Grant Date One A [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_GrantDateOneAMember_lbl" xml:lang="en-US" id="id_13917047_2981035_2_1">February, 2013 [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_GrantDateOneAMember" xlink:to="cpa_GrantDateOneAMember_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_GrantDateSevenAMember" xlink:label="cpa_GrantDateSevenAMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_GrantDateSevenAMember_lbl" xml:lang="en-US" id="id_13917047_2981028_3_1">Grant date seven A.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_GrantDateSevenAMember_lbl" xml:lang="en-US" id="id_13917047_2981028_1_1">Grant Date Seven A [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_GrantDateSevenAMember_lbl" xml:lang="en-US" id="id_13917047_2981028_2_1">December, 2015 [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_GrantDateSevenAMember" xlink:to="cpa_GrantDateSevenAMember_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_GrantDateSixAMember" xlink:label="cpa_GrantDateSixAMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_GrantDateSixAMember_lbl" xml:lang="en-US" id="id_13917047_2981007_3_1">Grant date six A.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_GrantDateSixAMember_lbl" xml:lang="en-US" id="id_13917047_2981007_1_1">Grant Date Six A [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_GrantDateSixAMember_lbl" xml:lang="en-US" id="id_13917047_2981007_2_1">June, 2015 [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_GrantDateSixAMember" xlink:to="cpa_GrantDateSixAMember_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_GrantDateSixBMember" xlink:label="cpa_GrantDateSixBMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_GrantDateSixBMember_lbl" xml:lang="en-US" id="id_13917047_2981008_3_1">Grant date six B.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_GrantDateSixBMember_lbl" xml:lang="en-US" id="id_13917047_2981008_1_1">Grant Date Six B [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_GrantDateSixBMember_lbl" xml:lang="en-US" id="id_13917047_2981008_2_1">June, 2015 [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_GrantDateSixBMember" xlink:to="cpa_GrantDateSixBMember_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_GrantDateSixCMember" xlink:label="cpa_GrantDateSixCMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_GrantDateSixCMember_lbl" xml:lang="en-US" id="id_13917047_2981009_3_1">Grant date six C.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_GrantDateSixCMember_lbl" xml:lang="en-US" id="id_13917047_2981009_1_1">Grant Date Six C [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_GrantDateSixCMember_lbl" xml:lang="en-US" id="id_13917047_2981009_2_1">June 2015 [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_GrantDateSixCMember" xlink:to="cpa_GrantDateSixCMember_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_GrantDateTenMember" xlink:label="cpa_GrantDateTenMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_GrantDateTenMember_lbl" xml:lang="en-US" id="id_13917047_2981017_3_1">Grant date ten.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_GrantDateTenMember_lbl" xml:lang="en-US" id="id_13917047_2981017_1_1">Grant Date Ten [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_GrantDateTenMember_lbl" xml:lang="en-US" id="id_13917047_2981017_2_1">May, 2016 [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_GrantDateTenMember" xlink:to="cpa_GrantDateTenMember_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_GrantDateThirteenMember" xlink:label="cpa_GrantDateThirteenMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_GrantDateThirteenMember_lbl" xml:lang="en-US" id="id_13917047_3006990_3_1">Grant date thirteen.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_GrantDateThirteenMember_lbl" xml:lang="en-US" id="id_13917047_3006990_1_1">Grant date thirteen [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_GrantDateThirteenMember_lbl" xml:lang="en-US" id="id_13917047_3006990_2_1">February, 2017 [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_GrantDateThirteenMember" xlink:to="cpa_GrantDateThirteenMember_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_GrantDateTwelveAMember" xlink:label="cpa_GrantDateTwelveAMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_GrantDateTwelveAMember_lbl" xml:lang="en-US" id="id_13917047_2981020_3_1">Grant date twelve A.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_GrantDateTwelveAMember_lbl" xml:lang="en-US" id="id_13917047_2981020_1_1">Grant Date Twelve A [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_GrantDateTwelveAMember_lbl" xml:lang="en-US" id="id_13917047_2981020_2_1">Sept, 2016 [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_GrantDateTwelveAMember" xlink:to="cpa_GrantDateTwelveAMember_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_GrantDateTwelveBMember" xlink:label="cpa_GrantDateTwelveBMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_GrantDateTwelveBMember_lbl" xml:lang="en-US" id="id_13917047_2981022_3_1">Grant date twelve B.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_GrantDateTwelveBMember_lbl" xml:lang="en-US" id="id_13917047_2981022_1_1">Grant Date Twelve B [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_GrantDateTwelveBMember_lbl" xml:lang="en-US" id="id_13917047_2981022_2_1">Sept, 2016 [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_GrantDateTwelveBMember" xlink:to="cpa_GrantDateTwelveBMember_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_GrossBenefitsPaidNetDefinedBenefitLiabilityAsset" xlink:label="cpa_GrossBenefitsPaidNetDefinedBenefitLiabilityAsset"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_GrossBenefitsPaidNetDefinedBenefitLiabilityAsset_lbl" xml:lang="en-US" id="id_13917047_2946158_3_1">Gross benefits paid, net defined benefit liability (asset).</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_GrossBenefitsPaidNetDefinedBenefitLiabilityAsset_lbl" xml:lang="en-US" id="id_13917047_2946158_1_1">Gross benefits paid, net defined benefit liability (asset)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="cpa_GrossBenefitsPaidNetDefinedBenefitLiabilityAsset_lbl" xml:lang="en-US" id="id_13917047_2946158_14_1">Gross benefits paid</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_GrossBenefitsPaidNetDefinedBenefitLiabilityAsset" xlink:to="cpa_GrossBenefitsPaidNetDefinedBenefitLiabilityAsset_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_GrossCarryingAmountMember" xlink:label="ifrs-full_GrossCarryingAmountMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_GrossCarryingAmountMember_lbl" xml:lang="en-US" id="id_13917047_2937972_1_1">Gross carrying amount [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_GrossCarryingAmountMember_lbl" xml:lang="en-US" id="id_13917047_2937972_2_1">Gross carrying amount [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_GrossCarryingAmountMember" xlink:to="ifrs-full_GrossCarryingAmountMember_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_GroundEquipmentMember" xlink:label="cpa_GroundEquipmentMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_GroundEquipmentMember_lbl" xml:lang="en-US" id="id_13917047_2980771_3_1">Ground equipment.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_GroundEquipmentMember_lbl" xml:lang="en-US" id="id_13917047_2980771_1_1">Ground equipment [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_GroundEquipmentMember_lbl" xml:lang="en-US" id="id_13917047_2980771_2_1">Ground equipment [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_GroundEquipmentMember" xlink:to="cpa_GroundEquipmentMember_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_GuaranteeDeposits" xlink:label="cpa_GuaranteeDeposits"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_GuaranteeDeposits_lbl" xml:lang="en-US" id="id_13917047_2946233_3_1">Guarantee deposits.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_GuaranteeDeposits_lbl" xml:lang="en-US" id="id_13917047_2946233_1_1">Guarantee deposits</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_GuaranteeDeposits_lbl" xml:lang="en-US" id="id_13917047_2946233_2_1">Guarantee deposits</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_GuaranteeDeposits" xlink:to="cpa_GuaranteeDeposits_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_HandlingMember" xlink:label="cpa_HandlingMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_HandlingMember_lbl" xml:lang="en-US" id="id_13917047_3036863_3_1">Handling.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_HandlingMember_lbl" xml:lang="en-US" id="id_13917047_3036863_1_1">Handling [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_HandlingMember_lbl" xml:lang="en-US" id="id_13917047_3036863_2_1">Handling [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_HandlingMember" xlink:to="cpa_HandlingMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ImpairmentLoss" xlink:label="ifrs-full_ImpairmentLoss"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ImpairmentLoss_lbl" xml:lang="en-US" id="id_13917047_2936720_1_1">Impairment loss</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ImpairmentLoss_lbl" xml:lang="en-US" id="id_13917047_2936720_2_1">Impairment loss</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ImpairmentLoss" xlink:to="ifrs-full_ImpairmentLoss_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsAndGoodwill" xlink:label="ifrs-full_ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsAndGoodwill"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsAndGoodwill_lbl" xml:lang="en-US" id="id_13917047_2936724_1_1">Impairment loss recognised in profit or loss, intangible assets and goodwill</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsAndGoodwill_lbl" xml:lang="en-US" id="id_13917047_2936724_2_1">Impairment loss</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsAndGoodwill" xlink:to="ifrs-full_ImpairmentLossRecognisedInProfitOrLossIntangibleAssetsAndGoodwill_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ImpairmentOfFinancialAssetsAxis" xlink:label="ifrs-full_ImpairmentOfFinancialAssetsAxis"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ImpairmentOfFinancialAssetsAxis_lbl" xml:lang="en-US" id="id_13917047_2938143_1_1">Impairment of financial assets [axis]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ImpairmentOfFinancialAssetsAxis_lbl" xml:lang="en-US" id="id_13917047_2938143_2_1">Impairment of financial assets [axis]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ImpairmentOfFinancialAssetsAxis" xlink:to="ifrs-full_ImpairmentOfFinancialAssetsAxis_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_IncomeExpenseForRelatedPartyTransactions" xlink:label="cpa_IncomeExpenseForRelatedPartyTransactions"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_IncomeExpenseForRelatedPartyTransactions_lbl" xml:lang="en-US" id="id_13917047_2946263_3_1">Income expense for related party transactions.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_IncomeExpenseForRelatedPartyTransactions_lbl" xml:lang="en-US" id="id_13917047_2946263_1_1">Income expense for related party transactions</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_IncomeExpenseForRelatedPartyTransactions_lbl" xml:lang="en-US" id="id_13917047_2946263_2_1">Related party</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_IncomeExpenseForRelatedPartyTransactions" xlink:to="cpa_IncomeExpenseForRelatedPartyTransactions_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_IncomeStatementAbstract" xlink:label="ifrs-full_IncomeStatementAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IncomeStatementAbstract_lbl" xml:lang="en-US" id="id_13917047_2937995_1_1">Profit or loss [abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_IncomeStatementAbstract_lbl" xml:lang="en-US" id="id_13917047_2937995_2_1">Profit or loss [abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncomeStatementAbstract" xlink:to="ifrs-full_IncomeStatementAbstract_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_IncomeStatementLocationAxis" xlink:label="us-gaap_IncomeStatementLocationAxis"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeStatementLocationAxis_lbl" xml:lang="en-US" id="id_13917047_2924290_1_1">Income Statement Location [Axis]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_IncomeStatementLocationAxis_lbl" xml:lang="en-US" id="id_13917047_2924290_2_1">Income Statement Location [Axis]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeStatementLocationAxis" xlink:to="us-gaap_IncomeStatementLocationAxis_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_IncomeStatementLocationDomain" xlink:label="us-gaap_IncomeStatementLocationDomain"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeStatementLocationDomain_lbl" xml:lang="en-US" id="id_13917047_2923851_1_1">Income Statement Location [Domain]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_IncomeStatementLocationDomain_lbl" xml:lang="en-US" id="id_13917047_2923851_2_1">Income Statement Location [Domain]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeStatementLocationDomain" xlink:to="us-gaap_IncomeStatementLocationDomain_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_IncomeTaxesPaidRefundClassifiedAsOperatingActivities" xlink:label="ifrs-full_IncomeTaxesPaidRefundClassifiedAsOperatingActivities"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IncomeTaxesPaidRefundClassifiedAsOperatingActivities_lbl" xml:lang="en-US" id="id_13917047_2938000_1_1">Income taxes paid (refund), classified as operating activities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_IncomeTaxesPaidRefundClassifiedAsOperatingActivities_lbl" xml:lang="en-US" id="id_13917047_2938000_14_1">Income tax paid</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncomeTaxesPaidRefundClassifiedAsOperatingActivities" xlink:to="ifrs-full_IncomeTaxesPaidRefundClassifiedAsOperatingActivities_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_IncomeTaxesStatutoryRates" xlink:label="cpa_IncomeTaxesStatutoryRates"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_IncomeTaxesStatutoryRates_lbl" xml:lang="en-US" id="id_13917047_2946316_3_1">Income taxes statutory rates.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_IncomeTaxesStatutoryRates_lbl" xml:lang="en-US" id="id_13917047_2946316_1_1">Income taxes statutory rates</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_IncomeTaxesStatutoryRates_lbl" xml:lang="en-US" id="id_13917047_2946316_2_1">Income taxes at Panamanian statutory rates</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_IncomeTaxesStatutoryRates" xlink:to="cpa_IncomeTaxesStatutoryRates_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_IncomeTaxExpenseContinuingOperations" xlink:label="ifrs-full_IncomeTaxExpenseContinuingOperations"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IncomeTaxExpenseContinuingOperations_lbl" xml:lang="en-US" id="id_13917047_2937691_1_1">Tax expense (income), continuing operations</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_IncomeTaxExpenseContinuingOperations_lbl" xml:lang="en-US" id="id_13917047_2937691_2_1">Total income tax expense</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_IncomeTaxExpenseContinuingOperations_lbl" xml:lang="en-US" id="id_13917047_2937691_6_1">Provision for income taxes</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_IncomeTaxExpenseContinuingOperations_lbl" xml:lang="en-US" id="id_13917047_2937691_14_1">Income tax expense</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:label="ifrs-full_IncomeTaxExpenseContinuingOperations_lbl" xml:lang="en-US" id="id_13917047_2937691_19_1">Total income tax expense</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncomeTaxExpenseContinuingOperations" xlink:to="ifrs-full_IncomeTaxExpenseContinuingOperations_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_IncreaseDecreaseDueToApplicationOfIFRS15Member" xlink:label="ifrs-full_IncreaseDecreaseDueToApplicationOfIFRS15Member"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IncreaseDecreaseDueToApplicationOfIFRS15Member_lbl" xml:lang="en-US" id="id_13917047_2938006_1_1">Increase (decrease) due to application of IFRS 15 [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_IncreaseDecreaseDueToApplicationOfIFRS15Member_lbl" xml:lang="en-US" id="id_13917047_2938006_2_1">Transition impact [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncreaseDecreaseDueToApplicationOfIFRS15Member" xlink:to="ifrs-full_IncreaseDecreaseDueToApplicationOfIFRS15Member_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_IncreaseDecreaseInAccountPayableFromRelatedParties" xlink:label="cpa_IncreaseDecreaseInAccountPayableFromRelatedParties"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_IncreaseDecreaseInAccountPayableFromRelatedParties_lbl" xml:lang="en-US" id="id_13917047_2946208_3_1">Increase decrease in account payable from related parties.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_IncreaseDecreaseInAccountPayableFromRelatedParties_lbl" xml:lang="en-US" id="id_13917047_2946208_1_1">Increase decrease in account payable from related parties</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="cpa_IncreaseDecreaseInAccountPayableFromRelatedParties_lbl" xml:lang="en-US" id="id_13917047_2946208_14_1">Accounts payable from related parties</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_IncreaseDecreaseInAccountPayableFromRelatedParties" xlink:to="cpa_IncreaseDecreaseInAccountPayableFromRelatedParties_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_IncreaseDecreaseInAmountsReceivableRelatedPartyTransactions" xlink:label="cpa_IncreaseDecreaseInAmountsReceivableRelatedPartyTransactions"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_IncreaseDecreaseInAmountsReceivableRelatedPartyTransactions_lbl" xml:lang="en-US" id="id_13917047_2946207_3_1">Increase decrease in amounts receivable, related party transactions.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_IncreaseDecreaseInAmountsReceivableRelatedPartyTransactions_lbl" xml:lang="en-US" id="id_13917047_2946207_1_1">Increase decrease in amounts receivable, related party transactions</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_IncreaseDecreaseInAmountsReceivableRelatedPartyTransactions_lbl" xml:lang="en-US" id="id_13917047_2946207_2_1">Accounts receivable from related parties</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_IncreaseDecreaseInAmountsReceivableRelatedPartyTransactions" xlink:to="cpa_IncreaseDecreaseInAmountsReceivableRelatedPartyTransactions_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_IncreaseDecreaseInCashAndCashEquivalents" xlink:label="ifrs-full_IncreaseDecreaseInCashAndCashEquivalents"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IncreaseDecreaseInCashAndCashEquivalents_lbl" xml:lang="en-US" id="id_13917047_2937700_1_1">Increase (decrease) in cash and cash equivalents</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_IncreaseDecreaseInCashAndCashEquivalents_lbl" xml:lang="en-US" id="id_13917047_2937700_6_1">Net (decrease) increase in cash and cash equivalents</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncreaseDecreaseInCashAndCashEquivalents" xlink:to="ifrs-full_IncreaseDecreaseInCashAndCashEquivalents_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_IncreaseDecreaseInCreditDerivativeFairValue" xlink:label="ifrs-full_IncreaseDecreaseInCreditDerivativeFairValue"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IncreaseDecreaseInCreditDerivativeFairValue_lbl" xml:lang="en-US" id="id_13917047_2937702_1_1">Increase (decrease) in credit derivative, fair value</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_IncreaseDecreaseInCreditDerivativeFairValue_lbl" xml:lang="en-US" id="id_13917047_2937702_2_1">Increase decrease in fair value of debt</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncreaseDecreaseInCreditDerivativeFairValue" xlink:to="ifrs-full_IncreaseDecreaseInCreditDerivativeFairValue_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_IncreaseDecreaseInDefinedBenefitObligationDueToReasonablyPossibleDecreaseInActuarialAssumption" xlink:label="ifrs-full_IncreaseDecreaseInDefinedBenefitObligationDueToReasonablyPossibleDecreaseInActuarialAssumption"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IncreaseDecreaseInDefinedBenefitObligationDueToReasonablyPossibleDecreaseInActuarialAssumption_lbl" xml:lang="en-US" id="id_13917047_2938009_1_1">Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_IncreaseDecreaseInDefinedBenefitObligationDueToReasonablyPossibleDecreaseInActuarialAssumption_lbl" xml:lang="en-US" id="id_13917047_2938009_2_1">Decrease</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncreaseDecreaseInDefinedBenefitObligationDueToReasonablyPossibleDecreaseInActuarialAssumption" xlink:to="ifrs-full_IncreaseDecreaseInDefinedBenefitObligationDueToReasonablyPossibleDecreaseInActuarialAssumption_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_IncreaseDecreaseInDefinedBenefitObligationDueToReasonablyPossibleIncreaseInActuarialAssumption" xlink:label="ifrs-full_IncreaseDecreaseInDefinedBenefitObligationDueToReasonablyPossibleIncreaseInActuarialAssumption"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IncreaseDecreaseInDefinedBenefitObligationDueToReasonablyPossibleIncreaseInActuarialAssumption_lbl" xml:lang="en-US" id="id_13917047_2938010_1_1">Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_IncreaseDecreaseInDefinedBenefitObligationDueToReasonablyPossibleIncreaseInActuarialAssumption_lbl" xml:lang="en-US" id="id_13917047_2938010_2_1">Increase</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncreaseDecreaseInDefinedBenefitObligationDueToReasonablyPossibleIncreaseInActuarialAssumption" xlink:to="ifrs-full_IncreaseDecreaseInDefinedBenefitObligationDueToReasonablyPossibleIncreaseInActuarialAssumption_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_IncreaseDecreaseThroughExerciseOfOptions" xlink:label="ifrs-full_IncreaseDecreaseThroughExerciseOfOptions"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IncreaseDecreaseThroughExerciseOfOptions_lbl" xml:lang="en-US" id="id_13917047_2938020_1_1">Increase (decrease) through exercise of options, equity</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_IncreaseDecreaseThroughExerciseOfOptions_lbl" xml:lang="en-US" id="id_13917047_2938020_2_1">Share options exercised</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncreaseDecreaseThroughExerciseOfOptions" xlink:to="ifrs-full_IncreaseDecreaseThroughExerciseOfOptions_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_IncreaseDecreaseThroughExerciseOfOptionsShares" xlink:label="cpa_IncreaseDecreaseThroughExerciseOfOptionsShares"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_IncreaseDecreaseThroughExerciseOfOptionsShares_lbl" xml:lang="en-US" id="id_13917047_2974193_3_1">Increase decrease through exercise of options, shares.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_IncreaseDecreaseThroughExerciseOfOptionsShares_lbl" xml:lang="en-US" id="id_13917047_2974193_1_1">Increase Decrease Through Exercise Of Options, Shares</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_IncreaseDecreaseThroughExerciseOfOptionsShares_lbl" xml:lang="en-US" id="id_13917047_2974193_2_1">Share options exercised, shares</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_IncreaseDecreaseThroughExerciseOfOptionsShares" xlink:to="cpa_IncreaseDecreaseThroughExerciseOfOptionsShares_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_IncreaseDecreaseThroughIssuanceOfStockForEmployeeAwards" xlink:label="cpa_IncreaseDecreaseThroughIssuanceOfStockForEmployeeAwards"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_IncreaseDecreaseThroughIssuanceOfStockForEmployeeAwards_lbl" xml:lang="en-US" id="id_13917047_2946106_3_1">Increase decrease through issuance of stock for employee awards.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_IncreaseDecreaseThroughIssuanceOfStockForEmployeeAwards_lbl" xml:lang="en-US" id="id_13917047_2946106_1_1">Increase Decrease Through Issuance Of Stock For Employee Awards</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="cpa_IncreaseDecreaseThroughIssuanceOfStockForEmployeeAwards_lbl" xml:lang="en-US" id="id_13917047_2946106_14_1">Issuance of stock for employee awards</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_IncreaseDecreaseThroughIssuanceOfStockForEmployeeAwards" xlink:to="cpa_IncreaseDecreaseThroughIssuanceOfStockForEmployeeAwards_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_IncreaseDecreaseThroughOtherChangesNetDefinedBenefitLiabilityAsset" xlink:label="ifrs-full_IncreaseDecreaseThroughOtherChangesNetDefinedBenefitLiabilityAsset"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IncreaseDecreaseThroughOtherChangesNetDefinedBenefitLiabilityAsset_lbl" xml:lang="en-US" id="id_13917047_2937733_1_1">Increase (decrease) through other changes, net defined benefit liability (asset)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_IncreaseDecreaseThroughOtherChangesNetDefinedBenefitLiabilityAsset_lbl" xml:lang="en-US" id="id_13917047_2937733_2_1">Adjustments</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncreaseDecreaseThroughOtherChangesNetDefinedBenefitLiabilityAsset" xlink:to="ifrs-full_IncreaseDecreaseThroughOtherChangesNetDefinedBenefitLiabilityAsset_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesEquity" xlink:label="ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesEquity"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesEquity_lbl" xml:lang="en-US" id="id_13917047_2938196_1_1">Increase (decrease) through other changes, equity</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesEquity_lbl" xml:lang="en-US" id="id_13917047_2938196_2_1">Other</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesEquity" xlink:to="ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesEquity_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesPropertyPlantAndEquipment" xlink:label="ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesPropertyPlantAndEquipment"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesPropertyPlantAndEquipment_lbl" xml:lang="en-US" id="id_13917047_2938034_1_1">Increase (decrease) through transfers and other changes, property, plant and equipment</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesPropertyPlantAndEquipment_lbl" xml:lang="en-US" id="id_13917047_2938034_2_1">Transfer of pre-delivery payments</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesPropertyPlantAndEquipment" xlink:to="ifrs-full_IncreaseDecreaseThroughTransfersAndOtherChangesPropertyPlantAndEquipment_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_IndemnityPlanMember" xlink:label="cpa_IndemnityPlanMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_IndemnityPlanMember_lbl" xml:lang="en-US" id="id_13917047_2980738_3_1">Indemnity plan.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_IndemnityPlanMember_lbl" xml:lang="en-US" id="id_13917047_2980738_1_1">Indemnity plan [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_IndemnityPlanMember_lbl" xml:lang="en-US" id="id_13917047_2980738_2_1">Indemnity plan [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_IndemnityPlanMember" xlink:to="cpa_IndemnityPlanMember_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_InsuranceMember" xlink:label="cpa_InsuranceMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_InsuranceMember_lbl" xml:lang="en-US" id="id_13917047_2996948_3_1">Insurance.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_InsuranceMember_lbl" xml:lang="en-US" id="id_13917047_2996948_1_1">Insurance [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_InsuranceMember_lbl" xml:lang="en-US" id="id_13917047_2996948_2_1">Insurance [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_InsuranceMember" xlink:to="cpa_InsuranceMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_IntangibleAssetsAndGoodwill" xlink:label="ifrs-full_IntangibleAssetsAndGoodwill"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IntangibleAssetsAndGoodwill_lbl" xml:lang="en-US" id="id_13917047_2937767_1_1">Intangible assets and goodwill</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="ifrs-full_IntangibleAssetsAndGoodwill_lbl" xml:lang="en-US" id="id_13917047_2937767_4_1">Ending balance</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="ifrs-full_IntangibleAssetsAndGoodwill_lbl" xml:lang="en-US" id="id_13917047_2937767_5_1">Beginning balance</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_IntangibleAssetsAndGoodwill_lbl" xml:lang="en-US" id="id_13917047_2937767_2_1">Intangible assets</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IntangibleAssetsAndGoodwill" xlink:to="ifrs-full_IntangibleAssetsAndGoodwill_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_IntangibleAssetsAndGoodwillMember" xlink:label="ifrs-full_IntangibleAssetsAndGoodwillMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IntangibleAssetsAndGoodwillMember_lbl" xml:lang="en-US" id="id_13917047_2938214_1_1">Intangible assets and goodwill [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_IntangibleAssetsAndGoodwillMember_lbl" xml:lang="en-US" id="id_13917047_2938214_2_1">Intangible assets and goodwill [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IntangibleAssetsAndGoodwillMember" xlink:to="ifrs-full_IntangibleAssetsAndGoodwillMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_IntangibleAssetsMaterialToEntityAxis" xlink:label="ifrs-full_IntangibleAssetsMaterialToEntityAxis"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IntangibleAssetsMaterialToEntityAxis_lbl" xml:lang="en-US" id="id_13917047_2937769_1_1">Intangible assets material to entity [axis]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_IntangibleAssetsMaterialToEntityAxis_lbl" xml:lang="en-US" id="id_13917047_2937769_2_1">Intangible assets material to entity [axis]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IntangibleAssetsMaterialToEntityAxis" xlink:to="ifrs-full_IntangibleAssetsMaterialToEntityAxis_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_IntangibleAssetsMaterialToEntityMember" xlink:label="ifrs-full_IntangibleAssetsMaterialToEntityMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IntangibleAssetsMaterialToEntityMember_lbl" xml:lang="en-US" id="id_13917047_2937462_1_1">Intangible assets material to entity [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_IntangibleAssetsMaterialToEntityMember_lbl" xml:lang="en-US" id="id_13917047_2937462_2_1">Intangible assets material to entity [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IntangibleAssetsMaterialToEntityMember" xlink:to="ifrs-full_IntangibleAssetsMaterialToEntityMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_IntangibleAssetsUnderDevelopmentMember" xlink:label="ifrs-full_IntangibleAssetsUnderDevelopmentMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IntangibleAssetsUnderDevelopmentMember_lbl" xml:lang="en-US" id="id_13917047_2937465_1_1">Intangible assets under development [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_IntangibleAssetsUnderDevelopmentMember_lbl" xml:lang="en-US" id="id_13917047_2937465_2_1">Intangible in process [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IntangibleAssetsUnderDevelopmentMember" xlink:to="ifrs-full_IntangibleAssetsUnderDevelopmentMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_InterestExpenseIncomeNetDefinedBenefitLiabilityAsset" xlink:label="ifrs-full_InterestExpenseIncomeNetDefinedBenefitLiabilityAsset"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_InterestExpenseIncomeNetDefinedBenefitLiabilityAsset_lbl" xml:lang="en-US" id="id_13917047_2938219_1_1">Interest expense (income), net defined benefit liability (asset)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_InterestExpenseIncomeNetDefinedBenefitLiabilityAsset_lbl" xml:lang="en-US" id="id_13917047_2938219_2_1">Interest (cost) income</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_InterestExpenseIncomeNetDefinedBenefitLiabilityAsset_lbl" xml:lang="en-US" id="id_13917047_2938219_12_1">Interest cost on net benefit obligation</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_InterestExpenseIncomeNetDefinedBenefitLiabilityAsset" xlink:to="ifrs-full_InterestExpenseIncomeNetDefinedBenefitLiabilityAsset_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_InterestExpenseOnDebtInstrumentsIssued" xlink:label="ifrs-full_InterestExpenseOnDebtInstrumentsIssued"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_InterestExpenseOnDebtInstrumentsIssued_lbl" xml:lang="en-US" id="id_13917047_2937773_1_1">Interest expense on debt instruments issued</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_InterestExpenseOnDebtInstrumentsIssued_lbl" xml:lang="en-US" id="id_13917047_2937773_2_1">Change in interest expense</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_InterestExpenseOnDebtInstrumentsIssued" xlink:to="ifrs-full_InterestExpenseOnDebtInstrumentsIssued_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_InterestIncomeMember" xlink:label="us-gaap_InterestIncomeMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InterestIncomeMember_lbl" xml:lang="en-US" id="id_13917047_2925127_1_1">Interest Income [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_InterestIncomeMember_lbl" xml:lang="en-US" id="id_13917047_2925127_2_1">Interest income [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InterestIncomeMember" xlink:to="us-gaap_InterestIncomeMember_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_InterestIncomeOnRetirement" xlink:label="cpa_InterestIncomeOnRetirement"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_InterestIncomeOnRetirement_lbl" xml:lang="en-US" id="id_13917047_3057341_3_1">Interest income on retirement.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_InterestIncomeOnRetirement_lbl" xml:lang="en-US" id="id_13917047_3057341_1_1">Interest income on retirement</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_InterestIncomeOnRetirement_lbl" xml:lang="en-US" id="id_13917047_3057341_2_1">Retirement of interest earned</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_InterestIncomeOnRetirement" xlink:to="cpa_InterestIncomeOnRetirement_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_InterestPaidClassifiedAsOperatingActivities" xlink:label="ifrs-full_InterestPaidClassifiedAsOperatingActivities"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_InterestPaidClassifiedAsOperatingActivities_lbl" xml:lang="en-US" id="id_13917047_2938078_1_1">Interest paid, classified as operating activities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_InterestPaidClassifiedAsOperatingActivities_lbl" xml:lang="en-US" id="id_13917047_2938078_14_1">Interest paid</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_InterestPaidClassifiedAsOperatingActivities" xlink:to="ifrs-full_InterestPaidClassifiedAsOperatingActivities_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_InterestRateOnDerivativeInstrument" xlink:label="cpa_InterestRateOnDerivativeInstrument"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_InterestRateOnDerivativeInstrument_lbl" xml:lang="en-US" id="id_13917047_3020339_3_1">Interest rate on derivative instrument.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_InterestRateOnDerivativeInstrument_lbl" xml:lang="en-US" id="id_13917047_3020339_1_1">Interest Rate On Derivative Instrument</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_InterestRateOnDerivativeInstrument_lbl" xml:lang="en-US" id="id_13917047_3020339_2_1">Average interest rate on derivatives</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_InterestRateOnDerivativeInstrument" xlink:to="cpa_InterestRateOnDerivativeInstrument_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_InterestRateSwapContractMember" xlink:label="ifrs-full_InterestRateSwapContractMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_InterestRateSwapContractMember_lbl" xml:lang="en-US" id="id_13917047_2937785_1_1">Interest rate swap contract [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_InterestRateSwapContractMember_lbl" xml:lang="en-US" id="id_13917047_2937785_2_1">Interest rate swap contract [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_InterestRateSwapContractMember" xlink:to="ifrs-full_InterestRateSwapContractMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_InterestRateTypesMember" xlink:label="ifrs-full_InterestRateTypesMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_InterestRateTypesMember_lbl" xml:lang="en-US" id="id_13917047_2937786_1_1">Interest rate types [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_InterestRateTypesMember_lbl" xml:lang="en-US" id="id_13917047_2937786_2_1">Interest rate types [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_InterestRateTypesMember" xlink:to="ifrs-full_InterestRateTypesMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_InterestReceivedClassifiedAsOperatingActivities" xlink:label="ifrs-full_InterestReceivedClassifiedAsOperatingActivities"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_InterestReceivedClassifiedAsOperatingActivities_lbl" xml:lang="en-US" id="id_13917047_2938080_1_1">Interest received, classified as operating activities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_InterestReceivedClassifiedAsOperatingActivities_lbl" xml:lang="en-US" id="id_13917047_2938080_2_1">Interest received</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_InterestReceivedClassifiedAsOperatingActivities" xlink:to="ifrs-full_InterestReceivedClassifiedAsOperatingActivities_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_Inventories" xlink:label="ifrs-full_Inventories"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_Inventories_lbl" xml:lang="en-US" id="id_13917047_2937788_1_1">Current inventories</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_Inventories_lbl" xml:lang="en-US" id="id_13917047_2937788_2_1">Expendable parts and supplies</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_Inventories_lbl" xml:lang="en-US" id="id_13917047_2937788_6_1">Expendable parts and supplies</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Inventories" xlink:to="ifrs-full_Inventories_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_InventoriesGross" xlink:label="cpa_InventoriesGross"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_InventoriesGross_lbl" xml:lang="en-US" id="id_13917047_2971143_3_1">Inventories gross.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_InventoriesGross_lbl" xml:lang="en-US" id="id_13917047_2971143_1_1">Inventories Gross</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="cpa_InventoriesGross_lbl" xml:lang="en-US" id="id_13917047_2971143_6_1">Expendable parts and supplies, gross</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_InventoriesGross" xlink:to="cpa_InventoriesGross_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_InventoryWritedown2011" xlink:label="ifrs-full_InventoryWritedown2011"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_InventoryWritedown2011_lbl" xml:lang="en-US" id="id_13917047_2938237_1_1">Inventory write-down</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_InventoryWritedown2011_lbl" xml:lang="en-US" id="id_13917047_2938237_2_1">Expendable parts and supplies expense</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_InventoryWritedown2011" xlink:to="ifrs-full_InventoryWritedown2011_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_InvestmentMember" xlink:label="cpa_InvestmentMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_InvestmentMember_lbl" xml:lang="en-US" id="id_13917047_2997552_3_1">Investment.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_InvestmentMember_lbl" xml:lang="en-US" id="id_13917047_2997552_1_1">Investment [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_InvestmentMember_lbl" xml:lang="en-US" id="id_13917047_2997552_2_1">Interest income on investment [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_InvestmentMember" xlink:to="cpa_InvestmentMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_InvestmentPropertyMember" xlink:label="ifrs-full_InvestmentPropertyMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_InvestmentPropertyMember_lbl" xml:lang="en-US" id="id_13917047_2937791_1_1">Investment property [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_InvestmentPropertyMember_lbl" xml:lang="en-US" id="id_13917047_2937791_2_1">Investment property [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_InvestmentPropertyMember" xlink:to="ifrs-full_InvestmentPropertyMember_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_InvestmentReturnNetDefinedBenefitLiabilityAsset" xlink:label="cpa_InvestmentReturnNetDefinedBenefitLiabilityAsset"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_InvestmentReturnNetDefinedBenefitLiabilityAsset_lbl" xml:lang="en-US" id="id_13917047_2946157_3_1">Investment return, net defined benefit liability (asset).</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_InvestmentReturnNetDefinedBenefitLiabilityAsset_lbl" xml:lang="en-US" id="id_13917047_2946157_1_1">Investment return, net defined benefit liability (asset)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="cpa_InvestmentReturnNetDefinedBenefitLiabilityAsset_lbl" xml:lang="en-US" id="id_13917047_2946157_14_1">Investment return</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_InvestmentReturnNetDefinedBenefitLiabilityAsset" xlink:to="cpa_InvestmentReturnNetDefinedBenefitLiabilityAsset_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_InvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" xlink:label="ifrs-full_InvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_InvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod_lbl" xml:lang="en-US" id="id_13917047_2938716_1_1">Investments other than investments accounted for using equity method</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_InvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod_lbl" xml:lang="en-US" id="id_13917047_2938716_2_1">Investments</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_InvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" xlink:to="ifrs-full_InvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_IssuanceOfStockForEmployeeAwardsShares" xlink:label="cpa_IssuanceOfStockForEmployeeAwardsShares"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_IssuanceOfStockForEmployeeAwardsShares_lbl" xml:lang="en-US" id="id_13917047_2973786_3_1">Issuance of stock for employee awards shares.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_IssuanceOfStockForEmployeeAwardsShares_lbl" xml:lang="en-US" id="id_13917047_2973786_1_1">Issuance Of Stock For Employee Awards Shares</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_IssuanceOfStockForEmployeeAwardsShares_lbl" xml:lang="en-US" id="id_13917047_2973786_2_1">Issuance of stock for employee awards, shares</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_IssuanceOfStockForEmployeeAwardsShares" xlink:to="cpa_IssuanceOfStockForEmployeeAwardsShares_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_IssuedCapital" xlink:label="ifrs-full_IssuedCapital"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_IssuedCapital_lbl" xml:lang="en-US" id="id_13917047_2937488_1_1">Issued capital</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_IssuedCapital_lbl" xml:lang="en-US" id="id_13917047_2937488_2_1">Common stock</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_IssuedCapital_lbl" xml:lang="en-US" id="id_13917047_2937488_12_1">Issued capital</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_IssuedCapital" xlink:to="ifrs-full_IssuedCapital_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ItemsOfContingentLiabilitiesAxis" xlink:label="ifrs-full_ItemsOfContingentLiabilitiesAxis"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ItemsOfContingentLiabilitiesAxis_lbl" xml:lang="en-US" id="id_13917047_2937797_1_1">Items of contingent liabilities [axis]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ItemsOfContingentLiabilitiesAxis_lbl" xml:lang="en-US" id="id_13917047_2937797_2_1">Items of contingent liabilities [axis]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ItemsOfContingentLiabilitiesAxis" xlink:to="ifrs-full_ItemsOfContingentLiabilitiesAxis_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ItemsOfContingentLiabilitiesMember" xlink:label="ifrs-full_ItemsOfContingentLiabilitiesMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ItemsOfContingentLiabilitiesMember_lbl" xml:lang="en-US" id="id_13917047_2938248_1_1">Items of contingent liabilities [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ItemsOfContingentLiabilitiesMember_lbl" xml:lang="en-US" id="id_13917047_2938248_2_1">Items of contingent liabilities [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ItemsOfContingentLiabilitiesMember" xlink:to="ifrs-full_ItemsOfContingentLiabilitiesMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_JointOperationsAxis" xlink:label="ifrs-full_JointOperationsAxis"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_JointOperationsAxis_lbl" xml:lang="en-US" id="id_13917047_2937496_1_1">Joint operations [axis]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_JointOperationsAxis_lbl" xml:lang="en-US" id="id_13917047_2937496_2_1">Joint operations [axis]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_JointOperationsAxis" xlink:to="ifrs-full_JointOperationsAxis_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_KeyManagementPersonnelCompensation" xlink:label="ifrs-full_KeyManagementPersonnelCompensation"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_KeyManagementPersonnelCompensation_lbl" xml:lang="en-US" id="id_13917047_2938251_1_1">Key management personnel compensation</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_KeyManagementPersonnelCompensation_lbl" xml:lang="en-US" id="id_13917047_2938251_6_1">Total</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_KeyManagementPersonnelCompensation" xlink:to="ifrs-full_KeyManagementPersonnelCompensation_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_KeyManagementPersonnelCompensationPostemploymentBenefits" xlink:label="ifrs-full_KeyManagementPersonnelCompensationPostemploymentBenefits"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_KeyManagementPersonnelCompensationPostemploymentBenefits_lbl" xml:lang="en-US" id="id_13917047_2937799_1_1">Key management personnel compensation, post-employment benefits</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_KeyManagementPersonnelCompensationPostemploymentBenefits_lbl" xml:lang="en-US" id="id_13917047_2937799_2_1">Post-employment pension</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_KeyManagementPersonnelCompensationPostemploymentBenefits" xlink:to="ifrs-full_KeyManagementPersonnelCompensationPostemploymentBenefits_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_KeyManagementPersonnelCompensationSharebasedPayment" xlink:label="ifrs-full_KeyManagementPersonnelCompensationSharebasedPayment"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_KeyManagementPersonnelCompensationSharebasedPayment_lbl" xml:lang="en-US" id="id_13917047_2938719_1_1">Key management personnel compensation, share-based payment</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_KeyManagementPersonnelCompensationSharebasedPayment_lbl" xml:lang="en-US" id="id_13917047_2938719_2_1">Share-based payments</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_KeyManagementPersonnelCompensationSharebasedPayment" xlink:to="ifrs-full_KeyManagementPersonnelCompensationSharebasedPayment_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_KeyManagementPersonnelCompensationShorttermEmployeeBenefits" xlink:label="ifrs-full_KeyManagementPersonnelCompensationShorttermEmployeeBenefits"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_KeyManagementPersonnelCompensationShorttermEmployeeBenefits_lbl" xml:lang="en-US" id="id_13917047_2938253_1_1">Key management personnel compensation, short-term employee benefits</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_KeyManagementPersonnelCompensationShorttermEmployeeBenefits_lbl" xml:lang="en-US" id="id_13917047_2938253_2_1">Short-term employee benefits</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_KeyManagementPersonnelCompensationShorttermEmployeeBenefits" xlink:to="ifrs-full_KeyManagementPersonnelCompensationShorttermEmployeeBenefits_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_LaborUnionsMember" xlink:label="cpa_LaborUnionsMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_LaborUnionsMember_lbl" xml:lang="en-US" id="id_13917047_3049018_3_1">Labor unions.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_LaborUnionsMember_lbl" xml:lang="en-US" id="id_13917047_3049018_1_1">Labor unions [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_LaborUnionsMember_lbl" xml:lang="en-US" id="id_13917047_3049018_2_1">Labor unions [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_LaborUnionsMember" xlink:to="cpa_LaborUnionsMember_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_LandingFeesAndOtherRentals1" xlink:label="cpa_LandingFeesAndOtherRentals1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_LandingFeesAndOtherRentals1_lbl" xml:lang="en-US" id="id_13917047_2946129_3_1">Landing fees and other rentals.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_LandingFeesAndOtherRentals1_lbl" xml:lang="en-US" id="id_13917047_2946129_1_1">Landing Fees And Other Rentals 1</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_LandingFeesAndOtherRentals1_lbl" xml:lang="en-US" id="id_13917047_2946129_2_1">Landing fees and other rentals</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_LandingFeesAndOtherRentals1" xlink:to="cpa_LandingFeesAndOtherRentals1_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_LandMember" xlink:label="ifrs-full_LandMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_LandMember_lbl" xml:lang="en-US" id="id_13917047_2938722_1_1">Land [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_LandMember_lbl" xml:lang="en-US" id="id_13917047_2938722_2_1">Land [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_LandMember" xlink:to="ifrs-full_LandMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_LaterThanFiveYearsMember" xlink:label="ifrs-full_LaterThanFiveYearsMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_LaterThanFiveYearsMember_lbl" xml:lang="en-US" id="id_13917047_2937501_1_1">Later than five years [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_LaterThanFiveYearsMember_lbl" xml:lang="en-US" id="id_13917047_2937501_2_1">Over five years [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_LaterThanFiveYearsMember" xlink:to="ifrs-full_LaterThanFiveYearsMember_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_LaterThanFourYearMember" xlink:label="cpa_LaterThanFourYearMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_LaterThanFourYearMember_lbl" xml:lang="en-US" id="id_13917047_2997659_3_1">Later than four year.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_LaterThanFourYearMember_lbl" xml:lang="en-US" id="id_13917047_2997659_1_1">Later than four year [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_LaterThanFourYearMember_lbl" xml:lang="en-US" id="id_13917047_2997659_2_1">More than 4 years [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_LaterThanFourYearMember" xlink:to="cpa_LaterThanFourYearMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_LaterThanOneMonthAndNotLaterThanTwoMonthsMember" xlink:label="ifrs-full_LaterThanOneMonthAndNotLaterThanTwoMonthsMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_LaterThanOneMonthAndNotLaterThanTwoMonthsMember_lbl" xml:lang="en-US" id="id_13917047_2938723_1_1">Later than one month and not later than two months [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_LaterThanOneMonthAndNotLaterThanTwoMonthsMember_lbl" xml:lang="en-US" id="id_13917047_2938723_2_1">Past due 31 to 60 days [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_LaterThanOneMonthAndNotLaterThanTwoMonthsMember" xlink:to="ifrs-full_LaterThanOneMonthAndNotLaterThanTwoMonthsMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_LaterThanOneYearAndNotLaterThanFiveYearsMember" xlink:label="ifrs-full_LaterThanOneYearAndNotLaterThanFiveYearsMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_LaterThanOneYearAndNotLaterThanFiveYearsMember_lbl" xml:lang="en-US" id="id_13917047_2937505_1_1">Later than one year and not later than five years [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_LaterThanOneYearAndNotLaterThanFiveYearsMember_lbl" xml:lang="en-US" id="id_13917047_2937505_2_1">One to five years [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_LaterThanOneYearAndNotLaterThanFiveYearsMember" xlink:to="ifrs-full_LaterThanOneYearAndNotLaterThanFiveYearsMember_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_LaterThanOneYearAndNotLaterThanFourYearMember" xlink:label="cpa_LaterThanOneYearAndNotLaterThanFourYearMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_LaterThanOneYearAndNotLaterThanFourYearMember_lbl" xml:lang="en-US" id="id_13917047_2981038_3_1">Later than one year and not later than four year.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_LaterThanOneYearAndNotLaterThanFourYearMember_lbl" xml:lang="en-US" id="id_13917047_2981038_1_1">Later Than One Year And Not Later Than Four Year [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_LaterThanOneYearAndNotLaterThanFourYearMember_lbl" xml:lang="en-US" id="id_13917047_2981038_2_1">Between 1 and 4 years [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_LaterThanOneYearAndNotLaterThanFourYearMember" xlink:to="cpa_LaterThanOneYearAndNotLaterThanFourYearMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_LaterThanSevenYearsAndNotLaterThanTenYearsMember" xlink:label="ifrs-full_LaterThanSevenYearsAndNotLaterThanTenYearsMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_LaterThanSevenYearsAndNotLaterThanTenYearsMember_lbl" xml:lang="en-US" id="id_13917047_2938258_1_1">Later than seven years and not later than ten years [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_LaterThanSevenYearsAndNotLaterThanTenYearsMember_lbl" xml:lang="en-US" id="id_13917047_2938258_2_1">Later than 7 years and not later than 10 years [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_LaterThanSevenYearsAndNotLaterThanTenYearsMember" xlink:to="ifrs-full_LaterThanSevenYearsAndNotLaterThanTenYearsMember_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_LaterThanTwoMonthsMember" xlink:label="cpa_LaterThanTwoMonthsMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_LaterThanTwoMonthsMember_lbl" xml:lang="en-US" id="id_13917047_2980607_3_1">Later than two months.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_LaterThanTwoMonthsMember_lbl" xml:lang="en-US" id="id_13917047_2980607_1_1">Later Than Two Months [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_LaterThanTwoMonthsMember_lbl" xml:lang="en-US" id="id_13917047_2980607_2_1">More than 60 days [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_LaterThanTwoMonthsMember" xlink:to="cpa_LaterThanTwoMonthsMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_LeaseholdImprovementsMember" xlink:label="ifrs-full_LeaseholdImprovementsMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_LeaseholdImprovementsMember_lbl" xml:lang="en-US" id="id_13917047_2937808_1_1">Leasehold improvements [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_LeaseholdImprovementsMember_lbl" xml:lang="en-US" id="id_13917047_2937808_2_1">Leasehold improvements [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_LeaseholdImprovementsMember" xlink:to="ifrs-full_LeaseholdImprovementsMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_LegalEntityAxis" xlink:label="dei_LegalEntityAxis"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_LegalEntityAxis_lbl" xml:lang="en-US" id="id_13917047_2934769_1_1">Legal Entity [Axis]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="dei_LegalEntityAxis_lbl" xml:lang="en-US" id="id_13917047_2934769_2_1">Legal Entity [Axis]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_LegalEntityAxis" xlink:to="dei_LegalEntityAxis_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_LegalServicesMember" xlink:label="cpa_LegalServicesMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_LegalServicesMember_lbl" xml:lang="en-US" id="id_13917047_2980494_3_1">Legal services.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_LegalServicesMember_lbl" xml:lang="en-US" id="id_13917047_2980494_1_1">Legal Services [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_LegalServicesMember_lbl" xml:lang="en-US" id="id_13917047_2980494_2_1">Legal services [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_LegalServicesMember" xlink:to="cpa_LegalServicesMember_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_LettersOfCreditOutstandingAmount1" xlink:label="cpa_LettersOfCreditOutstandingAmount1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_LettersOfCreditOutstandingAmount1_lbl" xml:lang="en-US" id="id_13917047_2962807_3_1">Letters of credit outstanding amount.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_LettersOfCreditOutstandingAmount1_lbl" xml:lang="en-US" id="id_13917047_2962807_1_1">Letters of credit outstanding amount 1</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_LettersOfCreditOutstandingAmount1_lbl" xml:lang="en-US" id="id_13917047_2962807_2_1">Letters of credit maintained</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_LettersOfCreditOutstandingAmount1" xlink:to="cpa_LettersOfCreditOutstandingAmount1_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_Level2OfFairValueHierarchyMember" xlink:label="ifrs-full_Level2OfFairValueHierarchyMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_Level2OfFairValueHierarchyMember_lbl" xml:lang="en-US" id="id_13917047_2937811_1_1">Level 2 of fair value hierarchy [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_Level2OfFairValueHierarchyMember_lbl" xml:lang="en-US" id="id_13917047_2937811_2_1">Level 2 of Fair Value Hierarchy [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Level2OfFairValueHierarchyMember" xlink:to="ifrs-full_Level2OfFairValueHierarchyMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_LevelsOfFairValueHierarchyAxis" xlink:label="ifrs-full_LevelsOfFairValueHierarchyAxis"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_LevelsOfFairValueHierarchyAxis_lbl" xml:lang="en-US" id="id_13917047_2937813_1_1">Levels of fair value hierarchy [axis]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_LevelsOfFairValueHierarchyAxis_lbl" xml:lang="en-US" id="id_13917047_2937813_2_1">Levels of fair value hierarchy [axis]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_LevelsOfFairValueHierarchyAxis" xlink:to="ifrs-full_LevelsOfFairValueHierarchyAxis_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_Liabilities" xlink:label="ifrs-full_Liabilities"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_Liabilities_lbl" xml:lang="en-US" id="id_13917047_2937814_1_1">Liabilities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_Liabilities_lbl" xml:lang="en-US" id="id_13917047_2937814_2_1">Total liabilities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_Liabilities_lbl" xml:lang="en-US" id="id_13917047_2937814_6_1">Total liabilities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Liabilities" xlink:to="ifrs-full_Liabilities_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_LiabilitiesAbstract" xlink:label="ifrs-full_LiabilitiesAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_LiabilitiesAbstract_lbl" xml:lang="en-US" id="id_13917047_2937815_1_1">Liabilities [abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_LiabilitiesAbstract_lbl" xml:lang="en-US" id="id_13917047_2937815_2_1">Liabilities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_LiabilitiesAbstract" xlink:to="ifrs-full_LiabilitiesAbstract_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_LiabilitiesMember" xlink:label="ifrs-full_LiabilitiesMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_LiabilitiesMember_lbl" xml:lang="en-US" id="id_13917047_2938272_1_1">Liabilities [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_LiabilitiesMember_lbl" xml:lang="en-US" id="id_13917047_2938272_2_1">Liabilities [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_LiabilitiesMember" xlink:to="ifrs-full_LiabilitiesMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_LiabilitiesOtherThanActuarialPresentValueOfPromisedRetirementBenefits" xlink:label="ifrs-full_LiabilitiesOtherThanActuarialPresentValueOfPromisedRetirementBenefits"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_LiabilitiesOtherThanActuarialPresentValueOfPromisedRetirementBenefits_lbl" xml:lang="en-US" id="id_13917047_2938738_1_1">Liabilities other than actuarial present value of promised retirement benefits</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_LiabilitiesOtherThanActuarialPresentValueOfPromisedRetirementBenefits_lbl" xml:lang="en-US" id="id_13917047_2938738_14_1">Employee benefits liability</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_LiabilitiesOtherThanActuarialPresentValueOfPromisedRetirementBenefits" xlink:to="ifrs-full_LiabilitiesOtherThanActuarialPresentValueOfPromisedRetirementBenefits_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_LiabilityAssetOfDefinedBenefitPlans" xlink:label="ifrs-full_LiabilityAssetOfDefinedBenefitPlans"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_LiabilityAssetOfDefinedBenefitPlans_lbl" xml:lang="en-US" id="id_13917047_2938740_1_1">Net defined benefit liability (asset)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="ifrs-full_LiabilityAssetOfDefinedBenefitPlans_lbl" xml:lang="en-US" id="id_13917047_2938740_4_1">Ending balance</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="ifrs-full_LiabilityAssetOfDefinedBenefitPlans_lbl" xml:lang="en-US" id="id_13917047_2938740_5_1">Beginning balance</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_LiabilityAssetOfDefinedBenefitPlans" xlink:to="ifrs-full_LiabilityAssetOfDefinedBenefitPlans_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_LicenseAndSoftwareRightsMember" xlink:label="cpa_LicenseAndSoftwareRightsMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_LicenseAndSoftwareRightsMember_lbl" xml:lang="en-US" id="id_13917047_2980599_3_1">License and software rights.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_LicenseAndSoftwareRightsMember_lbl" xml:lang="en-US" id="id_13917047_2980599_1_1">License and software rights [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_LicenseAndSoftwareRightsMember_lbl" xml:lang="en-US" id="id_13917047_2980599_2_1">License and software rights [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_LicenseAndSoftwareRightsMember" xlink:to="cpa_LicenseAndSoftwareRightsMember_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_LineOfCredit1Member" xlink:label="cpa_LineOfCredit1Member"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_LineOfCredit1Member_lbl" xml:lang="en-US" id="id_13917047_2980507_3_1">Line of credit.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_LineOfCredit1Member_lbl" xml:lang="en-US" id="id_13917047_2980507_1_1">Line Of Credit 1 [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_LineOfCredit1Member_lbl" xml:lang="en-US" id="id_13917047_2980507_2_1">Line of credit [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_LineOfCredit1Member" xlink:to="cpa_LineOfCredit1Member_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_LinesOfCreditForWorkingCapitalAndLettersOfCreditMember" xlink:label="cpa_LinesOfCreditForWorkingCapitalAndLettersOfCreditMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_LinesOfCreditForWorkingCapitalAndLettersOfCreditMember_lbl" xml:lang="en-US" id="id_13917047_3049020_3_1">Lines of credit for working capital and letters of credit.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_LinesOfCreditForWorkingCapitalAndLettersOfCreditMember_lbl" xml:lang="en-US" id="id_13917047_3049020_1_1">Lines of credit for working capital and letters of credit [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_LinesOfCreditForWorkingCapitalAndLettersOfCreditMember_lbl" xml:lang="en-US" id="id_13917047_3049020_2_1">Lines of credit for working capital and letters of credit [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_LinesOfCreditForWorkingCapitalAndLettersOfCreditMember" xlink:to="cpa_LinesOfCreditForWorkingCapitalAndLettersOfCreditMember_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_LoanAccretingPercentage" xlink:label="cpa_LoanAccretingPercentage"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_LoanAccretingPercentage_lbl" xml:lang="en-US" id="id_13917047_3020362_3_1">Loan accreting percentage.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_LoanAccretingPercentage_lbl" xml:lang="en-US" id="id_13917047_3020362_1_1">Loan accreting percentage</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_LoanAccretingPercentage_lbl" xml:lang="en-US" id="id_13917047_3020362_2_1">Loan accreting percentage</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_LoanAccretingPercentage" xlink:to="cpa_LoanAccretingPercentage_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_LongtermBorrowings" xlink:label="ifrs-full_LongtermBorrowings"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_LongtermBorrowings_lbl" xml:lang="en-US" id="id_13917047_2938746_1_1">Non-current portion of non-current borrowings</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_LongtermBorrowings_lbl" xml:lang="en-US" id="id_13917047_2938746_2_1">Long - term debt</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_LongtermBorrowings_lbl" xml:lang="en-US" id="id_13917047_2938746_12_1">Long-term debt</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_LongtermBorrowings" xlink:to="ifrs-full_LongtermBorrowings_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_LongtermDeposits" xlink:label="ifrs-full_LongtermDeposits"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_LongtermDeposits_lbl" xml:lang="en-US" id="id_13917047_2937830_1_1">Long-term deposits</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_LongtermDeposits_lbl" xml:lang="en-US" id="id_13917047_2937830_2_1">Time deposits of more than 365 days</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_LongtermDeposits" xlink:to="ifrs-full_LongtermDeposits_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_LongTermDepositsAbstract" xlink:label="cpa_LongTermDepositsAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_LongTermDepositsAbstract_lbl" xml:lang="en-US" id="id_13917047_2939711_3_1">Long term deposits.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_LongTermDepositsAbstract_lbl" xml:lang="en-US" id="id_13917047_2939711_1_1">Long term deposits [abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_LongTermDepositsAbstract_lbl" xml:lang="en-US" id="id_13917047_2939711_2_1">Long-term</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_LongTermDepositsAbstract" xlink:to="cpa_LongTermDepositsAbstract_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_LongtermDepositsInterestRate" xlink:label="cpa_LongtermDepositsInterestRate"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_LongtermDepositsInterestRate_lbl" xml:lang="en-US" id="id_13917047_3020257_3_1">Long-term deposits interest rate.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_LongtermDepositsInterestRate_lbl" xml:lang="en-US" id="id_13917047_3020257_1_1">Long-term deposits interest rate</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_LongtermDepositsInterestRate_lbl" xml:lang="en-US" id="id_13917047_3020257_2_1">Interest rate on long term time deposit</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_LongtermDepositsInterestRate" xlink:to="cpa_LongtermDepositsInterestRate_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_LongtermObligationsToEarningsBeforeIncomeTaxesDepreciationAmortizationAndRestructuringRatio" xlink:label="cpa_LongtermObligationsToEarningsBeforeIncomeTaxesDepreciationAmortizationAndRestructuringRatio"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_LongtermObligationsToEarningsBeforeIncomeTaxesDepreciationAmortizationAndRestructuringRatio_lbl" xml:lang="en-US" id="id_13917047_2945282_3_1">Long-term obligations to earnings before income taxes depreciation amortization and restructuring ratio.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_LongtermObligationsToEarningsBeforeIncomeTaxesDepreciationAmortizationAndRestructuringRatio_lbl" xml:lang="en-US" id="id_13917047_2945282_1_1">Long-term obligations to earnings before income taxes depreciation amortization and restructuring ratio</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_LongtermObligationsToEarningsBeforeIncomeTaxesDepreciationAmortizationAndRestructuringRatio_lbl" xml:lang="en-US" id="id_13917047_2945282_2_1">Long-term obligations to an EBITDAR ratio</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_LongtermObligationsToEarningsBeforeIncomeTaxesDepreciationAmortizationAndRestructuringRatio" xlink:to="cpa_LongtermObligationsToEarningsBeforeIncomeTaxesDepreciationAmortizationAndRestructuringRatio_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_LongTermPositionMember" xlink:label="cpa_LongTermPositionMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_LongTermPositionMember_lbl" xml:lang="en-US" id="id_13917047_2980661_3_1">Long term position.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_LongTermPositionMember_lbl" xml:lang="en-US" id="id_13917047_2980661_1_1">Long term position [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_LongTermPositionMember_lbl" xml:lang="en-US" id="id_13917047_2980661_2_1">Long term position [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_LongTermPositionMember" xlink:to="cpa_LongTermPositionMember_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_LongTermTimeDepositsMember" xlink:label="cpa_LongTermTimeDepositsMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_LongTermTimeDepositsMember_lbl" xml:lang="en-US" id="id_13917047_2980605_3_1">Long term time deposits.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_LongTermTimeDepositsMember_lbl" xml:lang="en-US" id="id_13917047_2980605_1_1">Long Term Time Deposits [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_LongTermTimeDepositsMember_lbl" xml:lang="en-US" id="id_13917047_2980605_2_1">Time deposits of more than 365 days [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_LongTermTimeDepositsMember" xlink:to="cpa_LongTermTimeDepositsMember_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_LubricantesDeltaSAMember" xlink:label="cpa_LubricantesDeltaSAMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_LubricantesDeltaSAMember_lbl" xml:lang="en-US" id="id_13917047_2980537_3_1">Lubricantes Delta, S. A.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_LubricantesDeltaSAMember_lbl" xml:lang="en-US" id="id_13917047_2980537_1_1">Lubricantes Delta, S. A. [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_LubricantesDeltaSAMember_lbl" xml:lang="en-US" id="id_13917047_2980537_2_1">Lubricantes Delta, S. A. [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_LubricantesDeltaSAMember" xlink:to="cpa_LubricantesDeltaSAMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_MajorComponentsOfTaxExpenseIncomeAbstract" xlink:label="ifrs-full_MajorComponentsOfTaxExpenseIncomeAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_MajorComponentsOfTaxExpenseIncomeAbstract_lbl" xml:lang="en-US" id="id_13917047_2937527_1_1">Major components of tax expense (income) [abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_MajorComponentsOfTaxExpenseIncomeAbstract_lbl" xml:lang="en-US" id="id_13917047_2937527_2_1">Major components of tax expense (income) [abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_MajorComponentsOfTaxExpenseIncomeAbstract" xlink:to="ifrs-full_MajorComponentsOfTaxExpenseIncomeAbstract_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_MajorMaintenanceEventsMember" xlink:label="cpa_MajorMaintenanceEventsMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_MajorMaintenanceEventsMember_lbl" xml:lang="en-US" id="id_13917047_2980772_3_1">Major maintenance events.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_MajorMaintenanceEventsMember_lbl" xml:lang="en-US" id="id_13917047_2980772_1_1">Major Maintenance Events [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_MajorMaintenanceEventsMember_lbl" xml:lang="en-US" id="id_13917047_2980772_2_1">Major maintenance events [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_MajorMaintenanceEventsMember" xlink:to="cpa_MajorMaintenanceEventsMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_MajorOrdinaryShareTransactionsMember" xlink:label="ifrs-full_MajorOrdinaryShareTransactionsMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_MajorOrdinaryShareTransactionsMember_lbl" xml:lang="en-US" id="id_13917047_2938282_1_1">Major ordinary share transactions [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_MajorOrdinaryShareTransactionsMember_lbl" xml:lang="en-US" id="id_13917047_2938282_2_1">Major ordinary share transactions [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_MajorOrdinaryShareTransactionsMember" xlink:to="ifrs-full_MajorOrdinaryShareTransactionsMember_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_MaleMember" xlink:label="cpa_MaleMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_MaleMember_lbl" xml:lang="en-US" id="id_13917047_2995312_3_1">Male [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_MaleMember_lbl" xml:lang="en-US" id="id_13917047_2995312_1_1">Male [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_MaleMember_lbl" xml:lang="en-US" id="id_13917047_2995312_2_1">Male [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_MaleMember" xlink:to="cpa_MaleMember_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_MarkToMarketDerivativeIncomeExpense" xlink:label="cpa_MarkToMarketDerivativeIncomeExpense"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_MarkToMarketDerivativeIncomeExpense_lbl" xml:lang="en-US" id="id_13917047_3054826_3_1">Mark to market derivative income (expense).</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_MarkToMarketDerivativeIncomeExpense_lbl" xml:lang="en-US" id="id_13917047_3054826_1_1">Mark to market derivative income (expense)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_MarkToMarketDerivativeIncomeExpense_lbl" xml:lang="en-US" id="id_13917047_3054826_2_1">Mark to market derivative income (expense)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_MarkToMarketDerivativeIncomeExpense" xlink:to="cpa_MarkToMarketDerivativeIncomeExpense_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_MaturityAnalysisForDerivativeFinancialLiabilities" xlink:label="ifrs-full_MaturityAnalysisForDerivativeFinancialLiabilities"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_MaturityAnalysisForDerivativeFinancialLiabilities_lbl" xml:lang="en-US" id="id_13917047_2937838_1_1">Disclosure of maturity analysis for derivative financial liabilities [text block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_MaturityAnalysisForDerivativeFinancialLiabilities_lbl" xml:lang="en-US" id="id_13917047_2937838_2_1">Summary of Financial Liabilities According to Maturity Date</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_MaturityAnalysisForDerivativeFinancialLiabilities" xlink:to="ifrs-full_MaturityAnalysisForDerivativeFinancialLiabilities_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_MaturityAxis" xlink:label="ifrs-full_MaturityAxis"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_MaturityAxis_lbl" xml:lang="en-US" id="id_13917047_2938284_1_1">Maturity [axis]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_MaturityAxis_lbl" xml:lang="en-US" id="id_13917047_2938284_2_1">Maturity [axis]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_MaturityAxis" xlink:to="ifrs-full_MaturityAxis_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_MaximumBorrowingsCapacity" xlink:label="cpa_MaximumBorrowingsCapacity"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_MaximumBorrowingsCapacity_lbl" xml:lang="en-US" id="id_13917047_2946352_3_1">Maximum borrowings capacity.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_MaximumBorrowingsCapacity_lbl" xml:lang="en-US" id="id_13917047_2946352_1_1">Maximum borrowings capacity</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_MaximumBorrowingsCapacity_lbl" xml:lang="en-US" id="id_13917047_2946352_2_1">Total line of credit</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_MaximumBorrowingsCapacity" xlink:to="cpa_MaximumBorrowingsCapacity_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_MeasurementAxis" xlink:label="ifrs-full_MeasurementAxis"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_MeasurementAxis_lbl" xml:lang="en-US" id="id_13917047_2937840_1_1">Measurement [axis]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_MeasurementAxis_lbl" xml:lang="en-US" id="id_13917047_2937840_2_1">Measurement [axis]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_MeasurementAxis" xlink:to="ifrs-full_MeasurementAxis_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_MethodsUsedInPreparingSensitivityAnalysisReflectingInterdependenciesBetweenRiskVariables" xlink:label="ifrs-full_MethodsUsedInPreparingSensitivityAnalysisReflectingInterdependenciesBetweenRiskVariables"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_MethodsUsedInPreparingSensitivityAnalysisReflectingInterdependenciesBetweenRiskVariables_lbl" xml:lang="en-US" id="id_13917047_2937845_1_1">Description of method, parameters and assumptions used in preparing sensitivity analysis reflecting interdependencies between risk variables</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_MethodsUsedInPreparingSensitivityAnalysisReflectingInterdependenciesBetweenRiskVariables_lbl" xml:lang="en-US" id="id_13917047_2937845_2_1">Description of impact of hypothetical interest rates on the variable-rate debt and marketable securities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_MethodsUsedInPreparingSensitivityAnalysisReflectingInterdependenciesBetweenRiskVariables" xlink:to="ifrs-full_MethodsUsedInPreparingSensitivityAnalysisReflectingInterdependenciesBetweenRiskVariables_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_MinimumFinanceLeasePaymentsInterest" xlink:label="cpa_MinimumFinanceLeasePaymentsInterest"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_MinimumFinanceLeasePaymentsInterest_lbl" xml:lang="en-US" id="id_13917047_2973442_3_1">Minimum Finance Lease Payments Interest</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_MinimumFinanceLeasePaymentsInterest_lbl" xml:lang="en-US" id="id_13917047_2973442_1_1">Minimum Finance Lease Payments Interest</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_MinimumFinanceLeasePaymentsInterest_lbl" xml:lang="en-US" id="id_13917047_2973442_2_1">Interest</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_MinimumFinanceLeasePaymentsInterest" xlink:to="cpa_MinimumFinanceLeasePaymentsInterest_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_MinimumFinanceLeasePaymentsPayable" xlink:label="ifrs-full_MinimumFinanceLeasePaymentsPayable"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_MinimumFinanceLeasePaymentsPayable_lbl" xml:lang="en-US" id="id_13917047_2938768_1_1">Minimum finance lease payments payable</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_MinimumFinanceLeasePaymentsPayable_lbl" xml:lang="en-US" id="id_13917047_2938768_2_1">Future minimum lease payments</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_MinimumFinanceLeasePaymentsPayable" xlink:to="ifrs-full_MinimumFinanceLeasePaymentsPayable_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_MinimumFinanceLeasePaymentsPayableAtPresentValue" xlink:label="ifrs-full_MinimumFinanceLeasePaymentsPayableAtPresentValue"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_MinimumFinanceLeasePaymentsPayableAtPresentValue_lbl" xml:lang="en-US" id="id_13917047_2937542_1_1">Minimum finance lease payments payable, at present value</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_MinimumFinanceLeasePaymentsPayableAtPresentValue_lbl" xml:lang="en-US" id="id_13917047_2937542_2_1">Present value of minimum lease payments</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_MinimumFinanceLeasePaymentsPayableAtPresentValue" xlink:to="ifrs-full_MinimumFinanceLeasePaymentsPayableAtPresentValue_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease" xlink:label="ifrs-full_MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease_lbl" xml:lang="en-US" id="id_13917047_2938769_1_1">Minimum lease payments payable under non-cancellable operating lease</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease_lbl" xml:lang="en-US" id="id_13917047_2938769_2_1">Future minimum lease payments</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease" xlink:to="ifrs-full_MinimumLeasePaymentsPayableUnderNoncancellableOperatingLease_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_MinimumLeasePaymentsReceivableUnderNoncancellableOperatingLease" xlink:label="ifrs-full_MinimumLeasePaymentsReceivableUnderNoncancellableOperatingLease"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_MinimumLeasePaymentsReceivableUnderNoncancellableOperatingLease_lbl" xml:lang="en-US" id="id_13917047_2937544_1_1">Minimum lease payments receivable under non-cancellable operating lease</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_MinimumLeasePaymentsReceivableUnderNoncancellableOperatingLease_lbl" xml:lang="en-US" id="id_13917047_2937544_2_1">Future minimum lease receivables under non -cancelable leases</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_MinimumLeasePaymentsReceivableUnderNoncancellableOperatingLease" xlink:to="ifrs-full_MinimumLeasePaymentsReceivableUnderNoncancellableOperatingLease_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_MinimumOfLeaseTerms" xlink:label="cpa_MinimumOfLeaseTerms"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_MinimumOfLeaseTerms_lbl" xml:lang="en-US" id="id_13917047_2977451_3_1">Minimum lease term.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_MinimumOfLeaseTerms_lbl" xml:lang="en-US" id="id_13917047_2977451_1_1">Minimum Of Lease Terms</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_MinimumOfLeaseTerms_lbl" xml:lang="en-US" id="id_13917047_2977451_2_1">Minimum lease term of finance leases arrangements</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_MinimumOfLeaseTerms" xlink:to="cpa_MinimumOfLeaseTerms_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_MinimumOperatingLeasePayments" xlink:label="ifrs-full_MinimumOperatingLeasePayments"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_MinimumOperatingLeasePayments_lbl" xml:lang="en-US" id="id_13917047_2938296_1_1">Minimum operating lease payments recognised as expense</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_MinimumOperatingLeasePayments_lbl" xml:lang="en-US" id="id_13917047_2938296_2_1">Total lease expense</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_MinimumOperatingLeasePayments" xlink:to="ifrs-full_MinimumOperatingLeasePayments_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_MinimumOperatingLeasePaymentsReceivableRecognizedAsIncome" xlink:label="cpa_MinimumOperatingLeasePaymentsReceivableRecognizedAsIncome"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_MinimumOperatingLeasePaymentsReceivableRecognizedAsIncome_lbl" xml:lang="en-US" id="id_13917047_2946130_3_1">Minimum operating lease payments receivable recognized as income.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_MinimumOperatingLeasePaymentsReceivableRecognizedAsIncome_lbl" xml:lang="en-US" id="id_13917047_2946130_1_1">Minimum operating lease payments receivable recognized as income</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_MinimumOperatingLeasePaymentsReceivableRecognizedAsIncome_lbl" xml:lang="en-US" id="id_13917047_2946130_2_1">Total lease income amounts</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_MinimumOperatingLeasePaymentsReceivableRecognizedAsIncome" xlink:to="cpa_MinimumOperatingLeasePaymentsReceivableRecognizedAsIncome_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_MiscellaneousLiabilitiesAbstract" xlink:label="ifrs-full_MiscellaneousLiabilitiesAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_MiscellaneousLiabilitiesAbstract_lbl" xml:lang="en-US" id="id_13917047_2937548_1_1">Miscellaneous liabilities [abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_MiscellaneousLiabilitiesAbstract_lbl" xml:lang="en-US" id="id_13917047_2937548_2_1">Current and non - current</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_MiscellaneousLiabilitiesAbstract" xlink:to="ifrs-full_MiscellaneousLiabilitiesAbstract_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_MiscellaneousOtherOperatingExpense" xlink:label="ifrs-full_MiscellaneousOtherOperatingExpense"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_MiscellaneousOtherOperatingExpense_lbl" xml:lang="en-US" id="id_13917047_2937848_1_1">Miscellaneous other operating expense</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_MiscellaneousOtherOperatingExpense_lbl" xml:lang="en-US" id="id_13917047_2937848_2_1">Other</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_MiscellaneousOtherOperatingExpense" xlink:to="ifrs-full_MiscellaneousOtherOperatingExpense_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_MoreThanOneYearButLessThanFiveYearsMember" xlink:label="cpa_MoreThanOneYearButLessThanFiveYearsMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_MoreThanOneYearButLessThanFiveYearsMember_lbl" xml:lang="en-US" id="id_13917047_2990215_3_1">More than 1 year but less than 5 years.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_MoreThanOneYearButLessThanFiveYearsMember_lbl" xml:lang="en-US" id="id_13917047_2990215_1_1">More Than One Year But Less Than Five Years [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_MoreThanOneYearButLessThanFiveYearsMember_lbl" xml:lang="en-US" id="id_13917047_2990215_2_1">More than one year but less than five years [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_MoreThanOneYearButLessThanFiveYearsMember" xlink:to="cpa_MoreThanOneYearButLessThanFiveYearsMember_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_MottaInternationalMember" xlink:label="cpa_MottaInternationalMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_MottaInternationalMember_lbl" xml:lang="en-US" id="id_13917047_2996489_3_1">Motta International.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_MottaInternationalMember_lbl" xml:lang="en-US" id="id_13917047_2996489_1_1">Motta International [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_MottaInternationalMember_lbl" xml:lang="en-US" id="id_13917047_2996489_2_1">Motta International [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_MottaInternationalMember" xlink:to="cpa_MottaInternationalMember_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_MottaInternationalSAMember" xlink:label="cpa_MottaInternationalSAMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_MottaInternationalSAMember_lbl" xml:lang="en-US" id="id_13917047_2980546_3_1">Motta international, S.A.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_MottaInternationalSAMember_lbl" xml:lang="en-US" id="id_13917047_2980546_1_1">Motta International SA [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_MottaInternationalSAMember_lbl" xml:lang="en-US" id="id_13917047_2980546_2_1">Motta international, S.A. [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_MottaInternationalSAMember" xlink:to="cpa_MottaInternationalSAMember_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_NetBorrowings" xlink:label="cpa_NetBorrowings"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_NetBorrowings_lbl" xml:lang="en-US" id="id_13917047_2946490_3_1">Net borrowings.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_NetBorrowings_lbl" xml:lang="en-US" id="id_13917047_2946490_1_1">Net Borrowings</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="cpa_NetBorrowings_lbl" xml:lang="en-US" id="id_13917047_2946490_6_1">Net debt</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_NetBorrowings" xlink:to="cpa_NetBorrowings_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_NetDefinedBenefitLiabilityAssetAxis" xlink:label="ifrs-full_NetDefinedBenefitLiabilityAssetAxis"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NetDefinedBenefitLiabilityAssetAxis_lbl" xml:lang="en-US" id="id_13917047_2937857_1_1">Net defined benefit liability (asset) [axis]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_NetDefinedBenefitLiabilityAssetAxis_lbl" xml:lang="en-US" id="id_13917047_2937857_2_1">Net defined benefit liability (asset) [axis]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NetDefinedBenefitLiabilityAssetAxis" xlink:to="ifrs-full_NetDefinedBenefitLiabilityAssetAxis_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_NetDefinedBenefitLiabilityAssetMember" xlink:label="ifrs-full_NetDefinedBenefitLiabilityAssetMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NetDefinedBenefitLiabilityAssetMember_lbl" xml:lang="en-US" id="id_13917047_2937562_1_1">Net defined benefit liability (asset) [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_NetDefinedBenefitLiabilityAssetMember_lbl" xml:lang="en-US" id="id_13917047_2937562_2_1">Net defined benefit liability (asset) [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NetDefinedBenefitLiabilityAssetMember" xlink:to="ifrs-full_NetDefinedBenefitLiabilityAssetMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_NonadjustingEventsAfterReportingPeriodAxis" xlink:label="ifrs-full_NonadjustingEventsAfterReportingPeriodAxis"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NonadjustingEventsAfterReportingPeriodAxis_lbl" xml:lang="en-US" id="id_13917047_2938793_1_1">Non-adjusting events after reporting period [axis]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_NonadjustingEventsAfterReportingPeriodAxis_lbl" xml:lang="en-US" id="id_13917047_2938793_2_1">Non-adjusting events after reporting period [axis]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NonadjustingEventsAfterReportingPeriodAxis" xlink:to="ifrs-full_NonadjustingEventsAfterReportingPeriodAxis_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_NonadjustingEventsMember" xlink:label="ifrs-full_NonadjustingEventsMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NonadjustingEventsMember_lbl" xml:lang="en-US" id="id_13917047_2938938_1_1">Non-adjusting events after reporting period [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_NonadjustingEventsMember_lbl" xml:lang="en-US" id="id_13917047_2938938_2_1">Non-adjusting events after reporting period [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NonadjustingEventsMember" xlink:to="ifrs-full_NonadjustingEventsMember_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_NoncashAcquisitionFixedAssetsAcquired" xlink:label="cpa_NoncashAcquisitionFixedAssetsAcquired"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_NoncashAcquisitionFixedAssetsAcquired_lbl" xml:lang="en-US" id="id_13917047_2946081_3_1">Noncash acquisition, fixed assets acquired.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_NoncashAcquisitionFixedAssetsAcquired_lbl" xml:lang="en-US" id="id_13917047_2946081_1_1">Noncash acquisition, fixed assets acquired</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_NoncashAcquisitionFixedAssetsAcquired_lbl" xml:lang="en-US" id="id_13917047_2946081_2_1">Acquisition of new aircraft as non-cash investing and financing transactions</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_NoncashAcquisitionFixedAssetsAcquired" xlink:to="cpa_NoncashAcquisitionFixedAssetsAcquired_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_NoncashInvestingAndFinancingActivityTransactions" xlink:label="cpa_NoncashInvestingAndFinancingActivityTransactions"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_NoncashInvestingAndFinancingActivityTransactions_lbl" xml:lang="en-US" id="id_13917047_3036754_3_1">Noncash investing and financing activity transactions.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_NoncashInvestingAndFinancingActivityTransactions_lbl" xml:lang="en-US" id="id_13917047_3036754_1_1">Noncash investing and financing activity transactions</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="cpa_NoncashInvestingAndFinancingActivityTransactions_lbl" xml:lang="en-US" id="id_13917047_3036754_14_1">Non-cash transactions</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_NoncashInvestingAndFinancingActivityTransactions" xlink:to="cpa_NoncashInvestingAndFinancingActivityTransactions_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_NoncashInvestingAndFinancingTransactions" xlink:label="cpa_NoncashInvestingAndFinancingTransactions"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_NoncashInvestingAndFinancingTransactions_lbl" xml:lang="en-US" id="id_13917047_3048978_3_1">Noncash investing and financing transactions.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_NoncashInvestingAndFinancingTransactions_lbl" xml:lang="en-US" id="id_13917047_3048978_1_1">Noncash investing and financing transactions</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="cpa_NoncashInvestingAndFinancingTransactions_lbl" xml:lang="en-US" id="id_13917047_3048978_14_1">Non-cash investing and finacing transactions</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_NoncashInvestingAndFinancingTransactions" xlink:to="cpa_NoncashInvestingAndFinancingTransactions_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_NoncurrentAssets" xlink:label="ifrs-full_NoncurrentAssets"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NoncurrentAssets_lbl" xml:lang="en-US" id="id_13917047_2937572_1_1">Non-current assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_NoncurrentAssets_lbl" xml:lang="en-US" id="id_13917047_2937572_2_1">Non - current assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_NoncurrentAssets_lbl" xml:lang="en-US" id="id_13917047_2937572_6_1">Total non - current assets</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncurrentAssets" xlink:to="ifrs-full_NoncurrentAssets_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_NoncurrentAssetsAbstract" xlink:label="ifrs-full_NoncurrentAssetsAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NoncurrentAssetsAbstract_lbl" xml:lang="en-US" id="id_13917047_2938940_1_1">Non-current assets [abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_NoncurrentAssetsAbstract_lbl" xml:lang="en-US" id="id_13917047_2938940_2_1">Non - current assets</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncurrentAssetsAbstract" xlink:to="ifrs-full_NoncurrentAssetsAbstract_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_NoncurrentDepositsForLitigation" xlink:label="cpa_NoncurrentDepositsForLitigation"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_NoncurrentDepositsForLitigation_lbl" xml:lang="en-US" id="id_13917047_2946189_3_1">Non current deposits for litigation.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_NoncurrentDepositsForLitigation_lbl" xml:lang="en-US" id="id_13917047_2946189_1_1">Noncurrent Deposits For Litigation</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_NoncurrentDepositsForLitigation_lbl" xml:lang="en-US" id="id_13917047_2946189_2_1">Deposits for litigation</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_NoncurrentDepositsForLitigation" xlink:to="cpa_NoncurrentDepositsForLitigation_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_NoncurrentGuarantyDeposits" xlink:label="cpa_NoncurrentGuarantyDeposits"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_NoncurrentGuarantyDeposits_lbl" xml:lang="en-US" id="id_13917047_2946187_3_1">Non current guaranty deposits.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_NoncurrentGuarantyDeposits_lbl" xml:lang="en-US" id="id_13917047_2946187_1_1">Noncurrent Guaranty Deposits</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_NoncurrentGuarantyDeposits_lbl" xml:lang="en-US" id="id_13917047_2946187_2_1">Guarantee deposits</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_NoncurrentGuarantyDeposits" xlink:to="cpa_NoncurrentGuarantyDeposits_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_NoncurrentIncomeTaxAdvance" xlink:label="cpa_NoncurrentIncomeTaxAdvance"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_NoncurrentIncomeTaxAdvance_lbl" xml:lang="en-US" id="id_13917047_2966503_3_1">Non-current income tax advance.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_NoncurrentIncomeTaxAdvance_lbl" xml:lang="en-US" id="id_13917047_2966503_1_1">Non-current Income Tax Advance</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_NoncurrentIncomeTaxAdvance_lbl" xml:lang="en-US" id="id_13917047_2966503_2_1">Advance payments of taxes</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_NoncurrentIncomeTaxAdvance" xlink:to="cpa_NoncurrentIncomeTaxAdvance_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" xlink:label="ifrs-full_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod_lbl" xml:lang="en-US" id="id_13917047_2938806_1_1">Non-current investments other than investments accounted for using equity method</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/positiveLabel" xlink:label="ifrs-full_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod_lbl" xml:lang="en-US" id="id_13917047_2938806_32_1">Long-term investments</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod_lbl" xml:lang="en-US" id="id_13917047_2938806_2_1">Investments</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod_lbl" xml:lang="en-US" id="id_13917047_2938806_12_1">Investments long term</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod" xlink:to="ifrs-full_NoncurrentInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethod_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_NoncurrentLiabilities" xlink:label="ifrs-full_NoncurrentLiabilities"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NoncurrentLiabilities_lbl" xml:lang="en-US" id="id_13917047_2938952_1_1">Non-current liabilities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_NoncurrentLiabilities_lbl" xml:lang="en-US" id="id_13917047_2938952_6_1">Total non - current liabilities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncurrentLiabilities" xlink:to="ifrs-full_NoncurrentLiabilities_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_NoncurrentLiabilitiesAbstract" xlink:label="ifrs-full_NoncurrentLiabilitiesAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NoncurrentLiabilitiesAbstract_lbl" xml:lang="en-US" id="id_13917047_2938808_1_1">Non-current liabilities [abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_NoncurrentLiabilitiesAbstract_lbl" xml:lang="en-US" id="id_13917047_2938808_2_1">Non-current liabilities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_NoncurrentLiabilitiesAbstract_lbl" xml:lang="en-US" id="id_13917047_2938808_12_1">Non-currentliabilities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncurrentLiabilitiesAbstract" xlink:to="ifrs-full_NoncurrentLiabilitiesAbstract_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_NoncurrentPayablesOnAccumulatedTaxesAndExpenses" xlink:label="cpa_NoncurrentPayablesOnAccumulatedTaxesAndExpenses"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_NoncurrentPayablesOnAccumulatedTaxesAndExpenses_lbl" xml:lang="en-US" id="id_13917047_2946434_3_1">Noncurrent payables on accumulated taxes and expenses.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_NoncurrentPayablesOnAccumulatedTaxesAndExpenses_lbl" xml:lang="en-US" id="id_13917047_2946434_1_1">Noncurrent Payables On Accumulated Taxes And Expenses</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_NoncurrentPayablesOnAccumulatedTaxesAndExpenses_lbl" xml:lang="en-US" id="id_13917047_2946434_2_1">Taxes payable</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_NoncurrentPayablesOnAccumulatedTaxesAndExpenses" xlink:to="cpa_NoncurrentPayablesOnAccumulatedTaxesAndExpenses_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_NoncurrentPortionOfOtherLongtermLiabilities" xlink:label="cpa_NoncurrentPortionOfOtherLongtermLiabilities"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_NoncurrentPortionOfOtherLongtermLiabilities_lbl" xml:lang="en-US" id="id_13917047_2947383_3_1">Noncurrent portion of other long-term liabilities.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_NoncurrentPortionOfOtherLongtermLiabilities_lbl" xml:lang="en-US" id="id_13917047_2947383_1_1">Noncurrent Portion Of Other Long-Term Liabilities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_NoncurrentPortionOfOtherLongtermLiabilities_lbl" xml:lang="en-US" id="id_13917047_2947383_2_1">Non-current</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_NoncurrentPortionOfOtherLongtermLiabilities" xlink:to="cpa_NoncurrentPortionOfOtherLongtermLiabilities_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_NoncurrentPrepayments" xlink:label="ifrs-full_NoncurrentPrepayments"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NoncurrentPrepayments_lbl" xml:lang="en-US" id="id_13917047_2938813_1_1">Non-current prepayments</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_NoncurrentPrepayments_lbl" xml:lang="en-US" id="id_13917047_2938813_2_1">Non-current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_NoncurrentPrepayments_lbl" xml:lang="en-US" id="id_13917047_2938813_12_1">Prepaid expenses</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncurrentPrepayments" xlink:to="ifrs-full_NoncurrentPrepayments_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_NoncurrentRecognisedAssetsDefinedBenefitPlan" xlink:label="ifrs-full_NoncurrentRecognisedAssetsDefinedBenefitPlan"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NoncurrentRecognisedAssetsDefinedBenefitPlan_lbl" xml:lang="en-US" id="id_13917047_2938963_1_1">Non-current net defined benefit asset</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_NoncurrentRecognisedAssetsDefinedBenefitPlan_lbl" xml:lang="en-US" id="id_13917047_2938963_2_1">Net pension asset</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_NoncurrentRecognisedAssetsDefinedBenefitPlan_lbl" xml:lang="en-US" id="id_13917047_2938963_6_1">Net pension asset</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncurrentRecognisedAssetsDefinedBenefitPlan" xlink:to="ifrs-full_NoncurrentRecognisedAssetsDefinedBenefitPlan_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_NoncurrentTradeReceivables" xlink:label="ifrs-full_NoncurrentTradeReceivables"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NoncurrentTradeReceivables_lbl" xml:lang="en-US" id="id_13917047_2937595_1_1">Non-current trade receivables</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/positiveLabel" xlink:label="ifrs-full_NoncurrentTradeReceivables_lbl" xml:lang="en-US" id="id_13917047_2937595_32_1">Non - current account receivable</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_NoncurrentTradeReceivables_lbl" xml:lang="en-US" id="id_13917047_2937595_2_1">Accounts receivable</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_NoncurrentTradeReceivables_lbl" xml:lang="en-US" id="id_13917047_2937595_12_1">Non - current</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NoncurrentTradeReceivables" xlink:to="ifrs-full_NoncurrentTradeReceivables_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_NonDerivativeFinancialLiabilitiesCarryingAmount" xlink:label="cpa_NonDerivativeFinancialLiabilitiesCarryingAmount"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_NonDerivativeFinancialLiabilitiesCarryingAmount_lbl" xml:lang="en-US" id="id_13917047_2958298_3_1">Non-derivative financial liabilities carrying amount.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_NonDerivativeFinancialLiabilitiesCarryingAmount_lbl" xml:lang="en-US" id="id_13917047_2958298_1_1">Non Derivative Financial Liabilities Carrying Amount</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_NonDerivativeFinancialLiabilitiesCarryingAmount_lbl" xml:lang="en-US" id="id_13917047_2958298_2_1">Non - derivative financial liabilities carrying amount</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_NonDerivativeFinancialLiabilitiesCarryingAmount" xlink:to="cpa_NonDerivativeFinancialLiabilitiesCarryingAmount_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_NonOperatingIncomeExpense1" xlink:label="cpa_NonOperatingIncomeExpense1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_NonOperatingIncomeExpense1_lbl" xml:lang="en-US" id="id_13917047_2962147_3_1">Non operating income expense.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_NonOperatingIncomeExpense1_lbl" xml:lang="en-US" id="id_13917047_2962147_1_1">Non Operating Income Expense1</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_NonOperatingIncomeExpense1_lbl" xml:lang="en-US" id="id_13917047_2962147_2_1">Non - operating income (expense)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="cpa_NonOperatingIncomeExpense1_lbl" xml:lang="en-US" id="id_13917047_2962147_6_1">Total non - operating income (expense)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_NonOperatingIncomeExpense1" xlink:to="cpa_NonOperatingIncomeExpense1_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_NonOperatingIncomeExpense1Abstract" xlink:label="cpa_NonOperatingIncomeExpense1Abstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_NonOperatingIncomeExpense1Abstract_lbl" xml:lang="en-US" id="id_13917047_2939701_3_1">Non operating income expense.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_NonOperatingIncomeExpense1Abstract_lbl" xml:lang="en-US" id="id_13917047_2939701_1_1">Non operating income expense [abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_NonOperatingIncomeExpense1Abstract_lbl" xml:lang="en-US" id="id_13917047_2939701_2_1">Non-operating income (expense)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_NonOperatingIncomeExpense1Abstract" xlink:to="cpa_NonOperatingIncomeExpense1Abstract_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_NonRestrictedCashAndCashEquivalentsAndShortTermInvestments" xlink:label="cpa_NonRestrictedCashAndCashEquivalentsAndShortTermInvestments"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_NonRestrictedCashAndCashEquivalentsAndShortTermInvestments_lbl" xml:lang="en-US" id="id_13917047_2946485_3_1">Non restricted cash and cash equivalents and short term investments.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_NonRestrictedCashAndCashEquivalentsAndShortTermInvestments_lbl" xml:lang="en-US" id="id_13917047_2946485_1_1">Non Restricted Cash And Cash Equivalents And Short Term Investments</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="cpa_NonRestrictedCashAndCashEquivalentsAndShortTermInvestments_lbl" xml:lang="en-US" id="id_13917047_2946485_14_1">Less: non-restricted cash and cash equivalents and short-term investments</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_NonRestrictedCashAndCashEquivalentsAndShortTermInvestments" xlink:to="cpa_NonRestrictedCashAndCashEquivalentsAndShortTermInvestments_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_NonVestedDividendParticipatingNonVestedAwards" xlink:label="cpa_NonVestedDividendParticipatingNonVestedAwards"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_NonVestedDividendParticipatingNonVestedAwards_lbl" xml:lang="en-US" id="id_13917047_2973782_3_1">Non vested dividend participating non vested awards.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_NonVestedDividendParticipatingNonVestedAwards_lbl" xml:lang="en-US" id="id_13917047_2973782_1_1">Non vested dividend participating non vested awards</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_NonVestedDividendParticipatingNonVestedAwards_lbl" xml:lang="en-US" id="id_13917047_2973782_2_1">Non-vested dividend participating awards</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_NonVestedDividendParticipatingNonVestedAwards" xlink:to="cpa_NonVestedDividendParticipatingNonVestedAwards_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_NonVestedMember" xlink:label="cpa_NonVestedMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_NonVestedMember_lbl" xml:lang="en-US" id="id_13917047_2980696_3_1">Non vested.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_NonVestedMember_lbl" xml:lang="en-US" id="id_13917047_2980696_1_1">Non Vested [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_NonVestedMember_lbl" xml:lang="en-US" id="id_13917047_2980696_2_1">Non-vested [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_NonVestedMember" xlink:to="cpa_NonVestedMember_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_NoParValuePerShare" xlink:label="cpa_NoParValuePerShare"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_NoParValuePerShare_lbl" xml:lang="en-US" id="id_13917047_3019937_3_1">No Par Value Per Share</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_NoParValuePerShare_lbl" xml:lang="en-US" id="id_13917047_3019937_1_1">No Par Value Per Share</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_NoParValuePerShare_lbl" xml:lang="en-US" id="id_13917047_3019937_2_1">Common stock, no par value</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_NoParValuePerShare" xlink:to="cpa_NoParValuePerShare_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_NorthAmericaMember" xlink:label="us-gaap_NorthAmericaMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NorthAmericaMember_lbl" xml:lang="en-US" id="id_13917047_2927289_1_1">North America [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_NorthAmericaMember_lbl" xml:lang="en-US" id="id_13917047_2927289_2_1">North America [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NorthAmericaMember" xlink:to="us-gaap_NorthAmericaMember_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_NorthCentralSouthAmericaAndCaribbeanMember" xlink:label="cpa_NorthCentralSouthAmericaAndCaribbeanMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_NorthCentralSouthAmericaAndCaribbeanMember_lbl" xml:lang="en-US" id="id_13917047_3037132_3_1">North, Central, South America and Caribbean [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_NorthCentralSouthAmericaAndCaribbeanMember_lbl" xml:lang="en-US" id="id_13917047_3037132_1_1">North, Central, South America and Caribbean [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_NorthCentralSouthAmericaAndCaribbeanMember_lbl" xml:lang="en-US" id="id_13917047_3037132_2_1">North, Central and South America and the Caribbean [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_NorthCentralSouthAmericaAndCaribbeanMember" xlink:to="cpa_NorthCentralSouthAmericaAndCaribbeanMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_NotLaterThanOneYearMember" xlink:label="ifrs-full_NotLaterThanOneYearMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NotLaterThanOneYearMember_lbl" xml:lang="en-US" id="id_13917047_2938967_1_1">Not later than one year [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_NotLaterThanOneYearMember_lbl" xml:lang="en-US" id="id_13917047_2938967_2_1">Up to one year [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NotLaterThanOneYearMember" xlink:to="ifrs-full_NotLaterThanOneYearMember_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_NumberOfAircraft" xlink:label="cpa_NumberOfAircraft"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_NumberOfAircraft_lbl" xml:lang="en-US" id="id_13917047_2945293_3_1">Number of aircraft.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_NumberOfAircraft_lbl" xml:lang="en-US" id="id_13917047_2945293_1_1">Number of Aircraft</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_NumberOfAircraft_lbl" xml:lang="en-US" id="id_13917047_2945293_2_1">Number of aircraft</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_NumberOfAircraft" xlink:to="cpa_NumberOfAircraft_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_NumberOfAircraftUnderFinance" xlink:label="cpa_NumberOfAircraftUnderFinance"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_NumberOfAircraftUnderFinance_lbl" xml:lang="en-US" id="id_13917047_2945492_3_1">Number of aircraft under finance.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_NumberOfAircraftUnderFinance_lbl" xml:lang="en-US" id="id_13917047_2945492_1_1">Number of aircraft under finance</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_NumberOfAircraftUnderFinance_lbl" xml:lang="en-US" id="id_13917047_2945492_2_1">Number of aircraft finance with SOAR structure</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_NumberOfAircraftUnderFinance" xlink:to="cpa_NumberOfAircraftUnderFinance_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_NumberOfAircraftUnderLessor" xlink:label="cpa_NumberOfAircraftUnderLessor"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_NumberOfAircraftUnderLessor_lbl" xml:lang="en-US" id="id_13917047_2945287_3_1">Number of aircraft under lessor.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_NumberOfAircraftUnderLessor_lbl" xml:lang="en-US" id="id_13917047_2945287_1_1">Number of aircraft under lessor</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_NumberOfAircraftUnderLessor_lbl" xml:lang="en-US" id="id_13917047_2945287_2_1">Number of aircraft under lessor</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_NumberOfAircraftUnderLessor" xlink:to="cpa_NumberOfAircraftUnderLessor_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_NumberOfAirlines" xlink:label="cpa_NumberOfAirlines"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_NumberOfAirlines_lbl" xml:lang="en-US" id="id_13917047_2945292_3_1">Number of airlines.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_NumberOfAirlines_lbl" xml:lang="en-US" id="id_13917047_2945292_1_1">Number of Airlines</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_NumberOfAirlines_lbl" xml:lang="en-US" id="id_13917047_2945292_2_1">Number of airlines</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_NumberOfAirlines" xlink:to="cpa_NumberOfAirlines_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_NumberOfCountries" xlink:label="cpa_NumberOfCountries"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_NumberOfCountries_lbl" xml:lang="en-US" id="id_13917047_2945289_3_1">Number of countries in South, Central America and the Caribbean.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_NumberOfCountries_lbl" xml:lang="en-US" id="id_13917047_2945289_1_1">Number of countries</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_NumberOfCountries_lbl" xml:lang="en-US" id="id_13917047_2945289_2_1">Number of countries</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_NumberOfCountries" xlink:to="cpa_NumberOfCountries_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_NumberOfDailyScheduledFlights" xlink:label="cpa_NumberOfDailyScheduledFlights"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_NumberOfDailyScheduledFlights_lbl" xml:lang="en-US" id="id_13917047_2945290_3_1">Number of daily scheduled flights.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_NumberOfDailyScheduledFlights_lbl" xml:lang="en-US" id="id_13917047_2945290_1_1">Number of daily scheduled flights</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_NumberOfDailyScheduledFlights_lbl" xml:lang="en-US" id="id_13917047_2945290_2_1">Number of daily scheduled flights</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_NumberOfDailyScheduledFlights" xlink:to="cpa_NumberOfDailyScheduledFlights_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_NumberOfDaysFlightsBetweenPanamaAndVenezuelaCancelled" xlink:label="cpa_NumberOfDaysFlightsBetweenPanamaAndVenezuelaCancelled"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_NumberOfDaysFlightsBetweenPanamaAndVenezuelaCancelled_lbl" xml:lang="en-US" id="id_13917047_3056994_3_1">Number of Days Flights Between Panama and Venezuela Cancelled</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_NumberOfDaysFlightsBetweenPanamaAndVenezuelaCancelled_lbl" xml:lang="en-US" id="id_13917047_3056994_1_1">Number of Days Flights Between Panama and Venezuela Cancelled</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_NumberOfDaysFlightsBetweenPanamaAndVenezuelaCancelled_lbl" xml:lang="en-US" id="id_13917047_3056994_2_1">Number of days flights between Panama and Venezuela cancelled</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_NumberOfDaysFlightsBetweenPanamaAndVenezuelaCancelled" xlink:to="cpa_NumberOfDaysFlightsBetweenPanamaAndVenezuelaCancelled_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_NumberOfDerivativeInstrumentEntered" xlink:label="cpa_NumberOfDerivativeInstrumentEntered"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_NumberOfDerivativeInstrumentEntered_lbl" xml:lang="en-US" id="id_13917047_2945278_3_1">Number of derivative instrument entered.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_NumberOfDerivativeInstrumentEntered_lbl" xml:lang="en-US" id="id_13917047_2945278_1_1">Number of derivative instrument entered</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_NumberOfDerivativeInstrumentEntered_lbl" xml:lang="en-US" id="id_13917047_2945278_2_1">Number of derivative instrument company entered</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_NumberOfDerivativeInstrumentEntered" xlink:to="cpa_NumberOfDerivativeInstrumentEntered_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_NumberOfDestinations" xlink:label="cpa_NumberOfDestinations"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_NumberOfDestinations_lbl" xml:lang="en-US" id="id_13917047_2945288_3_1">Number of flights to destinations within Colombia.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_NumberOfDestinations_lbl" xml:lang="en-US" id="id_13917047_2945288_1_1">Number of destinations</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_NumberOfDestinations_lbl" xml:lang="en-US" id="id_13917047_2945288_2_1">Number of destinations</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_NumberOfDestinations" xlink:to="cpa_NumberOfDestinations_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_NumberOfEmployees" xlink:label="ifrs-full_NumberOfEmployees"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NumberOfEmployees_lbl" xml:lang="en-US" id="id_13917047_2937600_1_1">Number of employees</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_NumberOfEmployees_lbl" xml:lang="en-US" id="id_13917047_2937600_2_1">Number of company's employees</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NumberOfEmployees" xlink:to="ifrs-full_NumberOfEmployees_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_NumberOfFirmOrdersInPurchaseContracts" xlink:label="cpa_NumberOfFirmOrdersInPurchaseContracts"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_NumberOfFirmOrdersInPurchaseContracts_lbl" xml:lang="en-US" id="id_13917047_2945284_3_1">Number of firm orders in purchase contracts.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_NumberOfFirmOrdersInPurchaseContracts_lbl" xml:lang="en-US" id="id_13917047_2945284_1_1">Number of firm orders in purchase contracts</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_NumberOfFirmOrdersInPurchaseContracts_lbl" xml:lang="en-US" id="id_13917047_2945284_2_1">Number of firm orders in purchase contract</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_NumberOfFirmOrdersInPurchaseContracts" xlink:to="cpa_NumberOfFirmOrdersInPurchaseContracts_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_NumberOfInstrumentsGrantedInSharebasedPaymentArrangement" xlink:label="ifrs-full_NumberOfInstrumentsGrantedInSharebasedPaymentArrangement"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NumberOfInstrumentsGrantedInSharebasedPaymentArrangement_lbl" xml:lang="en-US" id="id_13917047_2938823_1_1">Number of instruments granted in share-based payment arrangement</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_NumberOfInstrumentsGrantedInSharebasedPaymentArrangement_lbl" xml:lang="en-US" id="id_13917047_2938823_2_1">Non-vested stock, number of awards approved</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_NumberOfInstrumentsGrantedInSharebasedPaymentArrangement_lbl" xml:lang="en-US" id="id_13917047_2938823_12_1">Number of instruments</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NumberOfInstrumentsGrantedInSharebasedPaymentArrangement" xlink:to="ifrs-full_NumberOfInstrumentsGrantedInSharebasedPaymentArrangement_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_NumberOfLeaseFloor" xlink:label="cpa_NumberOfLeaseFloor"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_NumberOfLeaseFloor_lbl" xml:lang="en-US" id="id_13917047_2974833_3_1">Number of lease floor.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_NumberOfLeaseFloor_lbl" xml:lang="en-US" id="id_13917047_2974833_1_1">Number of lease floor</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_NumberOfLeaseFloor_lbl" xml:lang="en-US" id="id_13917047_2974833_2_1">Number of lease floor</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_NumberOfLeaseFloor" xlink:to="cpa_NumberOfLeaseFloor_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_NumberOfOperatingSegments1" xlink:label="cpa_NumberOfOperatingSegments1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_NumberOfOperatingSegments1_lbl" xml:lang="en-US" id="id_13917047_2976614_3_1">Number of operating segments.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_NumberOfOperatingSegments1_lbl" xml:lang="en-US" id="id_13917047_2976614_1_1">Number Of Operating Segments1</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_NumberOfOperatingSegments1_lbl" xml:lang="en-US" id="id_13917047_2976614_2_1">Number of operating segment</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_NumberOfOperatingSegments1" xlink:to="cpa_NumberOfOperatingSegments1_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_NumberOfOutstandingShareOptions" xlink:label="ifrs-full_NumberOfOutstandingShareOptions"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NumberOfOutstandingShareOptions_lbl" xml:lang="en-US" id="id_13917047_2937602_1_1">Number of share options outstanding in share-based payment arrangement</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="ifrs-full_NumberOfOutstandingShareOptions_lbl" xml:lang="en-US" id="id_13917047_2937602_4_1">Outstanding at December 31</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="ifrs-full_NumberOfOutstandingShareOptions_lbl" xml:lang="en-US" id="id_13917047_2937602_5_1">Outstanding at January 1</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NumberOfOutstandingShareOptions" xlink:to="ifrs-full_NumberOfOutstandingShareOptions_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_NumberOfPurchasesContractsSubscribed" xlink:label="cpa_NumberOfPurchasesContractsSubscribed"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_NumberOfPurchasesContractsSubscribed_lbl" xml:lang="en-US" id="id_13917047_2945283_3_1">Number of purchases contracts subscribed.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_NumberOfPurchasesContractsSubscribed_lbl" xml:lang="en-US" id="id_13917047_2945283_1_1">Number of purchases contracts subscribed</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_NumberOfPurchasesContractsSubscribed_lbl" xml:lang="en-US" id="id_13917047_2945283_2_1">Number of purchase contracts subscribed</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_NumberOfPurchasesContractsSubscribed" xlink:to="cpa_NumberOfPurchasesContractsSubscribed_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_NumberOfShareOptionsExercisedInSharebasedPaymentArrangement" xlink:label="ifrs-full_NumberOfShareOptionsExercisedInSharebasedPaymentArrangement"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NumberOfShareOptionsExercisedInSharebasedPaymentArrangement_lbl" xml:lang="en-US" id="id_13917047_2938830_1_1">Number of share options exercised in share-based payment arrangement</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_NumberOfShareOptionsExercisedInSharebasedPaymentArrangement_lbl" xml:lang="en-US" id="id_13917047_2938830_14_1">Exercised</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:label="ifrs-full_NumberOfShareOptionsExercisedInSharebasedPaymentArrangement_lbl" xml:lang="en-US" id="id_13917047_2938830_18_1">Vested</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NumberOfShareOptionsExercisedInSharebasedPaymentArrangement" xlink:to="ifrs-full_NumberOfShareOptionsExercisedInSharebasedPaymentArrangement_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_NumberOfShareOptionsForfeitedInSharebasedPaymentArrangement" xlink:label="ifrs-full_NumberOfShareOptionsForfeitedInSharebasedPaymentArrangement"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NumberOfShareOptionsForfeitedInSharebasedPaymentArrangement_lbl" xml:lang="en-US" id="id_13917047_2938971_1_1">Number of share options forfeited in share-based payment arrangement</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_NumberOfShareOptionsForfeitedInSharebasedPaymentArrangement_lbl" xml:lang="en-US" id="id_13917047_2938971_14_1">Forfeited</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NumberOfShareOptionsForfeitedInSharebasedPaymentArrangement" xlink:to="ifrs-full_NumberOfShareOptionsForfeitedInSharebasedPaymentArrangement_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_NumberOfShareOptionsGrantedInSharebasedPaymentArrangement" xlink:label="ifrs-full_NumberOfShareOptionsGrantedInSharebasedPaymentArrangement"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NumberOfShareOptionsGrantedInSharebasedPaymentArrangement_lbl" xml:lang="en-US" id="id_13917047_2938831_1_1">Number of share options granted in share-based payment arrangement</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/positiveLabel" xlink:label="ifrs-full_NumberOfShareOptionsGrantedInSharebasedPaymentArrangement_lbl" xml:lang="en-US" id="id_13917047_2938831_32_1">Non-vested stock, grant</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_NumberOfShareOptionsGrantedInSharebasedPaymentArrangement_lbl" xml:lang="en-US" id="id_13917047_2938831_2_1">Equity stock options granted</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_NumberOfShareOptionsGrantedInSharebasedPaymentArrangement_lbl" xml:lang="en-US" id="id_13917047_2938831_12_1">Granted</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NumberOfShareOptionsGrantedInSharebasedPaymentArrangement" xlink:to="ifrs-full_NumberOfShareOptionsGrantedInSharebasedPaymentArrangement_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_NumberOfSharesAuthorised" xlink:label="ifrs-full_NumberOfSharesAuthorised"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NumberOfSharesAuthorised_lbl" xml:lang="en-US" id="id_13917047_2937604_1_1">Number of shares authorised</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_NumberOfSharesAuthorised_lbl" xml:lang="en-US" id="id_13917047_2937604_2_1">Common stock, shares authorised</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NumberOfSharesAuthorised" xlink:to="ifrs-full_NumberOfSharesAuthorised_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_NumberOfSharesIssued" xlink:label="ifrs-full_NumberOfSharesIssued"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NumberOfSharesIssued_lbl" xml:lang="en-US" id="id_13917047_2937605_1_1">Number of shares issued</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_NumberOfSharesIssued_lbl" xml:lang="en-US" id="id_13917047_2937605_2_1">Common stock, shares issued</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NumberOfSharesIssued" xlink:to="ifrs-full_NumberOfSharesIssued_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_NumberOfSharesOutstanding" xlink:label="ifrs-full_NumberOfSharesOutstanding"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_NumberOfSharesOutstanding_lbl" xml:lang="en-US" id="id_13917047_2938521_1_1">Number of shares outstanding</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="ifrs-full_NumberOfSharesOutstanding_lbl" xml:lang="en-US" id="id_13917047_2938521_4_1">Ending balance, shares</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="ifrs-full_NumberOfSharesOutstanding_lbl" xml:lang="en-US" id="id_13917047_2938521_5_1">Beginning balance, shares</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_NumberOfSharesOutstanding_lbl" xml:lang="en-US" id="id_13917047_2938521_2_1">Common stock, shares outstanding</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_NumberOfSharesOutstanding" xlink:to="ifrs-full_NumberOfSharesOutstanding_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_NumberOfSharesRepurchaseProgram" xlink:label="cpa_NumberOfSharesRepurchaseProgram"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_NumberOfSharesRepurchaseProgram_lbl" xml:lang="en-US" id="id_13917047_2973778_3_1">Number of shares repurchase program.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_NumberOfSharesRepurchaseProgram_lbl" xml:lang="en-US" id="id_13917047_2973778_1_1">Number of shares repurchase program</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_NumberOfSharesRepurchaseProgram_lbl" xml:lang="en-US" id="id_13917047_2973778_2_1">Number of shares repurchase program</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_NumberOfSharesRepurchaseProgram" xlink:to="cpa_NumberOfSharesRepurchaseProgram_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_NumberOfUnionOrganizations" xlink:label="cpa_NumberOfUnionOrganizations"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_NumberOfUnionOrganizations_lbl" xml:lang="en-US" id="id_13917047_2945279_3_1">Number of union organizations.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_NumberOfUnionOrganizations_lbl" xml:lang="en-US" id="id_13917047_2945279_1_1">Number of union organizations</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_NumberOfUnionOrganizations_lbl" xml:lang="en-US" id="id_13917047_2945279_2_1">Number of union organizations</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_NumberOfUnionOrganizations" xlink:to="cpa_NumberOfUnionOrganizations_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_ObligationsUnderFinanceLeasesMember" xlink:label="cpa_ObligationsUnderFinanceLeasesMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_ObligationsUnderFinanceLeasesMember_lbl" xml:lang="en-US" id="id_13917047_3012192_3_1">Obligations under finance leases.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_ObligationsUnderFinanceLeasesMember_lbl" xml:lang="en-US" id="id_13917047_3012192_1_1">Obligations Under Finance Leases [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_ObligationsUnderFinanceLeasesMember_lbl" xml:lang="en-US" id="id_13917047_3012192_2_1">Obligations under finance leases [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_ObligationsUnderFinanceLeasesMember" xlink:to="cpa_ObligationsUnderFinanceLeasesMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_OperatingExpense" xlink:label="ifrs-full_OperatingExpense"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OperatingExpense_lbl" xml:lang="en-US" id="id_13917047_2938525_1_1">Operating expense</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_OperatingExpense_lbl" xml:lang="en-US" id="id_13917047_2938525_6_1">Total operating expenses</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OperatingExpense" xlink:to="ifrs-full_OperatingExpense_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_OperatingExpenseAbstract" xlink:label="cpa_OperatingExpenseAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_OperatingExpenseAbstract_lbl" xml:lang="en-US" id="id_13917047_2942616_3_1">Operating expense.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_OperatingExpenseAbstract_lbl" xml:lang="en-US" id="id_13917047_2942616_1_1">Operating Expense [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_OperatingExpenseAbstract_lbl" xml:lang="en-US" id="id_13917047_2942616_2_1">Operating expenses</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_OperatingExpenseAbstract" xlink:to="cpa_OperatingExpenseAbstract_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_OperatingExpensesFromRailroadAndRelatedBusinessAbstract" xlink:label="cpa_OperatingExpensesFromRailroadAndRelatedBusinessAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_OperatingExpensesFromRailroadAndRelatedBusinessAbstract_lbl" xml:lang="en-US" id="id_13917047_2940561_3_1">Disclosure of operating expenses from railroad and related business.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_OperatingExpensesFromRailroadAndRelatedBusinessAbstract_lbl" xml:lang="en-US" id="id_13917047_2940561_1_1">Operating expenses from railroad and related business [abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_OperatingExpensesFromRailroadAndRelatedBusinessAbstract_lbl" xml:lang="en-US" id="id_13917047_2940561_2_1">Operating expenses from railroad and related business [abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_OperatingExpensesFromRailroadAndRelatedBusinessAbstract" xlink:to="cpa_OperatingExpensesFromRailroadAndRelatedBusinessAbstract_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_OriginationAndReversalOfTemporaryDifferencesDeferredTaxAssetsAbstract" xlink:label="cpa_OriginationAndReversalOfTemporaryDifferencesDeferredTaxAssetsAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_OriginationAndReversalOfTemporaryDifferencesDeferredTaxAssetsAbstract_lbl" xml:lang="en-US" id="id_13917047_2944315_3_1">Origination and reversal of temporary differences, deferred tax assets abstract.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_OriginationAndReversalOfTemporaryDifferencesDeferredTaxAssetsAbstract_lbl" xml:lang="en-US" id="id_13917047_2944315_1_1">Origination and reversal of temporary differences, deferred tax assets [abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_OriginationAndReversalOfTemporaryDifferencesDeferredTaxAssetsAbstract_lbl" xml:lang="en-US" id="id_13917047_2944315_2_1">Deferred tax assets</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_OriginationAndReversalOfTemporaryDifferencesDeferredTaxAssetsAbstract" xlink:to="cpa_OriginationAndReversalOfTemporaryDifferencesDeferredTaxAssetsAbstract_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_OriginationAndReversalOfTemporaryDifferencesDeferredTaxLiabilitiesAbstract" xlink:label="cpa_OriginationAndReversalOfTemporaryDifferencesDeferredTaxLiabilitiesAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_OriginationAndReversalOfTemporaryDifferencesDeferredTaxLiabilitiesAbstract_lbl" xml:lang="en-US" id="id_13917047_2944316_3_1">Origination and reversal of temporary differences, deferred Tax Liabilities abstract.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_OriginationAndReversalOfTemporaryDifferencesDeferredTaxLiabilitiesAbstract_lbl" xml:lang="en-US" id="id_13917047_2944316_1_1">Origination and reversal of temporary differences, deferred Tax Liabilities [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_OriginationAndReversalOfTemporaryDifferencesDeferredTaxLiabilitiesAbstract_lbl" xml:lang="en-US" id="id_13917047_2944316_2_1">Deferred tax liabilities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_OriginationAndReversalOfTemporaryDifferencesDeferredTaxLiabilitiesAbstract" xlink:to="cpa_OriginationAndReversalOfTemporaryDifferencesDeferredTaxLiabilitiesAbstract_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_OtherAccruedExpensesPayable" xlink:label="cpa_OtherAccruedExpensesPayable"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_OtherAccruedExpensesPayable_lbl" xml:lang="en-US" id="id_13917047_3036808_3_1">Other accrued expenses payable.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_OtherAccruedExpensesPayable_lbl" xml:lang="en-US" id="id_13917047_3036808_1_1">Other accrued expenses payable</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_OtherAccruedExpensesPayable_lbl" xml:lang="en-US" id="id_13917047_3036808_2_1">Other</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_OtherAccruedExpensesPayable" xlink:to="cpa_OtherAccruedExpensesPayable_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_OtherAssets" xlink:label="ifrs-full_OtherAssets"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherAssets_lbl" xml:lang="en-US" id="id_13917047_2938527_1_1">Other assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_OtherAssets_lbl" xml:lang="en-US" id="id_13917047_2938527_2_1">Other assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_OtherAssets_lbl" xml:lang="en-US" id="id_13917047_2938527_6_1">Other current and non-current assets</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherAssets" xlink:to="ifrs-full_OtherAssets_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_OtherComprehensiveIncome" xlink:label="ifrs-full_OtherComprehensiveIncome"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherComprehensiveIncome_lbl" xml:lang="en-US" id="id_13917047_2937615_1_1">Other comprehensive income</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_OtherComprehensiveIncome_lbl" xml:lang="en-US" id="id_13917047_2937615_2_1">Other comprehensive income</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_OtherComprehensiveIncome_lbl" xml:lang="en-US" id="id_13917047_2937615_6_1">Other comprehensive loss for the year, net of tax</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherComprehensiveIncome" xlink:to="ifrs-full_OtherComprehensiveIncome_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_OtherComprehensiveIncomeAbstract" xlink:label="ifrs-full_OtherComprehensiveIncomeAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherComprehensiveIncomeAbstract_lbl" xml:lang="en-US" id="id_13917047_2938839_1_1">Other comprehensive income [abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_OtherComprehensiveIncomeAbstract_lbl" xml:lang="en-US" id="id_13917047_2938839_2_1">Other comprehensive income (loss)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherComprehensiveIncomeAbstract" xlink:to="ifrs-full_OtherComprehensiveIncomeAbstract_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_OtherComprehensiveIncomeNetChangeInFairValueOfDerivativeInstrument" xlink:label="cpa_OtherComprehensiveIncomeNetChangeInFairValueOfDerivativeInstrument"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_OtherComprehensiveIncomeNetChangeInFairValueOfDerivativeInstrument_lbl" xml:lang="en-US" id="id_13917047_2956454_3_1">Other comprehensive income net change in fair value of derivative instrument.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_OtherComprehensiveIncomeNetChangeInFairValueOfDerivativeInstrument_lbl" xml:lang="en-US" id="id_13917047_2956454_1_1">Other Comprehensive Income Net Change In Fair Value Of Derivative Instrument</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_OtherComprehensiveIncomeNetChangeInFairValueOfDerivativeInstrument_lbl" xml:lang="en-US" id="id_13917047_2956454_2_1">Net change in fair value of derivative instrument</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_OtherComprehensiveIncomeNetChangeInFairValueOfDerivativeInstrument" xlink:to="cpa_OtherComprehensiveIncomeNetChangeInFairValueOfDerivativeInstrument_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans" xlink:label="ifrs-full_OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans_lbl" xml:lang="en-US" id="id_13917047_2937632_1_1">Other comprehensive income, net of tax, gains (losses) on remeasurements of defined benefit plans</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans_lbl" xml:lang="en-US" id="id_13917047_2937632_2_1">Remeasurement of actuarial loss, net of amortization</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans" xlink:to="ifrs-full_OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTax" xlink:label="ifrs-full_OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTax"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTax_lbl" xml:lang="en-US" id="id_13917047_2938994_1_1">Other comprehensive income that will be reclassified to profit or loss, net of tax</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTax_lbl" xml:lang="en-US" id="id_13917047_2938994_2_1">Other comprehensive income (loss) to be reclassified to profit or loss</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTax" xlink:to="ifrs-full_OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTax_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax" xlink:label="ifrs-full_OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax_lbl" xml:lang="en-US" id="id_13917047_2938850_1_1">Other comprehensive income that will not be reclassified to profit or loss, net of tax</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax_lbl" xml:lang="en-US" id="id_13917047_2938850_2_1">Other comprehensive loss not to be reclassified to profit or loss</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax" xlink:to="ifrs-full_OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_OtherCurrentAssets" xlink:label="ifrs-full_OtherCurrentAssets"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherCurrentAssets_lbl" xml:lang="en-US" id="id_13917047_2938537_1_1">Other current assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_OtherCurrentAssets_lbl" xml:lang="en-US" id="id_13917047_2938537_2_1">Other currents assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_OtherCurrentAssets_lbl" xml:lang="en-US" id="id_13917047_2938537_6_1">Other currents assets</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherCurrentAssets" xlink:to="ifrs-full_OtherCurrentAssets_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_OtherCurrentFinancialAssets" xlink:label="ifrs-full_OtherCurrentFinancialAssets"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherCurrentFinancialAssets_lbl" xml:lang="en-US" id="id_13917047_2938851_1_1">Other current financial assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_OtherCurrentFinancialAssets_lbl" xml:lang="en-US" id="id_13917047_2938851_2_1">Other</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherCurrentFinancialAssets" xlink:to="ifrs-full_OtherCurrentFinancialAssets_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_OtherCurrentLiabilities" xlink:label="ifrs-full_OtherCurrentLiabilities"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherCurrentLiabilities_lbl" xml:lang="en-US" id="id_13917047_2938996_1_1">Other current liabilities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_OtherCurrentLiabilities_lbl" xml:lang="en-US" id="id_13917047_2938996_2_1">Current</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherCurrentLiabilities" xlink:to="ifrs-full_OtherCurrentLiabilities_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_OtherEmployeeBenefitsLiabilityMember" xlink:label="cpa_OtherEmployeeBenefitsLiabilityMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_OtherEmployeeBenefitsLiabilityMember_lbl" xml:lang="en-US" id="id_13917047_3052257_3_1">Other Employee Benefits Liability [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_OtherEmployeeBenefitsLiabilityMember_lbl" xml:lang="en-US" id="id_13917047_3052257_1_1">Other Employee Benefits Liability [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_OtherEmployeeBenefitsLiabilityMember_lbl" xml:lang="en-US" id="id_13917047_3052257_2_1">Other employee benefits liability [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_OtherEmployeeBenefitsLiabilityMember" xlink:to="cpa_OtherEmployeeBenefitsLiabilityMember_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_OtherEmployeeBenefitsMember" xlink:label="cpa_OtherEmployeeBenefitsMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_OtherEmployeeBenefitsMember_lbl" xml:lang="en-US" id="id_13917047_2980744_3_1">Other employee benefits.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_OtherEmployeeBenefitsMember_lbl" xml:lang="en-US" id="id_13917047_2980744_1_1">Other employee benefits [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_OtherEmployeeBenefitsMember_lbl" xml:lang="en-US" id="id_13917047_2980744_2_1">Other employee benefits [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_OtherEmployeeBenefitsMember" xlink:to="cpa_OtherEmployeeBenefitsMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_OtherExpenseByFunction" xlink:label="ifrs-full_OtherExpenseByFunction"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherExpenseByFunction_lbl" xml:lang="en-US" id="id_13917047_2938856_1_1">Other expense, by function</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_OtherExpenseByFunction_lbl" xml:lang="en-US" id="id_13917047_2938856_2_1">Other Operating and administrative expenses</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherExpenseByFunction" xlink:to="ifrs-full_OtherExpenseByFunction_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_OtherExpenseByNature" xlink:label="ifrs-full_OtherExpenseByNature"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherExpenseByNature_lbl" xml:lang="en-US" id="id_13917047_2938539_1_1">Other expenses, by nature</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_OtherExpenseByNature_lbl" xml:lang="en-US" id="id_13917047_2938539_2_1">Other operating expenses</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherExpenseByNature" xlink:to="ifrs-full_OtherExpenseByNature_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_OtherExpenses1" xlink:label="cpa_OtherExpenses1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_OtherExpenses1_lbl" xml:lang="en-US" id="id_13917047_2971186_3_1">Other expenses 1.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_OtherExpenses1_lbl" xml:lang="en-US" id="id_13917047_2971186_1_1">Other Expenses 1</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="cpa_OtherExpenses1_lbl" xml:lang="en-US" id="id_13917047_2971186_14_1">Other expense</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_OtherExpenses1" xlink:to="cpa_OtherExpenses1_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_OtherFinancialLiabilities" xlink:label="ifrs-full_OtherFinancialLiabilities"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherFinancialLiabilities_lbl" xml:lang="en-US" id="id_13917047_2937641_1_1">Other financial liabilities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_OtherFinancialLiabilities_lbl" xml:lang="en-US" id="id_13917047_2937641_2_1">Other liabilities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherFinancialLiabilities" xlink:to="ifrs-full_OtherFinancialLiabilities_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_OtherIncome" xlink:label="ifrs-full_OtherIncome"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherIncome_lbl" xml:lang="en-US" id="id_13917047_2937643_1_1">Other income</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_OtherIncome_lbl" xml:lang="en-US" id="id_13917047_2937643_2_1">Other income</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherIncome" xlink:to="ifrs-full_OtherIncome_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_OtherInventories" xlink:label="ifrs-full_OtherInventories"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherInventories_lbl" xml:lang="en-US" id="id_13917047_2938545_1_1">Other current inventories</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_OtherInventories_lbl" xml:lang="en-US" id="id_13917047_2938545_2_1">Other inventories</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherInventories" xlink:to="ifrs-full_OtherInventories_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_OtherLiabilities" xlink:label="ifrs-full_OtherLiabilities"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherLiabilities_lbl" xml:lang="en-US" id="id_13917047_2938860_1_1">Other liabilities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="ifrs-full_OtherLiabilities_lbl" xml:lang="en-US" id="id_13917047_2938860_4_1">Ending balance</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="ifrs-full_OtherLiabilities_lbl" xml:lang="en-US" id="id_13917047_2938860_5_1">Beginning balance</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherLiabilities" xlink:to="ifrs-full_OtherLiabilities_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_OtherLongtermLiabilitiesExplanatory" xlink:label="cpa_OtherLongtermLiabilitiesExplanatory"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_OtherLongtermLiabilitiesExplanatory_lbl" xml:lang="en-US" id="id_13917047_3013137_3_1">The entire disclosure of other long-term liabilities.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_OtherLongtermLiabilitiesExplanatory_lbl" xml:lang="en-US" id="id_13917047_3013137_1_1">Other long-term liabilities [Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_OtherLongtermLiabilitiesExplanatory_lbl" xml:lang="en-US" id="id_13917047_3013137_2_1">Other long-term liabilities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_OtherLongtermLiabilitiesExplanatory" xlink:to="cpa_OtherLongtermLiabilitiesExplanatory_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_OtherLongTermLiabilitiesMember" xlink:label="cpa_OtherLongTermLiabilitiesMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_OtherLongTermLiabilitiesMember_lbl" xml:lang="en-US" id="id_13917047_2980474_3_1">Other long term liabilities.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_OtherLongTermLiabilitiesMember_lbl" xml:lang="en-US" id="id_13917047_2980474_1_1">Other long term liabilities [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_OtherLongTermLiabilitiesMember_lbl" xml:lang="en-US" id="id_13917047_2980474_2_1">Other long term liabilities [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_OtherLongTermLiabilitiesMember" xlink:to="cpa_OtherLongTermLiabilitiesMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_OtherNoncurrentAssets" xlink:label="ifrs-full_OtherNoncurrentAssets"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherNoncurrentAssets_lbl" xml:lang="en-US" id="id_13917047_2937646_1_1">Other non-current assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_OtherNoncurrentAssets_lbl" xml:lang="en-US" id="id_13917047_2937646_2_1">Other non - current assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_OtherNoncurrentAssets_lbl" xml:lang="en-US" id="id_13917047_2937646_6_1">Other non - current assets</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherNoncurrentAssets" xlink:to="ifrs-full_OtherNoncurrentAssets_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_OtherNoncurrentFinancialAssets" xlink:label="ifrs-full_OtherNoncurrentFinancialAssets"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherNoncurrentFinancialAssets_lbl" xml:lang="en-US" id="id_13917047_2937647_1_1">Other non-current financial assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_OtherNoncurrentFinancialAssets_lbl" xml:lang="en-US" id="id_13917047_2937647_2_1">Other assets</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherNoncurrentFinancialAssets" xlink:to="ifrs-full_OtherNoncurrentFinancialAssets_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_OtherNoncurrentLiabilities" xlink:label="ifrs-full_OtherNoncurrentLiabilities"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherNoncurrentLiabilities_lbl" xml:lang="en-US" id="id_13917047_2938863_1_1">Other non-current liabilities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/positiveLabel" xlink:label="ifrs-full_OtherNoncurrentLiabilities_lbl" xml:lang="en-US" id="id_13917047_2938863_32_1">Other non - current liabilities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_OtherNoncurrentLiabilities_lbl" xml:lang="en-US" id="id_13917047_2938863_2_1">Other long - term liabilities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_OtherNoncurrentLiabilities_lbl" xml:lang="en-US" id="id_13917047_2938863_12_1">Other long-term liabilities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherNoncurrentLiabilities" xlink:to="ifrs-full_OtherNoncurrentLiabilities_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_OtherNoncurrentLiabilitiesEffectOfMovementsInExchangeRate" xlink:label="cpa_OtherNoncurrentLiabilitiesEffectOfMovementsInExchangeRate"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_OtherNoncurrentLiabilitiesEffectOfMovementsInExchangeRate_lbl" xml:lang="en-US" id="id_13917047_2946249_3_1">Other non-current liabilities effect of movements in exchange rate</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_OtherNoncurrentLiabilitiesEffectOfMovementsInExchangeRate_lbl" xml:lang="en-US" id="id_13917047_2946249_1_1">Other non-current liabilities effect of movements in exchange rate</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_OtherNoncurrentLiabilitiesEffectOfMovementsInExchangeRate_lbl" xml:lang="en-US" id="id_13917047_2946249_2_1">Effect of movements in exchange rates</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_OtherNoncurrentLiabilitiesEffectOfMovementsInExchangeRate" xlink:to="cpa_OtherNoncurrentLiabilitiesEffectOfMovementsInExchangeRate_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_OtherNoncurrentLiabilitiesIncrease" xlink:label="cpa_OtherNoncurrentLiabilitiesIncrease"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_OtherNoncurrentLiabilitiesIncrease_lbl" xml:lang="en-US" id="id_13917047_2969189_3_1">Other non-current liabilities increase</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_OtherNoncurrentLiabilitiesIncrease_lbl" xml:lang="en-US" id="id_13917047_2969189_1_1">Other non-current liabilities increase</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_OtherNoncurrentLiabilitiesIncrease_lbl" xml:lang="en-US" id="id_13917047_2969189_2_1">Increases</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_OtherNoncurrentLiabilitiesIncrease" xlink:to="cpa_OtherNoncurrentLiabilitiesIncrease_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_OtherNoncurrentLiabilitiesUsed" xlink:label="cpa_OtherNoncurrentLiabilitiesUsed"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_OtherNoncurrentLiabilitiesUsed_lbl" xml:lang="en-US" id="id_13917047_2946248_3_1">Other non-current liabilities used</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_OtherNoncurrentLiabilitiesUsed_lbl" xml:lang="en-US" id="id_13917047_2946248_1_1">Other non-current liabilities used</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_OtherNoncurrentLiabilitiesUsed_lbl" xml:lang="en-US" id="id_13917047_2946248_2_1">Used</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_OtherNoncurrentLiabilitiesUsed" xlink:to="cpa_OtherNoncurrentLiabilitiesUsed_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_OtherNonOperatingIncomeExpense1" xlink:label="cpa_OtherNonOperatingIncomeExpense1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_OtherNonOperatingIncomeExpense1_lbl" xml:lang="en-US" id="id_13917047_2959408_3_1">Other non operating income expense.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_OtherNonOperatingIncomeExpense1_lbl" xml:lang="en-US" id="id_13917047_2959408_1_1">Other non Operating Income Expense 1</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_OtherNonOperatingIncomeExpense1_lbl" xml:lang="en-US" id="id_13917047_2959408_2_1">Other non-operating expense</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="cpa_OtherNonOperatingIncomeExpense1_lbl" xml:lang="en-US" id="id_13917047_2959408_12_1">Other non-operatingexpense</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_OtherNonOperatingIncomeExpense1" xlink:to="cpa_OtherNonOperatingIncomeExpense1_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_OtherOperatingRevenuesMember" xlink:label="cpa_OtherOperatingRevenuesMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_OtherOperatingRevenuesMember_lbl" xml:lang="en-US" id="id_13917047_3001968_3_1">Other operating revenues.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_OtherOperatingRevenuesMember_lbl" xml:lang="en-US" id="id_13917047_3001968_1_1">Other operating revenues [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_OtherOperatingRevenuesMember_lbl" xml:lang="en-US" id="id_13917047_3001968_2_1">Other operating revenues [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_OtherOperatingRevenuesMember" xlink:to="cpa_OtherOperatingRevenuesMember_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_OtherPayablesAndFinacnialLiabilities" xlink:label="cpa_OtherPayablesAndFinacnialLiabilities"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_OtherPayablesAndFinacnialLiabilities_lbl" xml:lang="en-US" id="id_13917047_3048980_3_1">Other payables and finacnial liabilities.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_OtherPayablesAndFinacnialLiabilities_lbl" xml:lang="en-US" id="id_13917047_3048980_1_1">Other payables and finacnial liabilities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_OtherPayablesAndFinacnialLiabilities_lbl" xml:lang="en-US" id="id_13917047_3048980_2_1">Other payables and financial liabilities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_OtherPayablesAndFinacnialLiabilities" xlink:to="cpa_OtherPayablesAndFinacnialLiabilities_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_OtherPrepaidExpenses" xlink:label="cpa_OtherPrepaidExpenses"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_OtherPrepaidExpenses_lbl" xml:lang="en-US" id="id_13917047_2946103_3_1">Other prepaid expenses.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_OtherPrepaidExpenses_lbl" xml:lang="en-US" id="id_13917047_2946103_1_1">Other Prepaid Expenses</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_OtherPrepaidExpenses_lbl" xml:lang="en-US" id="id_13917047_2946103_2_1">Prepaid other</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_OtherPrepaidExpenses" xlink:to="cpa_OtherPrepaidExpenses_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_OtherPropertyPlantAndEquipmentMember" xlink:label="ifrs-full_OtherPropertyPlantAndEquipmentMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherPropertyPlantAndEquipmentMember_lbl" xml:lang="en-US" id="id_13917047_2937650_1_1">Other property, plant and equipment [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_OtherPropertyPlantAndEquipmentMember_lbl" xml:lang="en-US" id="id_13917047_2937650_2_1">Others [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherPropertyPlantAndEquipmentMember" xlink:to="ifrs-full_OtherPropertyPlantAndEquipmentMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_OtherReceivables" xlink:label="ifrs-full_OtherReceivables"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherReceivables_lbl" xml:lang="en-US" id="id_13917047_2938551_1_1">Other receivables</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_OtherReceivables_lbl" xml:lang="en-US" id="id_13917047_2938551_2_1">Other</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherReceivables" xlink:to="ifrs-full_OtherReceivables_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_OtherRevenue" xlink:label="ifrs-full_OtherRevenue"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_OtherRevenue_lbl" xml:lang="en-US" id="id_13917047_2938869_1_1">Other revenue</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_OtherRevenue_lbl" xml:lang="en-US" id="id_13917047_2938869_2_1">Other operating revenue</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_OtherRevenue" xlink:to="ifrs-full_OtherRevenue_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_OthersMember" xlink:label="cpa_OthersMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_OthersMember_lbl" xml:lang="en-US" id="id_13917047_2996912_3_1">Others.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_OthersMember_lbl" xml:lang="en-US" id="id_13917047_2996912_1_1">Others [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_OthersMember_lbl" xml:lang="en-US" id="id_13917047_2996912_2_1">Others [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_OthersMember" xlink:to="cpa_OthersMember_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_OthersSouthAmericaMember" xlink:label="cpa_OthersSouthAmericaMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_OthersSouthAmericaMember_lbl" xml:lang="en-US" id="id_13917047_2980765_3_1">Others South America.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_OthersSouthAmericaMember_lbl" xml:lang="en-US" id="id_13917047_2980765_1_1">Others South America [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_OthersSouthAmericaMember_lbl" xml:lang="en-US" id="id_13917047_2980765_2_1">Others South America [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_OthersSouthAmericaMember" xlink:to="cpa_OthersSouthAmericaMember_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_OutstandingIndebtedness" xlink:label="cpa_OutstandingIndebtedness"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_OutstandingIndebtedness_lbl" xml:lang="en-US" id="id_13917047_3048965_3_1">Outstanding indebtedness.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_OutstandingIndebtedness_lbl" xml:lang="en-US" id="id_13917047_3048965_1_1">Outstanding indebtedness</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_OutstandingIndebtedness_lbl" xml:lang="en-US" id="id_13917047_3048965_2_1">Outstanding indebtedness</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_OutstandingIndebtedness" xlink:to="cpa_OutstandingIndebtedness_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_OvalMember" xlink:label="cpa_OvalMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_OvalMember_lbl" xml:lang="en-US" id="id_13917047_2980781_3_1">Oval.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_OvalMember_lbl" xml:lang="en-US" id="id_13917047_2980781_1_1">Oval [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_OvalMember_lbl" xml:lang="en-US" id="id_13917047_2980781_2_1">Oval [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_OvalMember" xlink:to="cpa_OvalMember_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_OvernightDeposits" xlink:label="cpa_OvernightDeposits"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_OvernightDeposits_lbl" xml:lang="en-US" id="id_13917047_2946151_3_1">Overnight deposits.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_OvernightDeposits_lbl" xml:lang="en-US" id="id_13917047_2946151_1_1">Overnight deposits</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_OvernightDeposits_lbl" xml:lang="en-US" id="id_13917047_2946151_2_1">Overnight deposits</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_OvernightDeposits" xlink:to="cpa_OvernightDeposits_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/country/2017/country-2017-01-31.xsd#country_PA" xlink:label="country_PA"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="country_PA_lbl" xml:lang="en-US" id="id_13917047_2934133_1_1">PANAMA</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="country_PA_lbl" xml:lang="en-US" id="id_13917047_2934133_2_1">Panama [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="country_PA" xlink:to="country_PA_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_PanamaAirCargoTerminalMember" xlink:label="cpa_PanamaAirCargoTerminalMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_PanamaAirCargoTerminalMember_lbl" xml:lang="en-US" id="id_13917047_3036800_3_1">Panama air cargo terminal.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_PanamaAirCargoTerminalMember_lbl" xml:lang="en-US" id="id_13917047_3036800_1_1">Panama Air Cargo Terminal [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_PanamaAirCargoTerminalMember_lbl" xml:lang="en-US" id="id_13917047_3036800_2_1">Panama air cargo terminal [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_PanamaAirCargoTerminalMember" xlink:to="cpa_PanamaAirCargoTerminalMember_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_ParentCompanyInformationAbstract" xlink:label="cpa_ParentCompanyInformationAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_ParentCompanyInformationAbstract_lbl" xml:lang="en-US" id="id_13917047_2943031_3_1">Parent company information.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_ParentCompanyInformationAbstract_lbl" xml:lang="en-US" id="id_13917047_2943031_1_1">Parent Company Information [abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_ParentCompanyInformationAbstract_lbl" xml:lang="en-US" id="id_13917047_2943031_2_1">Parent Company Information [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_ParentCompanyInformationAbstract" xlink:to="cpa_ParentCompanyInformationAbstract_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_ParentCompanyInformationLineItems" xlink:label="cpa_ParentCompanyInformationLineItems"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_ParentCompanyInformationLineItems_lbl" xml:lang="en-US" id="id_13917047_2943030_3_1">Parent company information.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_ParentCompanyInformationLineItems_lbl" xml:lang="en-US" id="id_13917047_2943030_1_1">Parent Company Information [line items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_ParentCompanyInformationLineItems_lbl" xml:lang="en-US" id="id_13917047_2943030_2_1">Parent company information [line items]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_ParentCompanyInformationLineItems" xlink:to="cpa_ParentCompanyInformationLineItems_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_ParentCompanyInformationTable" xlink:label="cpa_ParentCompanyInformationTable"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_ParentCompanyInformationTable_lbl" xml:lang="en-US" id="id_13917047_2979374_3_1">Parent company information.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_ParentCompanyInformationTable_lbl" xml:lang="en-US" id="id_13917047_2979374_1_1">Parent Company Information [Table]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_ParentCompanyInformationTable_lbl" xml:lang="en-US" id="id_13917047_2979374_2_1">Parent Company Information [Table]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_ParentCompanyInformationTable" xlink:to="cpa_ParentCompanyInformationTable_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_PassengerRevenueMember" xlink:label="cpa_PassengerRevenueMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_PassengerRevenueMember_lbl" xml:lang="en-US" id="id_13917047_3049750_3_1">Passenger revenue [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_PassengerRevenueMember_lbl" xml:lang="en-US" id="id_13917047_3049750_1_1">Passenger revenue [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_PassengerRevenueMember_lbl" xml:lang="en-US" id="id_13917047_3049750_2_1">Passenger revenue [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_PassengerRevenueMember" xlink:to="cpa_PassengerRevenueMember_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_PassengerServicingExpenses" xlink:label="cpa_PassengerServicingExpenses"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_PassengerServicingExpenses_lbl" xml:lang="en-US" id="id_13917047_2946123_3_1">Passenger servicing expenses.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_PassengerServicingExpenses_lbl" xml:lang="en-US" id="id_13917047_2946123_1_1">Passenger Servicing Expenses</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_PassengerServicingExpenses_lbl" xml:lang="en-US" id="id_13917047_2946123_2_1">Passenger servicing</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_PassengerServicingExpenses" xlink:to="cpa_PassengerServicingExpenses_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_PastDueStatusAxis" xlink:label="ifrs-full_PastDueStatusAxis"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_PastDueStatusAxis_lbl" xml:lang="en-US" id="id_13917047_2938873_1_1">Past due status [axis]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_PastDueStatusAxis_lbl" xml:lang="en-US" id="id_13917047_2938873_2_1">Past due status [axis]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_PastDueStatusAxis" xlink:to="ifrs-full_PastDueStatusAxis_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_PastDueStatusMember" xlink:label="ifrs-full_PastDueStatusMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_PastDueStatusMember_lbl" xml:lang="en-US" id="id_13917047_2939022_1_1">Past due status [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_PastDueStatusMember_lbl" xml:lang="en-US" id="id_13917047_2939022_2_1">Past due status [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_PastDueStatusMember" xlink:to="ifrs-full_PastDueStatusMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_PayablesOnSocialSecurityAndTaxesOtherThanIncomeTax" xlink:label="ifrs-full_PayablesOnSocialSecurityAndTaxesOtherThanIncomeTax"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_PayablesOnSocialSecurityAndTaxesOtherThanIncomeTax_lbl" xml:lang="en-US" id="id_13917047_2937658_1_1">Payables on social security and taxes other than income tax</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_PayablesOnSocialSecurityAndTaxesOtherThanIncomeTax_lbl" xml:lang="en-US" id="id_13917047_2937658_2_1">Liability for social security contributions</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_PayablesOnSocialSecurityAndTaxesOtherThanIncomeTax" xlink:to="ifrs-full_PayablesOnSocialSecurityAndTaxesOtherThanIncomeTax_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_PaymentsForRepurchaseOfTreasuryShares" xlink:label="cpa_PaymentsForRepurchaseOfTreasuryShares"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_PaymentsForRepurchaseOfTreasuryShares_lbl" xml:lang="en-US" id="id_13917047_2961997_3_1">Payments for repurchase of treasury shares.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_PaymentsForRepurchaseOfTreasuryShares_lbl" xml:lang="en-US" id="id_13917047_2961997_1_1">Payments for repurchase of treasury shares</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="cpa_PaymentsForRepurchaseOfTreasuryShares_lbl" xml:lang="en-US" id="id_13917047_2961997_14_1">Repurchase of treasury shares</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_PaymentsForRepurchaseOfTreasuryShares" xlink:to="cpa_PaymentsForRepurchaseOfTreasuryShares_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_PaymentsFromContractsHeldForDealingOrTradingPurpose" xlink:label="ifrs-full_PaymentsFromContractsHeldForDealingOrTradingPurpose"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_PaymentsFromContractsHeldForDealingOrTradingPurpose_lbl" xml:lang="en-US" id="id_13917047_2938561_1_1">Payments from contracts held for dealing or trading purpose</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_PaymentsFromContractsHeldForDealingOrTradingPurpose_lbl" xml:lang="en-US" id="id_13917047_2938561_2_1">Advance payments on aircraft purchase contracts</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_PaymentsFromContractsHeldForDealingOrTradingPurpose" xlink:to="ifrs-full_PaymentsFromContractsHeldForDealingOrTradingPurpose_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_PaymentsMember" xlink:label="cpa_PaymentsMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_PaymentsMember_lbl" xml:lang="en-US" id="id_13917047_2993337_3_1">Payments.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_PaymentsMember_lbl" xml:lang="en-US" id="id_13917047_2993337_1_1">Payments [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_PaymentsMember_lbl" xml:lang="en-US" id="id_13917047_2993337_2_1">Payments [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_PaymentsMember" xlink:to="cpa_PaymentsMember_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_PaymentsOnLoansBorrowingsAndFinanceLeases" xlink:label="cpa_PaymentsOnLoansBorrowingsAndFinanceLeases"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_PaymentsOnLoansBorrowingsAndFinanceLeases_lbl" xml:lang="en-US" id="id_13917047_2946230_3_1">Payments on loans, borrowings and finance leases.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_PaymentsOnLoansBorrowingsAndFinanceLeases_lbl" xml:lang="en-US" id="id_13917047_2946230_1_1">Payments on loans, borrowings and finance leases</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="cpa_PaymentsOnLoansBorrowingsAndFinanceLeases_lbl" xml:lang="en-US" id="id_13917047_2946230_14_1">Payments on loans, borrowings and finance leases</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_PaymentsOnLoansBorrowingsAndFinanceLeases" xlink:to="cpa_PaymentsOnLoansBorrowingsAndFinanceLeases_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_PercentageOfConsolidatedRevenues" xlink:label="cpa_PercentageOfConsolidatedRevenues"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_PercentageOfConsolidatedRevenues_lbl" xml:lang="en-US" id="id_13917047_3054845_3_1">Percentage of consolidated revenues.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_PercentageOfConsolidatedRevenues_lbl" xml:lang="en-US" id="id_13917047_3054845_1_1">Percentage of consolidated revenues</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_PercentageOfConsolidatedRevenues_lbl" xml:lang="en-US" id="id_13917047_3054845_2_1">Percentage of consolidated revenue</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_PercentageOfConsolidatedRevenues" xlink:to="cpa_PercentageOfConsolidatedRevenues_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_PercentageOfDecreaseToDiscountRate" xlink:label="cpa_PercentageOfDecreaseToDiscountRate"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_PercentageOfDecreaseToDiscountRate_lbl" xml:lang="en-US" id="id_13917047_3020364_3_1">Percentage of decrease to discount rate.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_PercentageOfDecreaseToDiscountRate_lbl" xml:lang="en-US" id="id_13917047_3020364_1_1">Percentage of decrease to discount rate</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_PercentageOfDecreaseToDiscountRate_lbl" xml:lang="en-US" id="id_13917047_3020364_2_1">Decrease in discount rate</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_PercentageOfDecreaseToDiscountRate" xlink:to="cpa_PercentageOfDecreaseToDiscountRate_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_PercentageOfDiscountRate" xlink:label="cpa_PercentageOfDiscountRate"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_PercentageOfDiscountRate_lbl" xml:lang="en-US" id="id_13917047_3020365_3_1">Percentage of discount rate.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_PercentageOfDiscountRate_lbl" xml:lang="en-US" id="id_13917047_3020365_1_1">Percentage of discount rate</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_PercentageOfDiscountRate_lbl" xml:lang="en-US" id="id_13917047_3020365_2_1">Discount rates</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_PercentageOfDiscountRate" xlink:to="cpa_PercentageOfDiscountRate_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_PercentageOfEligibleEarningsAccumulatedAsBenefits" xlink:label="cpa_PercentageOfEligibleEarningsAccumulatedAsBenefits"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_PercentageOfEligibleEarningsAccumulatedAsBenefits_lbl" xml:lang="en-US" id="id_13917047_3020336_3_1">Percentage of eligible earnings accumulated, as benefits.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_PercentageOfEligibleEarningsAccumulatedAsBenefits_lbl" xml:lang="en-US" id="id_13917047_3020336_1_1">Percentage of eligible earnings accumulated, as benefits</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_PercentageOfEligibleEarningsAccumulatedAsBenefits_lbl" xml:lang="en-US" id="id_13917047_3020336_2_1">Percentage of eligible earnings accumulated as benefit</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_PercentageOfEligibleEarningsAccumulatedAsBenefits" xlink:to="cpa_PercentageOfEligibleEarningsAccumulatedAsBenefits_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_PercentageOfEmployeesUnionized" xlink:label="cpa_PercentageOfEmployeesUnionized"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_PercentageOfEmployeesUnionized_lbl" xml:lang="en-US" id="id_13917047_3020358_3_1">Percentage of employees unionized.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_PercentageOfEmployeesUnionized_lbl" xml:lang="en-US" id="id_13917047_3020358_1_1">Percentage of employees unionized</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_PercentageOfEmployeesUnionized_lbl" xml:lang="en-US" id="id_13917047_3020358_2_1">Percentage of employees unionized</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_PercentageOfEmployeesUnionized" xlink:to="cpa_PercentageOfEmployeesUnionized_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_PercentageOfEstimatedRecoverableAmountOfCashGeneratingUnitExceedingCarryingValue" xlink:label="cpa_PercentageOfEstimatedRecoverableAmountOfCashGeneratingUnitExceedingCarryingValue"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_PercentageOfEstimatedRecoverableAmountOfCashGeneratingUnitExceedingCarryingValue_lbl" xml:lang="en-US" id="id_13917047_3020367_3_1">Percentage of estimated recoverable amount of cash generating unit exceeding carrying value.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_PercentageOfEstimatedRecoverableAmountOfCashGeneratingUnitExceedingCarryingValue_lbl" xml:lang="en-US" id="id_13917047_3020367_1_1">Percentage of estimated recoverable amount of cash generating unit exceeding carrying value</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_PercentageOfEstimatedRecoverableAmountOfCashGeneratingUnitExceedingCarryingValue_lbl" xml:lang="en-US" id="id_13917047_3020367_2_1">Estimated recoverable amount of CGU exceed its carrying value by</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_PercentageOfEstimatedRecoverableAmountOfCashGeneratingUnitExceedingCarryingValue" xlink:to="cpa_PercentageOfEstimatedRecoverableAmountOfCashGeneratingUnitExceedingCarryingValue_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_PercentageOfForeignCurrencyRiskRevenue" xlink:label="cpa_PercentageOfForeignCurrencyRiskRevenue"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_PercentageOfForeignCurrencyRiskRevenue_lbl" xml:lang="en-US" id="id_13917047_3020282_3_1">Percentage of foreign currency risk revenue.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_PercentageOfForeignCurrencyRiskRevenue_lbl" xml:lang="en-US" id="id_13917047_3020282_1_1">Percentage of foreign currency risk revenue</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_PercentageOfForeignCurrencyRiskRevenue_lbl" xml:lang="en-US" id="id_13917047_3020282_2_1">Percentage of foreign currency risk revenue</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_PercentageOfForeignCurrencyRiskRevenue" xlink:to="cpa_PercentageOfForeignCurrencyRiskRevenue_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_PercentageOfForeignExchangeRiskExpenses" xlink:label="cpa_PercentageOfForeignExchangeRiskExpenses"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_PercentageOfForeignExchangeRiskExpenses_lbl" xml:lang="en-US" id="id_13917047_3020343_3_1">Percentage of foreign exchange risk expenses.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_PercentageOfForeignExchangeRiskExpenses_lbl" xml:lang="en-US" id="id_13917047_3020343_1_1">Percentage of foreign exchange risk expenses</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_PercentageOfForeignExchangeRiskExpenses_lbl" xml:lang="en-US" id="id_13917047_3020343_2_1">Percentage of foreign exchange risk expenses</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_PercentageOfForeignExchangeRiskExpenses" xlink:to="cpa_PercentageOfForeignExchangeRiskExpenses_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_PercentageOfForeignExchangeRiskRevenue" xlink:label="cpa_PercentageOfForeignExchangeRiskRevenue"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_PercentageOfForeignExchangeRiskRevenue_lbl" xml:lang="en-US" id="id_13917047_3020342_3_1">Percentage of foreign exchange risk revenue.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_PercentageOfForeignExchangeRiskRevenue_lbl" xml:lang="en-US" id="id_13917047_3020342_1_1">Percentage of foreign exchange risk revenue</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_PercentageOfForeignExchangeRiskRevenue_lbl" xml:lang="en-US" id="id_13917047_3020342_2_1">Percentage of foreign exchange risk revenue</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_PercentageOfForeignExchangeRiskRevenue" xlink:to="cpa_PercentageOfForeignExchangeRiskRevenue_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_PercentageOfGrowthRateToExtrapolateCashFlows" xlink:label="cpa_PercentageOfGrowthRateToExtrapolateCashFlows"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_PercentageOfGrowthRateToExtrapolateCashFlows_lbl" xml:lang="en-US" id="id_13917047_3020363_3_1">Percentage of growth rate to extrapolate cash flows.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_PercentageOfGrowthRateToExtrapolateCashFlows_lbl" xml:lang="en-US" id="id_13917047_3020363_1_1">Percentage of growth rate to extrapolate cash flows</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_PercentageOfGrowthRateToExtrapolateCashFlows_lbl" xml:lang="en-US" id="id_13917047_3020363_2_1">Percentage of growth rate</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_PercentageOfGrowthRateToExtrapolateCashFlows" xlink:to="cpa_PercentageOfGrowthRateToExtrapolateCashFlows_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_PercentageOfIncreaseInDiscountRate" xlink:label="cpa_PercentageOfIncreaseInDiscountRate"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_PercentageOfIncreaseInDiscountRate_lbl" xml:lang="en-US" id="id_13917047_3020366_3_1">Percentage of increase in discount rate.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_PercentageOfIncreaseInDiscountRate_lbl" xml:lang="en-US" id="id_13917047_3020366_1_1">Percentage of increase in discount rate</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_PercentageOfIncreaseInDiscountRate_lbl" xml:lang="en-US" id="id_13917047_3020366_2_1">Increase in discount rate</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_PercentageOfIncreaseInDiscountRate" xlink:to="cpa_PercentageOfIncreaseInDiscountRate_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_PercentageOfOwnershipInterest" xlink:label="cpa_PercentageOfOwnershipInterest"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_PercentageOfOwnershipInterest_lbl" xml:lang="en-US" id="id_13917047_3024586_3_1">Percentage of ownership interest.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_PercentageOfOwnershipInterest_lbl" xml:lang="en-US" id="id_13917047_3024586_1_1">Percentage of Ownership Interest</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_PercentageOfOwnershipInterest_lbl" xml:lang="en-US" id="id_13917047_3024586_2_1">Percentage of ownership</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_PercentageOfOwnershipInterest" xlink:to="cpa_PercentageOfOwnershipInterest_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_PercentageOfReasonablyPossibleIncreaseInActuarialAssumption" xlink:label="ifrs-full_PercentageOfReasonablyPossibleIncreaseInActuarialAssumption"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_PercentageOfReasonablyPossibleIncreaseInActuarialAssumption_lbl" xml:lang="en-US" id="id_13917047_2939033_1_1">Percentage of reasonably possible increase in actuarial assumption</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_PercentageOfReasonablyPossibleIncreaseInActuarialAssumption_lbl" xml:lang="en-US" id="id_13917047_2939033_2_1">Actuarial assumption rate</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_PercentageOfReasonablyPossibleIncreaseInActuarialAssumption" xlink:to="ifrs-full_PercentageOfReasonablyPossibleIncreaseInActuarialAssumption_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_PercentageOfSupportFromFinancialInstitution" xlink:label="cpa_PercentageOfSupportFromFinancialInstitution"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_PercentageOfSupportFromFinancialInstitution_lbl" xml:lang="en-US" id="id_13917047_3020361_3_1">Percentage of support from financial institution.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_PercentageOfSupportFromFinancialInstitution_lbl" xml:lang="en-US" id="id_13917047_3020361_1_1">Percentage of support from financial institution</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_PercentageOfSupportFromFinancialInstitution_lbl" xml:lang="en-US" id="id_13917047_3020361_2_1">Support from Export-Import Bank for net purchase price of aircraft</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_PercentageOfSupportFromFinancialInstitution" xlink:to="cpa_PercentageOfSupportFromFinancialInstitution_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_PercentageOfTimeDeposits" xlink:label="cpa_PercentageOfTimeDeposits"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_PercentageOfTimeDeposits_lbl" xml:lang="en-US" id="id_13917047_3020337_3_1">Percentage of time deposits.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_PercentageOfTimeDeposits_lbl" xml:lang="en-US" id="id_13917047_3020337_1_1">Percentage of time deposits</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_PercentageOfTimeDeposits_lbl" xml:lang="en-US" id="id_13917047_3020337_2_1">Interest rates on time deposits</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_PercentageOfTimeDeposits" xlink:to="cpa_PercentageOfTimeDeposits_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_PetroleosDeltaMember" xlink:label="cpa_PetroleosDeltaMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_PetroleosDeltaMember_lbl" xml:lang="en-US" id="id_13917047_2980542_3_1">Petroleos delta, S. A.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_PetroleosDeltaMember_lbl" xml:lang="en-US" id="id_13917047_2980542_1_1">Petroleos Delta, S. A. [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_PetroleosDeltaMember_lbl" xml:lang="en-US" id="id_13917047_2980542_2_1">Petroleos delta, S. A. [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_PetroleosDeltaMember" xlink:to="cpa_PetroleosDeltaMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_PostemploymentBenefitExpenseDefinedBenefitPlans" xlink:label="ifrs-full_PostemploymentBenefitExpenseDefinedBenefitPlans"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_PostemploymentBenefitExpenseDefinedBenefitPlans_lbl" xml:lang="en-US" id="id_13917047_2939036_1_1">Post-employment benefit expense, defined benefit plans</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_PostemploymentBenefitExpenseDefinedBenefitPlans_lbl" xml:lang="en-US" id="id_13917047_2939036_6_1">Net benefit expense</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_PostemploymentBenefitExpenseDefinedBenefitPlans" xlink:to="ifrs-full_PostemploymentBenefitExpenseDefinedBenefitPlans_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_PostEmploymentBenefitsMember" xlink:label="cpa_PostEmploymentBenefitsMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_PostEmploymentBenefitsMember_lbl" xml:lang="en-US" id="id_13917047_2980745_3_1">Post employment benefits.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_PostEmploymentBenefitsMember_lbl" xml:lang="en-US" id="id_13917047_2980745_1_1">Post employment benefits [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_PostEmploymentBenefitsMember_lbl" xml:lang="en-US" id="id_13917047_2980745_2_1">Post employment benefits [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_PostEmploymentBenefitsMember" xlink:to="cpa_PostEmploymentBenefitsMember_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_PrepaidCommissions" xlink:label="cpa_PrepaidCommissions"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_PrepaidCommissions_lbl" xml:lang="en-US" id="id_13917047_2946096_3_1">Prepaid commissions.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_PrepaidCommissions_lbl" xml:lang="en-US" id="id_13917047_2946096_1_1">Prepaid Commissions</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_PrepaidCommissions_lbl" xml:lang="en-US" id="id_13917047_2946096_2_1">Prepaid commissions</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_PrepaidCommissions" xlink:to="cpa_PrepaidCommissions_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_PrepaidExpensesLineItems" xlink:label="cpa_PrepaidExpensesLineItems"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_PrepaidExpensesLineItems_lbl" xml:lang="en-US" id="id_13917047_2939703_3_1">Prepaid expenses.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_PrepaidExpensesLineItems_lbl" xml:lang="en-US" id="id_13917047_2939703_1_1">Prepaid Expenses [Line Items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_PrepaidExpensesLineItems_lbl" xml:lang="en-US" id="id_13917047_2939703_2_1">Prepaid expenses [line items]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_PrepaidExpensesLineItems" xlink:to="cpa_PrepaidExpensesLineItems_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_PrepaidExpensesTable" xlink:label="cpa_PrepaidExpensesTable"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_PrepaidExpensesTable_lbl" xml:lang="en-US" id="id_13917047_2978065_3_1">Prepaid Expenses [Table]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_PrepaidExpensesTable_lbl" xml:lang="en-US" id="id_13917047_2978065_1_1">Prepaid Expenses [Table]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_PrepaidExpensesTable_lbl" xml:lang="en-US" id="id_13917047_2978065_2_1">Prepaid Expenses [Table]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_PrepaidExpensesTable" xlink:to="cpa_PrepaidExpensesTable_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_PrepaidInsurance1" xlink:label="cpa_PrepaidInsurance1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_PrepaidInsurance1_lbl" xml:lang="en-US" id="id_13917047_2946098_3_1">Prepaid insurance.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_PrepaidInsurance1_lbl" xml:lang="en-US" id="id_13917047_2946098_1_1">Prepaid Insurance 1</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_PrepaidInsurance1_lbl" xml:lang="en-US" id="id_13917047_2946098_2_1">Prepaid insurance</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_PrepaidInsurance1" xlink:to="cpa_PrepaidInsurance1_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_PrepaidRent1" xlink:label="cpa_PrepaidRent1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_PrepaidRent1_lbl" xml:lang="en-US" id="id_13917047_2946095_3_1">Prepaid rent.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_PrepaidRent1_lbl" xml:lang="en-US" id="id_13917047_2946095_1_1">Prepaid Rent 1</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_PrepaidRent1_lbl" xml:lang="en-US" id="id_13917047_2946095_2_1">Prepaid rent</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_PrepaidRent1" xlink:to="cpa_PrepaidRent1_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_PrepaidTaxes1" xlink:label="cpa_PrepaidTaxes1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_PrepaidTaxes1_lbl" xml:lang="en-US" id="id_13917047_2946091_3_1">Prepaid taxes.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_PrepaidTaxes1_lbl" xml:lang="en-US" id="id_13917047_2946091_1_1">Prepaid Taxes 1</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_PrepaidTaxes1_lbl" xml:lang="en-US" id="id_13917047_2946091_2_1">Prepaid taxes</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_PrepaidTaxes1" xlink:to="cpa_PrepaidTaxes1_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_Prepayments" xlink:label="ifrs-full_Prepayments"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_Prepayments_lbl" xml:lang="en-US" id="id_13917047_2938566_1_1">Prepayments</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_Prepayments_lbl" xml:lang="en-US" id="id_13917047_2938566_2_1">Prepaid expenses</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_Prepayments_lbl" xml:lang="en-US" id="id_13917047_2938566_6_1">Total prepaid expenses</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_Prepayments_lbl" xml:lang="en-US" id="id_13917047_2938566_12_1">Prepaid expenses</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Prepayments" xlink:to="ifrs-full_Prepayments_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_PreviouslyStatedMember" xlink:label="ifrs-full_PreviouslyStatedMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_PreviouslyStatedMember_lbl" xml:lang="en-US" id="id_13917047_2938884_1_1">Previously stated [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_PreviouslyStatedMember_lbl" xml:lang="en-US" id="id_13917047_2938884_2_1">Previously stated [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_PreviouslyStatedMember" xlink:to="ifrs-full_PreviouslyStatedMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities" xlink:label="ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities_lbl" xml:lang="en-US" id="id_13917047_2938888_1_1">Proceeds from borrowings, classified as financing activities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities_lbl" xml:lang="en-US" id="id_13917047_2938888_2_1">Proceeds from new borrowings</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities" xlink:to="ifrs-full_ProceedsFromBorrowingsClassifiedAsFinancingActivities_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ProceedsFromDisposalsOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets" xlink:label="ifrs-full_ProceedsFromDisposalsOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ProceedsFromDisposalsOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets_lbl" xml:lang="en-US" id="id_13917047_2938890_1_1">Proceeds from disposals of property, plant and equipment, intangible assets other than goodwill, investment property and other non-current assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ProceedsFromDisposalsOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets_lbl" xml:lang="en-US" id="id_13917047_2938890_2_1">Proceeds from sale of property and equipment</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProceedsFromDisposalsOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets" xlink:to="ifrs-full_ProceedsFromDisposalsOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ProceedsFromExerciseOfOptions" xlink:label="ifrs-full_ProceedsFromExerciseOfOptions"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ProceedsFromExerciseOfOptions_lbl" xml:lang="en-US" id="id_13917047_2938575_1_1">Proceeds from exercise of options</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ProceedsFromExerciseOfOptions_lbl" xml:lang="en-US" id="id_13917047_2938575_2_1">Proceeds from exercise of share options</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProceedsFromExerciseOfOptions" xlink:to="ifrs-full_ProceedsFromExerciseOfOptions_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ProceedsFromSalesOfInvestmentsAccountedForUsingEquityMethod" xlink:label="ifrs-full_ProceedsFromSalesOfInvestmentsAccountedForUsingEquityMethod"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ProceedsFromSalesOfInvestmentsAccountedForUsingEquityMethod_lbl" xml:lang="en-US" id="id_13917047_2939052_1_1">Proceeds from sales of investments accounted for using equity method</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ProceedsFromSalesOfInvestmentsAccountedForUsingEquityMethod_lbl" xml:lang="en-US" id="id_13917047_2939052_2_1">Proceeds from redemption of investments</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProceedsFromSalesOfInvestmentsAccountedForUsingEquityMethod" xlink:to="ifrs-full_ProceedsFromSalesOfInvestmentsAccountedForUsingEquityMethod_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ProductsAndServicesAxis" xlink:label="ifrs-full_ProductsAndServicesAxis"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ProductsAndServicesAxis_lbl" xml:lang="en-US" id="id_13917047_2938580_1_1">Products and services [axis]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ProductsAndServicesAxis_lbl" xml:lang="en-US" id="id_13917047_2938580_2_1">Products and services [axis]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProductsAndServicesAxis" xlink:to="ifrs-full_ProductsAndServicesAxis_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ProductsAndServicesMember" xlink:label="ifrs-full_ProductsAndServicesMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ProductsAndServicesMember_lbl" xml:lang="en-US" id="id_13917047_2939054_1_1">Products and services [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ProductsAndServicesMember_lbl" xml:lang="en-US" id="id_13917047_2939054_2_1">Products and services [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProductsAndServicesMember" xlink:to="ifrs-full_ProductsAndServicesMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ProfitLoss" xlink:label="ifrs-full_ProfitLoss"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ProfitLoss_lbl" xml:lang="en-US" id="id_13917047_2938581_1_1">Profit (loss)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/positiveLabel" xlink:label="ifrs-full_ProfitLoss_lbl" xml:lang="en-US" id="id_13917047_2938581_32_1">Net profit (loss)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ProfitLoss_lbl" xml:lang="en-US" id="id_13917047_2938581_2_1">Net income</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_ProfitLoss_lbl" xml:lang="en-US" id="id_13917047_2938581_6_1">Net profit (loss)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_ProfitLoss_lbl" xml:lang="en-US" id="id_13917047_2938581_12_1">Net income (loss)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProfitLoss" xlink:to="ifrs-full_ProfitLoss_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ProfitLossBeforeTax" xlink:label="ifrs-full_ProfitLossBeforeTax"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ProfitLossBeforeTax_lbl" xml:lang="en-US" id="id_13917047_2938897_1_1">Profit (loss) before tax</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ProfitLossBeforeTax_lbl" xml:lang="en-US" id="id_13917047_2938897_2_1">Profit (loss) before taxes</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_ProfitLossBeforeTax_lbl" xml:lang="en-US" id="id_13917047_2938897_6_1">Profit (loss) before taxes</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_ProfitLossBeforeTax_lbl" xml:lang="en-US" id="id_13917047_2938897_12_1">Profit (loss) excluding income tax</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProfitLossBeforeTax" xlink:to="ifrs-full_ProfitLossBeforeTax_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ProfitLossFromOperatingActivities" xlink:label="ifrs-full_ProfitLossFromOperatingActivities"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ProfitLossFromOperatingActivities_lbl" xml:lang="en-US" id="id_13917047_2939059_1_1">Profit (loss) from operating activities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ProfitLossFromOperatingActivities_lbl" xml:lang="en-US" id="id_13917047_2939059_2_1">Operating profit</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_ProfitLossFromOperatingActivities_lbl" xml:lang="en-US" id="id_13917047_2939059_6_1">Operating profit</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProfitLossFromOperatingActivities" xlink:to="ifrs-full_ProfitLossFromOperatingActivities_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_ProfuturoAdministradoraDeFondosDePensionyCesantiaMember" xlink:label="cpa_ProfuturoAdministradoraDeFondosDePensionyCesantiaMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_ProfuturoAdministradoraDeFondosDePensionyCesantiaMember_lbl" xml:lang="en-US" id="id_13917047_2980545_3_1">Profuturo administradora de fondos de pension y cesantia.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_ProfuturoAdministradoraDeFondosDePensionyCesantiaMember_lbl" xml:lang="en-US" id="id_13917047_2980545_1_1">Profuturo Administradora de Fondos de Pensiony Cesantia [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_ProfuturoAdministradoraDeFondosDePensionyCesantiaMember_lbl" xml:lang="en-US" id="id_13917047_2980545_2_1">Profuturo administradora de fondos de pension y cesantia [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_ProfuturoAdministradoraDeFondosDePensionyCesantiaMember" xlink:to="cpa_ProfuturoAdministradoraDeFondosDePensionyCesantiaMember_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_ProjectedPeriodMember" xlink:label="cpa_ProjectedPeriodMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_ProjectedPeriodMember_lbl" xml:lang="en-US" id="id_13917047_2985500_3_1">Projected period.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_ProjectedPeriodMember_lbl" xml:lang="en-US" id="id_13917047_2985500_1_1">Projected Period [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_ProjectedPeriodMember_lbl" xml:lang="en-US" id="id_13917047_2985500_2_1">2018 projection [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_ProjectedPeriodMember" xlink:to="cpa_ProjectedPeriodMember_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_PropertyLeasingMember" xlink:label="cpa_PropertyLeasingMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_PropertyLeasingMember_lbl" xml:lang="en-US" id="id_13917047_2980489_3_1">Property leasing.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_PropertyLeasingMember_lbl" xml:lang="en-US" id="id_13917047_2980489_1_1">Property leasing [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_PropertyLeasingMember_lbl" xml:lang="en-US" id="id_13917047_2980489_2_1">Property leasing [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_PropertyLeasingMember" xlink:to="cpa_PropertyLeasingMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_PropertyPlantAndEquipment" xlink:label="ifrs-full_PropertyPlantAndEquipment"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_PropertyPlantAndEquipment_lbl" xml:lang="en-US" id="id_13917047_2938327_1_1">Property, plant and equipment</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="ifrs-full_PropertyPlantAndEquipment_lbl" xml:lang="en-US" id="id_13917047_2938327_4_1">Ending balance</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="ifrs-full_PropertyPlantAndEquipment_lbl" xml:lang="en-US" id="id_13917047_2938327_5_1">Beginning balance</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_PropertyPlantAndEquipment_lbl" xml:lang="en-US" id="id_13917047_2938327_2_1">Property and equipment</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_PropertyPlantAndEquipment" xlink:to="ifrs-full_PropertyPlantAndEquipment_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_PropertyPlantAndEquipmentAbstract" xlink:label="ifrs-full_PropertyPlantAndEquipmentAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_PropertyPlantAndEquipmentAbstract_lbl" xml:lang="en-US" id="id_13917047_2939064_1_1">Property, plant and equipment [abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_PropertyPlantAndEquipmentAbstract_lbl" xml:lang="en-US" id="id_13917047_2939064_2_1">Property, Plant and Equipment [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_PropertyPlantAndEquipmentAbstract" xlink:to="ifrs-full_PropertyPlantAndEquipmentAbstract_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_PropertyPlantAndEquipmentEstimatedUsefulLifes" xlink:label="cpa_PropertyPlantAndEquipmentEstimatedUsefulLifes"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_PropertyPlantAndEquipmentEstimatedUsefulLifes_lbl" xml:lang="en-US" id="id_13917047_2975555_3_1">Property plant and equipment estimated useful lifes.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_PropertyPlantAndEquipmentEstimatedUsefulLifes_lbl" xml:lang="en-US" id="id_13917047_2975555_1_1">Property Plant and Equipment Estimated Useful Lifes</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_PropertyPlantAndEquipmentEstimatedUsefulLifes_lbl" xml:lang="en-US" id="id_13917047_2975555_2_1">Estimated useful lives</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_PropertyPlantAndEquipmentEstimatedUsefulLifes" xlink:to="cpa_PropertyPlantAndEquipmentEstimatedUsefulLifes_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_PropertyPlantAndEquipmentMember" xlink:label="ifrs-full_PropertyPlantAndEquipmentMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_PropertyPlantAndEquipmentMember_lbl" xml:lang="en-US" id="id_13917047_2938592_1_1">Property, plant and equipment [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_PropertyPlantAndEquipmentMember_lbl" xml:lang="en-US" id="id_13917047_2938592_2_1">Property, plant and equipment [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_PropertyPlantAndEquipmentMember" xlink:to="ifrs-full_PropertyPlantAndEquipmentMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_PropertyPlantAndEquipmentPledgedAsSecurity" xlink:label="ifrs-full_PropertyPlantAndEquipmentPledgedAsSecurity"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_PropertyPlantAndEquipmentPledgedAsSecurity_lbl" xml:lang="en-US" id="id_13917047_2938329_1_1">Property, plant and equipment, pledged as security</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_PropertyPlantAndEquipmentPledgedAsSecurity_lbl" xml:lang="en-US" id="id_13917047_2938329_2_1">Carrying value pledged as collateral obligation</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_PropertyPlantAndEquipmentPledgedAsSecurity" xlink:to="ifrs-full_PropertyPlantAndEquipmentPledgedAsSecurity_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ProportionOfOwnershipInterestInSubsidiary" xlink:label="ifrs-full_ProportionOfOwnershipInterestInSubsidiary"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ProportionOfOwnershipInterestInSubsidiary_lbl" xml:lang="en-US" id="id_13917047_2938341_1_1">Proportion of ownership interest in subsidiary</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ProportionOfOwnershipInterestInSubsidiary_lbl" xml:lang="en-US" id="id_13917047_2938341_2_1">Ownership interest</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ProportionOfOwnershipInterestInSubsidiary" xlink:to="ifrs-full_ProportionOfOwnershipInterestInSubsidiary_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_ProvisionForImpairmentReceivables" xlink:label="cpa_ProvisionForImpairmentReceivables"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_ProvisionForImpairmentReceivables_lbl" xml:lang="en-US" id="id_13917047_2959198_3_1">Provision for impairment receivables.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_ProvisionForImpairmentReceivables_lbl" xml:lang="en-US" id="id_13917047_2959198_1_1">Provision for impairment receivables</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="cpa_ProvisionForImpairmentReceivables_lbl" xml:lang="en-US" id="id_13917047_2959198_14_1">Provision for impairment</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedPeriodEndLabel" xlink:label="cpa_ProvisionForImpairmentReceivables_lbl" xml:lang="en-US" id="id_13917047_2959198_16_1">Ending balance</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedPeriodStartLabel" xlink:label="cpa_ProvisionForImpairmentReceivables_lbl" xml:lang="en-US" id="id_13917047_2959198_17_1">Beginning balance</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_ProvisionForImpairmentReceivables" xlink:to="cpa_ProvisionForImpairmentReceivables_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_ProvisionForIncomeTaxesPercentage" xlink:label="cpa_ProvisionForIncomeTaxesPercentage"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_ProvisionForIncomeTaxesPercentage_lbl" xml:lang="en-US" id="id_13917047_3020350_3_1">Provision for income taxes percentage.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_ProvisionForIncomeTaxesPercentage_lbl" xml:lang="en-US" id="id_13917047_3020350_1_1">Provision for income taxes percentage</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="cpa_ProvisionForIncomeTaxesPercentage_lbl" xml:lang="en-US" id="id_13917047_3020350_6_1">Provision for income taxes</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_ProvisionForIncomeTaxesPercentage" xlink:to="cpa_ProvisionForIncomeTaxesPercentage_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_ProvisionForLitigationsMember" xlink:label="cpa_ProvisionForLitigationsMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_ProvisionForLitigationsMember_lbl" xml:lang="en-US" id="id_13917047_2980478_3_1">Provision for litigations.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_ProvisionForLitigationsMember_lbl" xml:lang="en-US" id="id_13917047_2980478_1_1">Provision for litigations [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_ProvisionForLitigationsMember_lbl" xml:lang="en-US" id="id_13917047_2980478_2_1">Provision for litigations [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_ProvisionForLitigationsMember" xlink:to="cpa_ProvisionForLitigationsMember_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_ProvisionForMaintenance" xlink:label="cpa_ProvisionForMaintenance"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_ProvisionForMaintenance_lbl" xml:lang="en-US" id="id_13917047_3036758_3_1">Provision for maintenance.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_ProvisionForMaintenance_lbl" xml:lang="en-US" id="id_13917047_3036758_1_1">provision for maintenance</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_ProvisionForMaintenance_lbl" xml:lang="en-US" id="id_13917047_3036758_2_1">Provision for maintenance</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_ProvisionForMaintenance" xlink:to="cpa_ProvisionForMaintenance_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_ProvisionForReturnConditionMember" xlink:label="cpa_ProvisionForReturnConditionMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_ProvisionForReturnConditionMember_lbl" xml:lang="en-US" id="id_13917047_2980472_3_1">Provision for return condition.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_ProvisionForReturnConditionMember_lbl" xml:lang="en-US" id="id_13917047_2980472_1_1">Provision for return condition [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_ProvisionForReturnConditionMember_lbl" xml:lang="en-US" id="id_13917047_2980472_2_1">Provision for return condition [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_ProvisionForReturnConditionMember" xlink:to="cpa_ProvisionForReturnConditionMember_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_PurchaseContractsMember" xlink:label="cpa_PurchaseContractsMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_PurchaseContractsMember_lbl" xml:lang="en-US" id="id_13917047_3049016_3_1">Purchase contracts.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_PurchaseContractsMember_lbl" xml:lang="en-US" id="id_13917047_3049016_1_1">Purchase Contracts [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_PurchaseContractsMember_lbl" xml:lang="en-US" id="id_13917047_3049016_2_1">Purchase contracts [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_PurchaseContractsMember" xlink:to="cpa_PurchaseContractsMember_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_PurchaseDepositsForFlightEquipmentMember" xlink:label="cpa_PurchaseDepositsForFlightEquipmentMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_PurchaseDepositsForFlightEquipmentMember_lbl" xml:lang="en-US" id="id_13917047_2980729_3_1">Purchase deposits for flight equipment.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_PurchaseDepositsForFlightEquipmentMember_lbl" xml:lang="en-US" id="id_13917047_2980729_1_1">Purchase Deposits For Flight Equipment [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_PurchaseDepositsForFlightEquipmentMember_lbl" xml:lang="en-US" id="id_13917047_2980729_2_1">Purchase deposits for flight equipment [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_PurchaseDepositsForFlightEquipmentMember" xlink:to="cpa_PurchaseDepositsForFlightEquipmentMember_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_PurchaseJetFuelMember" xlink:label="cpa_PurchaseJetFuelMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_PurchaseJetFuelMember_lbl" xml:lang="en-US" id="id_13917047_2980486_3_1">Purchase jet fuel.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_PurchaseJetFuelMember_lbl" xml:lang="en-US" id="id_13917047_2980486_1_1">Purchase jet fuel [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_PurchaseJetFuelMember_lbl" xml:lang="en-US" id="id_13917047_2980486_2_1">Purchase of jet fuel [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_PurchaseJetFuelMember" xlink:to="cpa_PurchaseJetFuelMember_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_PurchaseMember" xlink:label="cpa_PurchaseMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_PurchaseMember_lbl" xml:lang="en-US" id="id_13917047_2980490_3_1">Purchase.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_PurchaseMember_lbl" xml:lang="en-US" id="id_13917047_2980490_1_1">Purchase [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_PurchaseMember_lbl" xml:lang="en-US" id="id_13917047_2980490_2_1">Purchase [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_PurchaseMember" xlink:to="cpa_PurchaseMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities" xlink:label="ifrs-full_PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities_lbl" xml:lang="en-US" id="id_13917047_2938348_1_1">Purchase of intangible assets, classified as investing activities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities_lbl" xml:lang="en-US" id="id_13917047_2938348_14_1">Acquisition of intangible assets</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities" xlink:to="ifrs-full_PurchaseOfIntangibleAssetsClassifiedAsInvestingActivities_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_PurchaseOfInterestsInInvestmentsAccountedForUsingEquityMethod" xlink:label="ifrs-full_PurchaseOfInterestsInInvestmentsAccountedForUsingEquityMethod"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_PurchaseOfInterestsInInvestmentsAccountedForUsingEquityMethod_lbl" xml:lang="en-US" id="id_13917047_2938350_1_1">Purchase of interests in investments accounted for using equity method</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_PurchaseOfInterestsInInvestmentsAccountedForUsingEquityMethod_lbl" xml:lang="en-US" id="id_13917047_2938350_14_1">Acquisition of investments</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_PurchaseOfInterestsInInvestmentsAccountedForUsingEquityMethod" xlink:to="ifrs-full_PurchaseOfInterestsInInvestmentsAccountedForUsingEquityMethod_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_PurchaseOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets" xlink:label="ifrs-full_PurchaseOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_PurchaseOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets_lbl" xml:lang="en-US" id="id_13917047_2939078_1_1">Purchase of property, plant and equipment, intangible assets other than goodwill, investment property and other non-current assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_PurchaseOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets_lbl" xml:lang="en-US" id="id_13917047_2939078_14_1">Acquisition of property and equipment</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_PurchaseOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets" xlink:to="ifrs-full_PurchaseOfPropertyPlantAndEquipmentIntangibleAssetsOtherThanGoodwillInvestmentPropertyAndOtherNoncurrentAssets_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_PurchaseOfTreasuryShares" xlink:label="ifrs-full_PurchaseOfTreasuryShares"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_PurchaseOfTreasuryShares_lbl" xml:lang="en-US" id="id_13917047_2939079_1_1">Purchase of treasury shares</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_PurchaseOfTreasuryShares_lbl" xml:lang="en-US" id="id_13917047_2939079_14_1">Repurchase of treasury shares</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_PurchaseOfTreasuryShares" xlink:to="ifrs-full_PurchaseOfTreasuryShares_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_RampAndMiscellaneousFlightEquipmentMember" xlink:label="cpa_RampAndMiscellaneousFlightEquipmentMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_RampAndMiscellaneousFlightEquipmentMember_lbl" xml:lang="en-US" id="id_13917047_2980731_3_1">Ramp and miscellaneous flight equipment.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_RampAndMiscellaneousFlightEquipmentMember_lbl" xml:lang="en-US" id="id_13917047_2980731_1_1">Ramp And Miscellaneous Flight Equipment [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_RampAndMiscellaneousFlightEquipmentMember_lbl" xml:lang="en-US" id="id_13917047_2980731_2_1">Ramp and miscellaneous [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_RampAndMiscellaneousFlightEquipmentMember" xlink:to="cpa_RampAndMiscellaneousFlightEquipmentMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_RangeAxis" xlink:label="ifrs-full_RangeAxis"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_RangeAxis_lbl" xml:lang="en-US" id="id_13917047_2938920_1_1">Range [axis]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_RangeAxis_lbl" xml:lang="en-US" id="id_13917047_2938920_2_1">Range [axis]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RangeAxis" xlink:to="ifrs-full_RangeAxis_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_RangesMember" xlink:label="ifrs-full_RangesMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_RangesMember_lbl" xml:lang="en-US" id="id_13917047_2938356_1_1">Ranges [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_RangesMember_lbl" xml:lang="en-US" id="id_13917047_2938356_2_1">Ranges [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RangesMember" xlink:to="ifrs-full_RangesMember_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_RatioOfReasonablyPossibleIncreaseInActuarialAssumption" xlink:label="cpa_RatioOfReasonablyPossibleIncreaseInActuarialAssumption"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_RatioOfReasonablyPossibleIncreaseInActuarialAssumption_lbl" xml:lang="en-US" id="id_13917047_3048911_3_1">Ratio of reasonably possible increase in actuarial assumption.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_RatioOfReasonablyPossibleIncreaseInActuarialAssumption_lbl" xml:lang="en-US" id="id_13917047_3048911_1_1">Ratio of reasonably possible increase in actuarial assumption</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_RatioOfReasonablyPossibleIncreaseInActuarialAssumption_lbl" xml:lang="en-US" id="id_13917047_3048911_2_1">Demographic assumptions, Mortality</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_RatioOfReasonablyPossibleIncreaseInActuarialAssumption" xlink:to="cpa_RatioOfReasonablyPossibleIncreaseInActuarialAssumption_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_RawMaterials" xlink:label="ifrs-full_RawMaterials"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_RawMaterials_lbl" xml:lang="en-US" id="id_13917047_2938923_1_1">Current raw materials</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_RawMaterials_lbl" xml:lang="en-US" id="id_13917047_2938923_2_1">Material for repair and maintenance</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RawMaterials" xlink:to="ifrs-full_RawMaterials_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_ReclassificationAdjustmentsOfPropertyPlantAndEquipment" xlink:label="cpa_ReclassificationAdjustmentsOfPropertyPlantAndEquipment"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_ReclassificationAdjustmentsOfPropertyPlantAndEquipment_lbl" xml:lang="en-US" id="id_13917047_2946132_3_1">Reclassification adjustments of property plant and equipment.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_ReclassificationAdjustmentsOfPropertyPlantAndEquipment_lbl" xml:lang="en-US" id="id_13917047_2946132_1_1">Reclassification Adjustments Of Property Plant And Equipment</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_ReclassificationAdjustmentsOfPropertyPlantAndEquipment_lbl" xml:lang="en-US" id="id_13917047_2946132_2_1">Reclassifications</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_ReclassificationAdjustmentsOfPropertyPlantAndEquipment" xlink:to="cpa_ReclassificationAdjustmentsOfPropertyPlantAndEquipment_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_ReclassificationFromDeniedBoardCompensationFromSalesAndDistributionOperatingExpensesToPassengerRevenue" xlink:label="cpa_ReclassificationFromDeniedBoardCompensationFromSalesAndDistributionOperatingExpensesToPassengerRevenue"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_ReclassificationFromDeniedBoardCompensationFromSalesAndDistributionOperatingExpensesToPassengerRevenue_lbl" xml:lang="en-US" id="id_13917047_3036243_3_1">Reclassification from denied board compensation from the Sales and distribution operating expenses to Passenger revenue.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_ReclassificationFromDeniedBoardCompensationFromSalesAndDistributionOperatingExpensesToPassengerRevenue_lbl" xml:lang="en-US" id="id_13917047_3036243_1_1">Reclassification From Denied Board Compensation From Sales And Distribution Operating Expenses To Passenger Revenue</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_ReclassificationFromDeniedBoardCompensationFromSalesAndDistributionOperatingExpensesToPassengerRevenue_lbl" xml:lang="en-US" id="id_13917047_3036243_2_1">Reclassification of denied board compensation from the Sales and distribution operating expenses to Passenger revenue</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_ReclassificationFromDeniedBoardCompensationFromSalesAndDistributionOperatingExpensesToPassengerRevenue" xlink:to="cpa_ReclassificationFromDeniedBoardCompensationFromSalesAndDistributionOperatingExpensesToPassengerRevenue_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_ReclassificationFromPassengerRevenueToOtherOperatingRevenue" xlink:label="cpa_ReclassificationFromPassengerRevenueToOtherOperatingRevenue"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_ReclassificationFromPassengerRevenueToOtherOperatingRevenue_lbl" xml:lang="en-US" id="id_13917047_3036240_3_1">Reclassification from passenger revenue to other operating revenue.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_ReclassificationFromPassengerRevenueToOtherOperatingRevenue_lbl" xml:lang="en-US" id="id_13917047_3036240_1_1">Reclassification From Passenger Revenue To Other Operating Revenue</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_ReclassificationFromPassengerRevenueToOtherOperatingRevenue_lbl" xml:lang="en-US" id="id_13917047_3036240_2_1">Reclassification between Passenger revenue and Other operating revenue</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_ReclassificationFromPassengerRevenueToOtherOperatingRevenue" xlink:to="cpa_ReclassificationFromPassengerRevenueToOtherOperatingRevenue_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_ReclassificationIncreaseDecreaseIntangibleAssetsAndGoodwill" xlink:label="cpa_ReclassificationIncreaseDecreaseIntangibleAssetsAndGoodwill"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_ReclassificationIncreaseDecreaseIntangibleAssetsAndGoodwill_lbl" xml:lang="en-US" id="id_13917047_2946194_3_1">Reclassification increase (decrease), intangible assets and goodwill.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_ReclassificationIncreaseDecreaseIntangibleAssetsAndGoodwill_lbl" xml:lang="en-US" id="id_13917047_2946194_1_1">Reclassification increase (decrease), intangible assets and goodwill</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_ReclassificationIncreaseDecreaseIntangibleAssetsAndGoodwill_lbl" xml:lang="en-US" id="id_13917047_2946194_2_1">Reclassifications</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_ReclassificationIncreaseDecreaseIntangibleAssetsAndGoodwill" xlink:to="cpa_ReclassificationIncreaseDecreaseIntangibleAssetsAndGoodwill_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_ReclassificationOfOtherNoncurrentLiabilities" xlink:label="cpa_ReclassificationOfOtherNoncurrentLiabilities"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_ReclassificationOfOtherNoncurrentLiabilities_lbl" xml:lang="en-US" id="id_13917047_3053551_3_1">Reclassification of other non-current liabilities.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_ReclassificationOfOtherNoncurrentLiabilities_lbl" xml:lang="en-US" id="id_13917047_3053551_1_1">Reclassification of other non-current liabilities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_ReclassificationOfOtherNoncurrentLiabilities_lbl" xml:lang="en-US" id="id_13917047_3053551_2_1">Reclassification</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_ReclassificationOfOtherNoncurrentLiabilities" xlink:to="cpa_ReclassificationOfOtherNoncurrentLiabilities_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_RecognisedFinanceLeaseAsAssets" xlink:label="ifrs-full_RecognisedFinanceLeaseAsAssets"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_RecognisedFinanceLeaseAsAssets_lbl" xml:lang="en-US" id="id_13917047_2939096_1_1">Recognised finance lease as assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_RecognisedFinanceLeaseAsAssets_lbl" xml:lang="en-US" id="id_13917047_2939096_2_1">Carrying amount of asset acquired under finance leases</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RecognisedFinanceLeaseAsAssets" xlink:to="ifrs-full_RecognisedFinanceLeaseAsAssets_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_ReconciliationOfEffectiveTaxRateAbstract" xlink:label="cpa_ReconciliationOfEffectiveTaxRateAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_ReconciliationOfEffectiveTaxRateAbstract_lbl" xml:lang="en-US" id="id_13917047_2941818_3_1">Reconciliation of effective tax rate.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_ReconciliationOfEffectiveTaxRateAbstract_lbl" xml:lang="en-US" id="id_13917047_2941818_1_1">Reconciliation of effective tax rate [abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_ReconciliationOfEffectiveTaxRateAbstract_lbl" xml:lang="en-US" id="id_13917047_2941818_2_1">Reconciliation of effective tax rate [abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_ReconciliationOfEffectiveTaxRateAbstract" xlink:to="cpa_ReconciliationOfEffectiveTaxRateAbstract_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_RecoverableAmountOfAssetOrCashgeneratingUnit" xlink:label="ifrs-full_RecoverableAmountOfAssetOrCashgeneratingUnit"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_RecoverableAmountOfAssetOrCashgeneratingUnit_lbl" xml:lang="en-US" id="id_13917047_2938628_1_1">Recoverable amount of asset or cash-generating unit</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_RecoverableAmountOfAssetOrCashgeneratingUnit_lbl" xml:lang="en-US" id="id_13917047_2938628_2_1">Carrying amount</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RecoverableAmountOfAssetOrCashgeneratingUnit" xlink:to="ifrs-full_RecoverableAmountOfAssetOrCashgeneratingUnit_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_ReimbursementOfAdvancePaymentsOnAircraftPurchaseContracts" xlink:label="cpa_ReimbursementOfAdvancePaymentsOnAircraftPurchaseContracts"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_ReimbursementOfAdvancePaymentsOnAircraftPurchaseContracts_lbl" xml:lang="en-US" id="id_13917047_2946225_3_1">Reimbursement of advance payments on aircraft purchase contracts.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_ReimbursementOfAdvancePaymentsOnAircraftPurchaseContracts_lbl" xml:lang="en-US" id="id_13917047_2946225_1_1">Reimbursement of advance payments on aircraft purchase contracts</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_ReimbursementOfAdvancePaymentsOnAircraftPurchaseContracts_lbl" xml:lang="en-US" id="id_13917047_2946225_2_1">Reimbursement of advance payments on aircraft purchase contracts</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_ReimbursementOfAdvancePaymentsOnAircraftPurchaseContracts" xlink:to="cpa_ReimbursementOfAdvancePaymentsOnAircraftPurchaseContracts_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_RemainingCompensationCostNotYetRecognizedForNonvestedStockAwards" xlink:label="cpa_RemainingCompensationCostNotYetRecognizedForNonvestedStockAwards"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_RemainingCompensationCostNotYetRecognizedForNonvestedStockAwards_lbl" xml:lang="en-US" id="id_13917047_2946287_3_1">Remaining compensation cost, not yet recognized for non-vested stock awards.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_RemainingCompensationCostNotYetRecognizedForNonvestedStockAwards_lbl" xml:lang="en-US" id="id_13917047_2946287_1_1">Remaining compensation cost, not yet recognized for non-vested stock awards</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_RemainingCompensationCostNotYetRecognizedForNonvestedStockAwards_lbl" xml:lang="en-US" id="id_13917047_2946287_2_1">Estimated compensation cost for next year</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_RemainingCompensationCostNotYetRecognizedForNonvestedStockAwards" xlink:to="cpa_RemainingCompensationCostNotYetRecognizedForNonvestedStockAwards_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_RentalExpense" xlink:label="ifrs-full_RentalExpense"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_RentalExpense_lbl" xml:lang="en-US" id="id_13917047_2938389_1_1">Rental expense</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_RentalExpense_lbl" xml:lang="en-US" id="id_13917047_2938389_2_1">Aircraft rentals</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_RentalExpense_lbl" xml:lang="en-US" id="id_13917047_2938389_12_1">Aircraft rentals and other rentals</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RentalExpense" xlink:to="ifrs-full_RentalExpense_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_RepairsAndMaintenanceExpense" xlink:label="ifrs-full_RepairsAndMaintenanceExpense"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_RepairsAndMaintenanceExpense_lbl" xml:lang="en-US" id="id_13917047_2939222_1_1">Repairs and maintenance expense</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_RepairsAndMaintenanceExpense_lbl" xml:lang="en-US" id="id_13917047_2939222_2_1">Maintenance, material and repairs</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_RepairsAndMaintenanceExpense_lbl" xml:lang="en-US" id="id_13917047_2939222_12_1">Maintenance, materials and repairs</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RepairsAndMaintenanceExpense" xlink:to="ifrs-full_RepairsAndMaintenanceExpense_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_RepurchaseOfTreasuryShares" xlink:label="cpa_RepurchaseOfTreasuryShares"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_RepurchaseOfTreasuryShares_lbl" xml:lang="en-US" id="id_13917047_2973784_3_1">Repurchase of treasury shares.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_RepurchaseOfTreasuryShares_lbl" xml:lang="en-US" id="id_13917047_2973784_1_1">Repurchase Of Treasury Shares</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="cpa_RepurchaseOfTreasuryShares_lbl" xml:lang="en-US" id="id_13917047_2973784_14_1">Repurchase of treasury shares, shares</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_RepurchaseOfTreasuryShares" xlink:to="cpa_RepurchaseOfTreasuryShares_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_ReservationsAndSalesExpense" xlink:label="cpa_ReservationsAndSalesExpense"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_ReservationsAndSalesExpense_lbl" xml:lang="en-US" id="id_13917047_2946125_3_1">Reservations and sales expense.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_ReservationsAndSalesExpense_lbl" xml:lang="en-US" id="id_13917047_2946125_1_1">Reservations And Sales Expense</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_ReservationsAndSalesExpense_lbl" xml:lang="en-US" id="id_13917047_2946125_2_1">Reservations and sales</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_ReservationsAndSalesExpense" xlink:to="cpa_ReservationsAndSalesExpense_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_RestatedMember" xlink:label="ifrs-full_RestatedMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_RestatedMember_lbl" xml:lang="en-US" id="id_13917047_2939235_1_1">Currently stated [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_RestatedMember_lbl" xml:lang="en-US" id="id_13917047_2939235_2_1">Currently stated [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RestatedMember" xlink:to="ifrs-full_RestatedMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_RestatementAdjustmentMember" xlink:label="us-gaap_RestatementAdjustmentMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RestatementAdjustmentMember_lbl" xml:lang="en-US" id="id_13917047_2930694_1_1">Restatement Adjustment [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_RestatementAdjustmentMember_lbl" xml:lang="en-US" id="id_13917047_2930694_2_1">Reclasification [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RestatementAdjustmentMember" xlink:to="us-gaap_RestatementAdjustmentMember_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_RestatementInformationWithoutImpactOfIfrs15Member" xlink:label="cpa_RestatementInformationWithoutImpactOfIfrs15Member"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_RestatementInformationWithoutImpactOfIfrs15Member_lbl" xml:lang="en-US" id="id_13917047_3537837_3_1">Restatement information without impact of IFRS 15 [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_RestatementInformationWithoutImpactOfIfrs15Member_lbl" xml:lang="en-US" id="id_13917047_3537837_1_1">Restatement information without impact of IFRS 15 [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_RestatementInformationWithoutImpactOfIfrs15Member_lbl" xml:lang="en-US" id="id_13917047_3537837_2_1">Restatement information without impact of IFRS 15 [Member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_RestatementInformationWithoutImpactOfIfrs15Member" xlink:to="cpa_RestatementInformationWithoutImpactOfIfrs15Member_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_RetainedEarnings" xlink:label="ifrs-full_RetainedEarnings"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_RetainedEarnings_lbl" xml:lang="en-US" id="id_13917047_2939237_1_1">Retained earnings</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_RetainedEarnings_lbl" xml:lang="en-US" id="id_13917047_2939237_2_1">Retained earnings</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RetainedEarnings" xlink:to="ifrs-full_RetainedEarnings_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_RetainedEarningsMember" xlink:label="ifrs-full_RetainedEarningsMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_RetainedEarningsMember_lbl" xml:lang="en-US" id="id_13917047_2939238_1_1">Retained earnings [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_RetainedEarningsMember_lbl" xml:lang="en-US" id="id_13917047_2939238_2_1">Retained earnings [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RetainedEarningsMember" xlink:to="ifrs-full_RetainedEarningsMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_RetrospectiveApplicationAndRetrospectiveRestatementAxis" xlink:label="ifrs-full_RetrospectiveApplicationAndRetrospectiveRestatementAxis"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_RetrospectiveApplicationAndRetrospectiveRestatementAxis_lbl" xml:lang="en-US" id="id_13917047_2939131_1_1">Retrospective application and retrospective restatement [axis]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_RetrospectiveApplicationAndRetrospectiveRestatementAxis_lbl" xml:lang="en-US" id="id_13917047_2939131_2_1">Retrospective application and retrospective restatement [axis]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RetrospectiveApplicationAndRetrospectiveRestatementAxis" xlink:to="ifrs-full_RetrospectiveApplicationAndRetrospectiveRestatementAxis_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset" xlink:label="ifrs-full_ReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset_lbl" xml:lang="en-US" id="id_13917047_2938402_1_1">Return on plan assets, net defined benefit liability (asset)</label>
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    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset" xlink:to="ifrs-full_ReturnOnPlanAssetsNetDefinedBenefitLiabilityAsset_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_Revenue" xlink:label="ifrs-full_Revenue"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_Revenue_lbl" xml:lang="en-US" id="id_13917047_2939244_1_1">Revenue</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_Revenue_lbl" xml:lang="en-US" id="id_13917047_2939244_2_1">Total operating revenue</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_Revenue_lbl" xml:lang="en-US" id="id_13917047_2939244_6_1">Total operating revenue</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_Revenue" xlink:to="ifrs-full_Revenue_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_RevenueAbstract" xlink:label="ifrs-full_RevenueAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_RevenueAbstract_lbl" xml:lang="en-US" id="id_13917047_2938661_1_1">Revenue [abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_RevenueAbstract_lbl" xml:lang="en-US" id="id_13917047_2938661_2_1">Operating revenue</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RevenueAbstract" xlink:to="ifrs-full_RevenueAbstract_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_RevenueFromCopaAirlinesFlightsToVenezuelaMember" xlink:label="cpa_RevenueFromCopaAirlinesFlightsToVenezuelaMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_RevenueFromCopaAirlinesFlightsToVenezuelaMember_lbl" xml:lang="en-US" id="id_13917047_3054850_3_1">Revenue from Copa Airlines' flights to Venezuela.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_RevenueFromCopaAirlinesFlightsToVenezuelaMember_lbl" xml:lang="en-US" id="id_13917047_3054850_1_1">Revenue from Copa Airlines' flights to Venezuela [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_RevenueFromCopaAirlinesFlightsToVenezuelaMember_lbl" xml:lang="en-US" id="id_13917047_3054850_2_1">Revenue from Copa Airlines' flights to Venezuela [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_RevenueFromCopaAirlinesFlightsToVenezuelaMember" xlink:to="cpa_RevenueFromCopaAirlinesFlightsToVenezuelaMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_RevenueFromRenderingOfCargoAndMailTransportServices" xlink:label="ifrs-full_RevenueFromRenderingOfCargoAndMailTransportServices"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_RevenueFromRenderingOfCargoAndMailTransportServices_lbl" xml:lang="en-US" id="id_13917047_2938409_1_1">Revenue from rendering of cargo and mail transport services</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_RevenueFromRenderingOfCargoAndMailTransportServices_lbl" xml:lang="en-US" id="id_13917047_2938409_2_1">Cargo and mail revenue</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RevenueFromRenderingOfCargoAndMailTransportServices" xlink:to="ifrs-full_RevenueFromRenderingOfCargoAndMailTransportServices_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_RevenueFromRenderingOfPassengerTransportServices" xlink:label="ifrs-full_RevenueFromRenderingOfPassengerTransportServices"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_RevenueFromRenderingOfPassengerTransportServices_lbl" xml:lang="en-US" id="id_13917047_2939356_1_1">Revenue from rendering of passenger transport services</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_RevenueFromRenderingOfPassengerTransportServices_lbl" xml:lang="en-US" id="id_13917047_2939356_2_1">Passenger revenue</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_RevenueFromRenderingOfPassengerTransportServices" xlink:to="ifrs-full_RevenueFromRenderingOfPassengerTransportServices_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_SalariesAndBenefits" xlink:label="cpa_SalariesAndBenefits"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_SalariesAndBenefits_lbl" xml:lang="en-US" id="id_13917047_2966578_3_1">Salaries and benefits</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_SalariesAndBenefits_lbl" xml:lang="en-US" id="id_13917047_2966578_1_1">Salaries and benefits</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_SalariesAndBenefits_lbl" xml:lang="en-US" id="id_13917047_2966578_2_1">Salaries and benefits</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_SalariesAndBenefits" xlink:to="cpa_SalariesAndBenefits_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_SalesMarketingAndDistributionExpenses" xlink:label="cpa_SalesMarketingAndDistributionExpenses"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_SalesMarketingAndDistributionExpenses_lbl" xml:lang="en-US" id="id_13917047_2955874_3_1">Sales marketing and distribution expenses.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_SalesMarketingAndDistributionExpenses_lbl" xml:lang="en-US" id="id_13917047_2955874_1_1">Sales marketing and distribution expenses</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_SalesMarketingAndDistributionExpenses_lbl" xml:lang="en-US" id="id_13917047_2955874_2_1">Sales and distribution</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_SalesMarketingAndDistributionExpenses" xlink:to="cpa_SalesMarketingAndDistributionExpenses_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_SalvageValueAssetsRate" xlink:label="cpa_SalvageValueAssetsRate"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_SalvageValueAssetsRate_lbl" xml:lang="en-US" id="id_13917047_3022262_3_1">Salvage value assets rate.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_SalvageValueAssetsRate_lbl" xml:lang="en-US" id="id_13917047_3022262_1_1">Salvage Value Assets Rate</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_SalvageValueAssetsRate_lbl" xml:lang="en-US" id="id_13917047_3022262_2_1">Residual Value</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="cpa_SalvageValueAssetsRate_lbl" xml:lang="en-US" id="id_13917047_3022262_12_1">Salvage value assets rate</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_SalvageValueAssetsRate" xlink:to="cpa_SalvageValueAssetsRate_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ScenarioPreviouslyReportedMember" xlink:label="us-gaap_ScenarioPreviouslyReportedMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScenarioPreviouslyReportedMember_lbl" xml:lang="en-US" id="id_13917047_2930836_1_1">Scenario, Previously Reported [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ScenarioPreviouslyReportedMember_lbl" xml:lang="en-US" id="id_13917047_2930836_2_1">As previously reported [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScenarioPreviouslyReportedMember" xlink:to="us-gaap_ScenarioPreviouslyReportedMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ScenarioUnspecifiedDomain" xlink:label="us-gaap_ScenarioUnspecifiedDomain"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScenarioUnspecifiedDomain_lbl" xml:lang="en-US" id="id_13917047_2930558_1_1">Scenario, Unspecified [Domain]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ScenarioUnspecifiedDomain_lbl" xml:lang="en-US" id="id_13917047_2930558_2_1">Scenario, Unspecified [Domain]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScenarioUnspecifiedDomain" xlink:to="us-gaap_ScenarioUnspecifiedDomain_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_ScheduledExpirationDateOfLease" xlink:label="cpa_ScheduledExpirationDateOfLease"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_ScheduledExpirationDateOfLease_lbl" xml:lang="en-US" id="id_13917047_2976520_3_1">Scheduled expiration date of lease.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_ScheduledExpirationDateOfLease_lbl" xml:lang="en-US" id="id_13917047_2976520_1_1">Scheduled Expiration Date of Lease</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_ScheduledExpirationDateOfLease_lbl" xml:lang="en-US" id="id_13917047_2976520_2_1">Scheduled expiration date of lease</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_ScheduledExpirationDateOfLease" xlink:to="cpa_ScheduledExpirationDateOfLease_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_ScheduleOfCarryingValueAndFairValueOfFinancialInstrumentsExplanatory" xlink:label="cpa_ScheduleOfCarryingValueAndFairValueOfFinancialInstrumentsExplanatory"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_ScheduleOfCarryingValueAndFairValueOfFinancialInstrumentsExplanatory_lbl" xml:lang="en-US" id="id_13917047_3019412_3_1">The disclosure of carrying value and fair value of financial instruments.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_ScheduleOfCarryingValueAndFairValueOfFinancialInstrumentsExplanatory_lbl" xml:lang="en-US" id="id_13917047_3019412_1_1">Schedule of Carrying Value and Fair Value of Financial Instruments Explanatory</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_ScheduleOfCarryingValueAndFairValueOfFinancialInstrumentsExplanatory_lbl" xml:lang="en-US" id="id_13917047_3019412_2_1">Summary of Carrying Amount and Fair Values of Financial Assets and Financial Liabilities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_ScheduleOfCarryingValueAndFairValueOfFinancialInstrumentsExplanatory" xlink:to="cpa_ScheduleOfCarryingValueAndFairValueOfFinancialInstrumentsExplanatory_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_ScheduleOfCashAndCashEquivalentsExplanatory" xlink:label="cpa_ScheduleOfCashAndCashEquivalentsExplanatory"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_ScheduleOfCashAndCashEquivalentsExplanatory_lbl" xml:lang="en-US" id="id_13917047_3019372_3_1">Schedule of cash and cash equivalents.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_ScheduleOfCashAndCashEquivalentsExplanatory_lbl" xml:lang="en-US" id="id_13917047_3019372_1_1">Schedule of Cash and Cash Equivalents Explanatory</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_ScheduleOfCashAndCashEquivalentsExplanatory_lbl" xml:lang="en-US" id="id_13917047_3019372_2_1">Schedule of Cash and Cash Equivalents</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_ScheduleOfCashAndCashEquivalentsExplanatory" xlink:to="cpa_ScheduleOfCashAndCashEquivalentsExplanatory_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_ScheduleOfForeignCurrencyRiskFromNonderivativeFinancialInstrumentsExplanatory" xlink:label="cpa_ScheduleOfForeignCurrencyRiskFromNonderivativeFinancialInstrumentsExplanatory"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_ScheduleOfForeignCurrencyRiskFromNonderivativeFinancialInstrumentsExplanatory_lbl" xml:lang="en-US" id="id_13917047_3019455_3_1">The disclosure of foreign currency risk from non-derivative financial instruments explanatory.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_ScheduleOfForeignCurrencyRiskFromNonderivativeFinancialInstrumentsExplanatory_lbl" xml:lang="en-US" id="id_13917047_3019455_1_1">Schedule of Foreign Currency Risk From Non-derivative Financial Instruments Explanatory</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_ScheduleOfForeignCurrencyRiskFromNonderivativeFinancialInstrumentsExplanatory_lbl" xml:lang="en-US" id="id_13917047_3019455_2_1">Summary of Foreign Currency Risk Exposure</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_ScheduleOfForeignCurrencyRiskFromNonderivativeFinancialInstrumentsExplanatory" xlink:to="cpa_ScheduleOfForeignCurrencyRiskFromNonderivativeFinancialInstrumentsExplanatory_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_ScheduleOfNewAccountingPronouncementsAndChangesInAccountingPrinciplesTextBlock" xlink:label="us-gaap_ScheduleOfNewAccountingPronouncementsAndChangesInAccountingPrinciplesTextBlock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfNewAccountingPronouncementsAndChangesInAccountingPrinciplesTextBlock_lbl" xml:lang="en-US" id="id_13917047_2932056_1_1">Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ScheduleOfNewAccountingPronouncementsAndChangesInAccountingPrinciplesTextBlock_lbl" xml:lang="en-US" id="id_13917047_2932056_2_1">Summary of Impacts Due to the Adoption of New Standard</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfNewAccountingPronouncementsAndChangesInAccountingPrinciplesTextBlock" xlink:to="us-gaap_ScheduleOfNewAccountingPronouncementsAndChangesInAccountingPrinciplesTextBlock_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_SeniorityPremiumPlanMember" xlink:label="cpa_SeniorityPremiumPlanMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_SeniorityPremiumPlanMember_lbl" xml:lang="en-US" id="id_13917047_2980740_3_1">Seniority premium plan.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_SeniorityPremiumPlanMember_lbl" xml:lang="en-US" id="id_13917047_2980740_1_1">Seniority premium plan [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_SeniorityPremiumPlanMember_lbl" xml:lang="en-US" id="id_13917047_2980740_2_1">Seniority premium plan [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_SeniorityPremiumPlanMember" xlink:to="cpa_SeniorityPremiumPlanMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_SeparateManagementEntitiesAxis" xlink:label="ifrs-full_SeparateManagementEntitiesAxis"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_SeparateManagementEntitiesAxis_lbl" xml:lang="en-US" id="id_13917047_2939276_1_1">Separate management entities [axis]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_SeparateManagementEntitiesAxis_lbl" xml:lang="en-US" id="id_13917047_2939276_2_1">Separate management entities [axis]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_SeparateManagementEntitiesAxis" xlink:to="ifrs-full_SeparateManagementEntitiesAxis_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_SeparateManagementEntitiesMember" xlink:label="ifrs-full_SeparateManagementEntitiesMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_SeparateManagementEntitiesMember_lbl" xml:lang="en-US" id="id_13917047_2938437_1_1">Separate management entities [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_SeparateManagementEntitiesMember_lbl" xml:lang="en-US" id="id_13917047_2938437_2_1">Separate management entities [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_SeparateManagementEntitiesMember" xlink:to="ifrs-full_SeparateManagementEntitiesMember_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_ShareBasedPaymentArrangementExpectedTerm" xlink:label="cpa_ShareBasedPaymentArrangementExpectedTerm"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_ShareBasedPaymentArrangementExpectedTerm_lbl" xml:lang="en-US" id="id_13917047_2977746_3_1">Share based payment arrangement expected term.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_ShareBasedPaymentArrangementExpectedTerm_lbl" xml:lang="en-US" id="id_13917047_2977746_1_1">Share based payment arrangement expected term</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_ShareBasedPaymentArrangementExpectedTerm_lbl" xml:lang="en-US" id="id_13917047_2977746_2_1">Expected term</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_ShareBasedPaymentArrangementExpectedTerm" xlink:to="cpa_ShareBasedPaymentArrangementExpectedTerm_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_SharebasedPaymentArrangementsMember" xlink:label="ifrs-full_SharebasedPaymentArrangementsMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_SharebasedPaymentArrangementsMember_lbl" xml:lang="en-US" id="id_13917047_2939381_1_1">Share-based payment arrangements [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_SharebasedPaymentArrangementsMember_lbl" xml:lang="en-US" id="id_13917047_2939381_2_1">Share-based payment arrangements [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_SharebasedPaymentArrangementsMember" xlink:to="ifrs-full_SharebasedPaymentArrangementsMember_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_ShareBasedPaymentArrangementVestingPeriod" xlink:label="cpa_ShareBasedPaymentArrangementVestingPeriod"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_ShareBasedPaymentArrangementVestingPeriod_lbl" xml:lang="en-US" id="id_13917047_2977070_3_1">Share based payment arrangement vesting period.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_ShareBasedPaymentArrangementVestingPeriod_lbl" xml:lang="en-US" id="id_13917047_2977070_1_1">Share based Payment Arrangement Vesting Period</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_ShareBasedPaymentArrangementVestingPeriod_lbl" xml:lang="en-US" id="id_13917047_2977070_2_1">Vesting period</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_ShareBasedPaymentArrangementVestingPeriod" xlink:to="cpa_ShareBasedPaymentArrangementVestingPeriod_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_ShareOptionsCompensationCostRecognized" xlink:label="cpa_ShareOptionsCompensationCostRecognized"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_ShareOptionsCompensationCostRecognized_lbl" xml:lang="en-US" id="id_13917047_2946436_3_1">Share options compensation cost recognized.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_ShareOptionsCompensationCostRecognized_lbl" xml:lang="en-US" id="id_13917047_2946436_1_1">Share Options Compensation Cost Recognized</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_ShareOptionsCompensationCostRecognized_lbl" xml:lang="en-US" id="id_13917047_2946436_2_1">Additional compensation cost recognized</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_ShareOptionsCompensationCostRecognized" xlink:to="cpa_ShareOptionsCompensationCostRecognized_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_ShareOptionsMaturityDate" xlink:label="cpa_ShareOptionsMaturityDate"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_ShareOptionsMaturityDate_lbl" xml:lang="en-US" id="id_13917047_2976296_3_1">Share options maturity date.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_ShareOptionsMaturityDate_lbl" xml:lang="en-US" id="id_13917047_2976296_1_1">Share Options Maturity Date</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_ShareOptionsMaturityDate_lbl" xml:lang="en-US" id="id_13917047_2976296_2_1">Share option expiration period</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_ShareOptionsMaturityDate" xlink:to="cpa_ShareOptionsMaturityDate_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_ShareOptionsOnIssue" xlink:label="cpa_ShareOptionsOnIssue"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_ShareOptionsOnIssue_lbl" xml:lang="en-US" id="id_13917047_2973781_3_1">Share options on issue.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_ShareOptionsOnIssue_lbl" xml:lang="en-US" id="id_13917047_2973781_1_1">Share options on issue</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_ShareOptionsOnIssue_lbl" xml:lang="en-US" id="id_13917047_2973781_2_1">Share options on issue</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_ShareOptionsOnIssue" xlink:to="cpa_ShareOptionsOnIssue_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_ShortTermDepositsAbstract" xlink:label="cpa_ShortTermDepositsAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_ShortTermDepositsAbstract_lbl" xml:lang="en-US" id="id_13917047_2939710_3_1">Short term deposits.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_ShortTermDepositsAbstract_lbl" xml:lang="en-US" id="id_13917047_2939710_1_1">Short term deposits [abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_ShortTermDepositsAbstract_lbl" xml:lang="en-US" id="id_13917047_2939710_2_1">Short-term</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_ShortTermDepositsAbstract" xlink:to="cpa_ShortTermDepositsAbstract_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ShorttermDepositsClassifiedAsCashEquivalents" xlink:label="ifrs-full_ShorttermDepositsClassifiedAsCashEquivalents"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ShorttermDepositsClassifiedAsCashEquivalents_lbl" xml:lang="en-US" id="id_13917047_2938451_1_1">Short-term deposits, classified as cash equivalents</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ShorttermDepositsClassifiedAsCashEquivalents_lbl" xml:lang="en-US" id="id_13917047_2938451_2_1">Time deposits of no more than ninety days</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ShorttermDepositsClassifiedAsCashEquivalents" xlink:to="ifrs-full_ShorttermDepositsClassifiedAsCashEquivalents_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_ShortTermDepositsMember" xlink:label="cpa_ShortTermDepositsMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_ShortTermDepositsMember_lbl" xml:lang="en-US" id="id_13917047_2980646_3_1">Short term deposits.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_ShortTermDepositsMember_lbl" xml:lang="en-US" id="id_13917047_2980646_1_1">Short term deposits [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_ShortTermDepositsMember_lbl" xml:lang="en-US" id="id_13917047_2980646_2_1">Interest income on short-term bank deposits [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_ShortTermDepositsMember" xlink:to="cpa_ShortTermDepositsMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_ShorttermDepositsNotClassifiedAsCashEquivalents" xlink:label="ifrs-full_ShorttermDepositsNotClassifiedAsCashEquivalents"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_ShorttermDepositsNotClassifiedAsCashEquivalents_lbl" xml:lang="en-US" id="id_13917047_2938452_1_1">Short-term deposits, not classified as cash equivalents</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_ShorttermDepositsNotClassifiedAsCashEquivalents_lbl" xml:lang="en-US" id="id_13917047_2938452_2_1">Time deposits between 90 and 365 days</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_ShorttermDepositsNotClassifiedAsCashEquivalents" xlink:to="ifrs-full_ShorttermDepositsNotClassifiedAsCashEquivalents_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_ShortTermPositionMember" xlink:label="cpa_ShortTermPositionMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_ShortTermPositionMember_lbl" xml:lang="en-US" id="id_13917047_2980660_3_1">Short term position.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_ShortTermPositionMember_lbl" xml:lang="en-US" id="id_13917047_2980660_1_1">Short term position [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_ShortTermPositionMember_lbl" xml:lang="en-US" id="id_13917047_2980660_2_1">Short term position [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_ShortTermPositionMember" xlink:to="cpa_ShortTermPositionMember_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_ShortTermTimeDepositsMember" xlink:label="cpa_ShortTermTimeDepositsMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_ShortTermTimeDepositsMember_lbl" xml:lang="en-US" id="id_13917047_2980606_3_1">Short term time deposits.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_ShortTermTimeDepositsMember_lbl" xml:lang="en-US" id="id_13917047_2980606_1_1">Short Term Time Deposits [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_ShortTermTimeDepositsMember_lbl" xml:lang="en-US" id="id_13917047_2980606_2_1">Time deposits between 90 and 365 days [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_ShortTermTimeDepositsMember" xlink:to="cpa_ShortTermTimeDepositsMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_SignificantInvestmentsInAssociatesAxis" xlink:label="ifrs-full_SignificantInvestmentsInAssociatesAxis"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_SignificantInvestmentsInAssociatesAxis_lbl" xml:lang="en-US" id="id_13917047_2939401_1_1">Associates [axis]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_SignificantInvestmentsInAssociatesAxis_lbl" xml:lang="en-US" id="id_13917047_2939401_2_1">Associates [axis]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_SignificantInvestmentsInAssociatesAxis" xlink:to="ifrs-full_SignificantInvestmentsInAssociatesAxis_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_SignificantInvestmentsInSubsidiariesAxis" xlink:label="ifrs-full_SignificantInvestmentsInSubsidiariesAxis"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_SignificantInvestmentsInSubsidiariesAxis_lbl" xml:lang="en-US" id="id_13917047_2938455_1_1">Subsidiaries [axis]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_SignificantInvestmentsInSubsidiariesAxis_lbl" xml:lang="en-US" id="id_13917047_2938455_2_1">Subsidiaries [axis]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_SignificantInvestmentsInSubsidiariesAxis" xlink:to="ifrs-full_SignificantInvestmentsInSubsidiariesAxis_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_SistemaComplementarioDeAdministracionDeDivisasMember" xlink:label="cpa_SistemaComplementarioDeAdministracionDeDivisasMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_SistemaComplementarioDeAdministracionDeDivisasMember_lbl" xml:lang="en-US" id="id_13917047_2980693_3_1">Sistema complementario de administracion de divisas.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_SistemaComplementarioDeAdministracionDeDivisasMember_lbl" xml:lang="en-US" id="id_13917047_2980693_1_1">Sistema Complementario de Administracion de divisas [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_SistemaComplementarioDeAdministracionDeDivisasMember_lbl" xml:lang="en-US" id="id_13917047_2980693_2_1">Sistema Complementario de Administracion de divisas [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_SistemaComplementarioDeAdministracionDeDivisasMember" xlink:to="cpa_SistemaComplementarioDeAdministracionDeDivisasMember_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_SistemaMarginalDeDivisasMember" xlink:label="cpa_SistemaMarginalDeDivisasMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_SistemaMarginalDeDivisasMember_lbl" xml:lang="en-US" id="id_13917047_2980694_3_1">Sistema marginal de divisas.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_SistemaMarginalDeDivisasMember_lbl" xml:lang="en-US" id="id_13917047_2980694_1_1">Sistema Marginal de Divisas [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_SistemaMarginalDeDivisasMember_lbl" xml:lang="en-US" id="id_13917047_2980694_2_1">Sistema Marginal de Divisas [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_SistemaMarginalDeDivisasMember" xlink:to="cpa_SistemaMarginalDeDivisasMember_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_SoftwareDevelopment1Member" xlink:label="cpa_SoftwareDevelopment1Member"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_SoftwareDevelopment1Member_lbl" xml:lang="en-US" id="id_13917047_2980725_3_1">Software development.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_SoftwareDevelopment1Member_lbl" xml:lang="en-US" id="id_13917047_2980725_1_1">Software development 1 [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_SoftwareDevelopment1Member_lbl" xml:lang="en-US" id="id_13917047_2980725_2_1">Software development [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_SoftwareDevelopment1Member" xlink:to="cpa_SoftwareDevelopment1Member_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_SouthCentralAmericaAndCaribbeanMember" xlink:label="cpa_SouthCentralAmericaAndCaribbeanMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_SouthCentralAmericaAndCaribbeanMember_lbl" xml:lang="en-US" id="id_13917047_3006220_3_1">South, Central America And Caribbean [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_SouthCentralAmericaAndCaribbeanMember_lbl" xml:lang="en-US" id="id_13917047_3006220_1_1">South, Central America And Caribbean [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_SouthCentralAmericaAndCaribbeanMember_lbl" xml:lang="en-US" id="id_13917047_3006220_2_1">South, Central America and Caribbean [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_SouthCentralAmericaAndCaribbeanMember" xlink:to="cpa_SouthCentralAmericaAndCaribbeanMember_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_StarAllianceAirlinesMember" xlink:label="cpa_StarAllianceAirlinesMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_StarAllianceAirlinesMember_lbl" xml:lang="en-US" id="id_13917047_3052409_3_1">Star Alliance Airlines.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_StarAllianceAirlinesMember_lbl" xml:lang="en-US" id="id_13917047_3052409_1_1">Star Alliance Airlines [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_StarAllianceAirlinesMember_lbl" xml:lang="en-US" id="id_13917047_3052409_2_1">Star Alliance Airlines [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_StarAllianceAirlinesMember" xlink:to="cpa_StarAllianceAirlinesMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementClassOfStockAxis" xlink:label="us-gaap_StatementClassOfStockAxis"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementClassOfStockAxis_lbl" xml:lang="en-US" id="id_13917047_2932724_1_1">Class of Stock [Axis]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_StatementClassOfStockAxis_lbl" xml:lang="en-US" id="id_13917047_2932724_2_1">Class of Stock [Axis]</label>
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    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementLineItems" xlink:to="us-gaap_StatementLineItems_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_StatementOfCashFlowsAbstract" xlink:label="ifrs-full_StatementOfCashFlowsAbstract"/>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_StatementOfCashFlowsAbstract_lbl" xml:lang="en-US" id="id_13917047_2938700_2_1">Statement of cash flows [abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_StatementOfCashFlowsAbstract" xlink:to="ifrs-full_StatementOfCashFlowsAbstract_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_StatementOfChangesInEquityAbstract" xlink:label="ifrs-full_StatementOfChangesInEquityAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_StatementOfChangesInEquityAbstract_lbl" xml:lang="en-US" id="id_13917047_2938457_1_1">Statement of changes in equity [abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_StatementOfChangesInEquityAbstract_lbl" xml:lang="en-US" id="id_13917047_2938457_2_1">Statement of changes in equity [abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_StatementOfChangesInEquityAbstract" xlink:to="ifrs-full_StatementOfChangesInEquityAbstract_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_StatementOfChangesInEquityLineItems" xlink:label="ifrs-full_StatementOfChangesInEquityLineItems"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_StatementOfChangesInEquityLineItems_lbl" xml:lang="en-US" id="id_13917047_2939282_1_1">Statement of changes in equity [line items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_StatementOfChangesInEquityLineItems_lbl" xml:lang="en-US" id="id_13917047_2939282_2_1">Statement of changes in equity [line items]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_StatementOfChangesInEquityLineItems" xlink:to="ifrs-full_StatementOfChangesInEquityLineItems_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_StatementOfChangesInEquityTable" xlink:label="ifrs-full_StatementOfChangesInEquityTable"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_StatementOfChangesInEquityTable_lbl" xml:lang="en-US" id="id_13917047_2938701_1_1">Statement of changes in equity [table]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_StatementOfChangesInEquityTable_lbl" xml:lang="en-US" id="id_13917047_2938701_2_1">Statement of changes in equity [table]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_StatementOfChangesInEquityTable" xlink:to="ifrs-full_StatementOfChangesInEquityTable_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_StatementOfComprehensiveIncomeAbstract" xlink:label="ifrs-full_StatementOfComprehensiveIncomeAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_StatementOfComprehensiveIncomeAbstract_lbl" xml:lang="en-US" id="id_13917047_2938458_1_1">Statement of comprehensive income [abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_StatementOfComprehensiveIncomeAbstract_lbl" xml:lang="en-US" id="id_13917047_2938458_2_1">Statement of comprehensive income [abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_StatementOfComprehensiveIncomeAbstract" xlink:to="ifrs-full_StatementOfComprehensiveIncomeAbstract_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_StatementOfFinancialPositionAbstract" xlink:label="ifrs-full_StatementOfFinancialPositionAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_StatementOfFinancialPositionAbstract_lbl" xml:lang="en-US" id="id_13917047_2938702_1_1">Statement of financial position [abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_StatementOfFinancialPositionAbstract_lbl" xml:lang="en-US" id="id_13917047_2938702_2_1">Statement of financial position [abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_StatementOfFinancialPositionAbstract" xlink:to="ifrs-full_StatementOfFinancialPositionAbstract_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementScenarioAxis" xlink:label="us-gaap_StatementScenarioAxis"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementScenarioAxis_lbl" xml:lang="en-US" id="id_13917047_2932726_1_1">Scenario [Axis]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_StatementScenarioAxis_lbl" xml:lang="en-US" id="id_13917047_2932726_2_1">Scenario [Axis]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementScenarioAxis" xlink:to="us-gaap_StatementScenarioAxis_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2017/elts/us-gaap-2017-01-31.xsd#us-gaap_StatementTable" xlink:label="us-gaap_StatementTable"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementTable_lbl" xml:lang="en-US" id="id_13917047_2932188_1_1">Statement [Table]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_StatementTable_lbl" xml:lang="en-US" id="id_13917047_2932188_2_1">Statement [Table]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementTable" xlink:to="us-gaap_StatementTable_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_StockOptionsMember" xlink:label="cpa_StockOptionsMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_StockOptionsMember_lbl" xml:lang="en-US" id="id_13917047_3045036_3_1">Stock options.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_StockOptionsMember_lbl" xml:lang="en-US" id="id_13917047_3045036_1_1">Stock Options [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_StockOptionsMember_lbl" xml:lang="en-US" id="id_13917047_3045036_2_1">Stock options [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_StockOptionsMember" xlink:to="cpa_StockOptionsMember_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_StockRepurchasedDuringPeriodValue1" xlink:label="cpa_StockRepurchasedDuringPeriodValue1"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_StockRepurchasedDuringPeriodValue1_lbl" xml:lang="en-US" id="id_13917047_2973636_3_1">Stock repurchased during period value.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_StockRepurchasedDuringPeriodValue1_lbl" xml:lang="en-US" id="id_13917047_2973636_1_1">Stock Repurchased During Period Value 1</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_StockRepurchasedDuringPeriodValue1_lbl" xml:lang="en-US" id="id_13917047_2973636_2_1">Share repurchase program period value</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_StockRepurchasedDuringPeriodValue1" xlink:to="cpa_StockRepurchasedDuringPeriodValue1_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_StockRepurchaseProgramAuthorized" xlink:label="cpa_StockRepurchaseProgramAuthorized"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_StockRepurchaseProgramAuthorized_lbl" xml:lang="en-US" id="id_13917047_2946313_3_1">Stock repurchase program, authorized.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_StockRepurchaseProgramAuthorized_lbl" xml:lang="en-US" id="id_13917047_2946313_1_1">Stock Repurchase Program, Authorized</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_StockRepurchaseProgramAuthorized_lbl" xml:lang="en-US" id="id_13917047_2946313_2_1">Share repurchase program authorized amount</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_StockRepurchaseProgramAuthorized" xlink:to="cpa_StockRepurchaseProgramAuthorized_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_StockRepurchaseProgramMaturityPeriod" xlink:label="cpa_StockRepurchaseProgramMaturityPeriod"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_StockRepurchaseProgramMaturityPeriod_lbl" xml:lang="en-US" id="id_13917047_2977063_3_1">Stock Repurchase Program Maturity Period</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_StockRepurchaseProgramMaturityPeriod_lbl" xml:lang="en-US" id="id_13917047_2977063_1_1">Stock Repurchase Program Maturity Period</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_StockRepurchaseProgramMaturityPeriod_lbl" xml:lang="en-US" id="id_13917047_2977063_2_1">Stock repurchase program maturity period</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_StockRepurchaseProgramMaturityPeriod" xlink:to="cpa_StockRepurchaseProgramMaturityPeriod_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_StockRepurchaseProgramSettlementAmountPerShare" xlink:label="cpa_StockRepurchaseProgramSettlementAmountPerShare"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_StockRepurchaseProgramSettlementAmountPerShare_lbl" xml:lang="en-US" id="id_13917047_3019466_3_1">Stock repurchase program settlement amount per share.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_StockRepurchaseProgramSettlementAmountPerShare_lbl" xml:lang="en-US" id="id_13917047_3019466_1_1">Stock repurchase program settlement amount per share</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_StockRepurchaseProgramSettlementAmountPerShare_lbl" xml:lang="en-US" id="id_13917047_3019466_2_1">Share repurchase program settlement amount per share</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_StockRepurchaseProgramSettlementAmountPerShare" xlink:to="cpa_StockRepurchaseProgramSettlementAmountPerShare_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_StretchedOverallAmortizationAndRepaymentBorrowingsOutstanding" xlink:label="cpa_StretchedOverallAmortizationAndRepaymentBorrowingsOutstanding"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_StretchedOverallAmortizationAndRepaymentBorrowingsOutstanding_lbl" xml:lang="en-US" id="id_13917047_2946221_3_1">Stretched overall amortization and repayment borrowings outstanding.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_StretchedOverallAmortizationAndRepaymentBorrowingsOutstanding_lbl" xml:lang="en-US" id="id_13917047_2946221_1_1">Stretched overall amortization and repayment borrowings outstanding</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_StretchedOverallAmortizationAndRepaymentBorrowingsOutstanding_lbl" xml:lang="en-US" id="id_13917047_2946221_2_1">Finance with SOAR structure</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_StretchedOverallAmortizationAndRepaymentBorrowingsOutstanding" xlink:to="cpa_StretchedOverallAmortizationAndRepaymentBorrowingsOutstanding_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_SubsequentEvent1Member" xlink:label="cpa_SubsequentEvent1Member"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_SubsequentEvent1Member_lbl" xml:lang="en-US" id="id_13917047_3012687_3_1">Subsequent event 1.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_SubsequentEvent1Member_lbl" xml:lang="en-US" id="id_13917047_3012687_1_1">Subsequent Event 1 [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_SubsequentEvent1Member_lbl" xml:lang="en-US" id="id_13917047_3012687_2_1">Subsequent event [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_SubsequentEvent1Member" xlink:to="cpa_SubsequentEvent1Member_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_SummaryOfOtherLongtermLiabilitiesExplanatory" xlink:label="cpa_SummaryOfOtherLongtermLiabilitiesExplanatory"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_SummaryOfOtherLongtermLiabilitiesExplanatory_lbl" xml:lang="en-US" id="id_13917047_3013135_3_1">Summary of other long-term liabilities.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_SummaryOfOtherLongtermLiabilitiesExplanatory_lbl" xml:lang="en-US" id="id_13917047_3013135_1_1">Summary of Other long-term liabilities [Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_SummaryOfOtherLongtermLiabilitiesExplanatory_lbl" xml:lang="en-US" id="id_13917047_3013135_2_1">Summary of Other Long-term Liabilities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_SummaryOfOtherLongtermLiabilitiesExplanatory" xlink:to="cpa_SummaryOfOtherLongtermLiabilitiesExplanatory_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_SummaryOfSignificantAccountingPoliciesAbstract" xlink:label="cpa_SummaryOfSignificantAccountingPoliciesAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_SummaryOfSignificantAccountingPoliciesAbstract_lbl" xml:lang="en-US" id="id_13917047_2943079_3_1">Summary of significant accounting policies.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_SummaryOfSignificantAccountingPoliciesAbstract_lbl" xml:lang="en-US" id="id_13917047_2943079_1_1">Summary Of Significant Accounting Policies [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_SummaryOfSignificantAccountingPoliciesAbstract_lbl" xml:lang="en-US" id="id_13917047_2943079_2_1">Summary of Significant Accounting Policies [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_SummaryOfSignificantAccountingPoliciesAbstract" xlink:to="cpa_SummaryOfSignificantAccountingPoliciesAbstract_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_SummaryOfSignificantAccountingPoliciesTable" xlink:label="cpa_SummaryOfSignificantAccountingPoliciesTable"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_SummaryOfSignificantAccountingPoliciesTable_lbl" xml:lang="en-US" id="id_13917047_2979417_3_1">Summary of significant accounting policies.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_SummaryOfSignificantAccountingPoliciesTable_lbl" xml:lang="en-US" id="id_13917047_2979417_1_1">Summary Of Significant Accounting Policies [Table]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_SummaryOfSignificantAccountingPoliciesTable_lbl" xml:lang="en-US" id="id_13917047_2979417_2_1">Summary Of Significant Accounting Policies [Table]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_SummaryOfSignificantAccountingPoliciesTable" xlink:to="cpa_SummaryOfSignificantAccountingPoliciesTable_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_TangibleNetWorth" xlink:label="cpa_TangibleNetWorth"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_TangibleNetWorth_lbl" xml:lang="en-US" id="id_13917047_2946247_3_1">Tangible net worth.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_TangibleNetWorth_lbl" xml:lang="en-US" id="id_13917047_2946247_1_1">Tangible net worth</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_TangibleNetWorth_lbl" xml:lang="en-US" id="id_13917047_2946247_2_1">Minimum tangible net worth</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_TangibleNetWorth" xlink:to="cpa_TangibleNetWorth_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_TangibleNetWorthRatio" xlink:label="cpa_TangibleNetWorthRatio"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_TangibleNetWorthRatio_lbl" xml:lang="en-US" id="id_13917047_2945281_3_1">Tangible net worth ratio.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_TangibleNetWorthRatio_lbl" xml:lang="en-US" id="id_13917047_2945281_1_1">Tangible net worth ratio</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_TangibleNetWorthRatio_lbl" xml:lang="en-US" id="id_13917047_2945281_2_1">Total liability plus operating leases minus operating cash to tangible net worth ratio</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_TangibleNetWorthRatio" xlink:to="cpa_TangibleNetWorthRatio_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_TaxAdvanceOfVATAndWithholdingsTaxes" xlink:label="cpa_TaxAdvanceOfVATAndWithholdingsTaxes"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_TaxAdvanceOfVATAndWithholdingsTaxes_lbl" xml:lang="en-US" id="id_13917047_3036259_3_1">Tax advance of VAT and withholdings taxes.</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_TaxAdvanceOfVATAndWithholdingsTaxes_lbl" xml:lang="en-US" id="id_13917047_3036259_2_1">Tax advance of VAT and withholdings taxes</label>
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    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_TaxCredits" xlink:label="cpa_TaxCredits"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_TaxCredits_lbl" xml:lang="en-US" id="id_13917047_2956199_3_1">Tax credits.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_TaxCredits_lbl" xml:lang="en-US" id="id_13917047_2956199_1_1">Tax credits</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_TaxEffectOfForeignTaxRates" xlink:label="ifrs-full_TaxEffectOfForeignTaxRates"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TaxEffectOfForeignTaxRates_lbl" xml:lang="en-US" id="id_13917047_2939415_1_1">Tax effect of foreign tax rates</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_TaxEffectOfForeignTaxRates_lbl" xml:lang="en-US" id="id_13917047_2939415_2_1">Effect of tax rates in non - panamanian jurisdictions</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TaxEffectOfForeignTaxRates" xlink:to="ifrs-full_TaxEffectOfForeignTaxRates_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_TaxExemptionAdjustmentsInNonTaxableCountries" xlink:label="cpa_TaxExemptionAdjustmentsInNonTaxableCountries"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_TaxExemptionAdjustmentsInNonTaxableCountries_lbl" xml:lang="en-US" id="id_13917047_2946320_3_1">Tax exemption in non - taxable countries.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_TaxExemptionAdjustmentsInNonTaxableCountries_lbl" xml:lang="en-US" id="id_13917047_2946320_1_1">Tax exemption adjustments in non - taxable countries</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="cpa_TaxExemptionAdjustmentsInNonTaxableCountries_lbl" xml:lang="en-US" id="id_13917047_2946320_14_1">Exemption in non - taxable countries</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_TaxExemptionAdjustmentsInNonTaxableCountries" xlink:to="cpa_TaxExemptionAdjustmentsInNonTaxableCountries_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_TaxExemptionAdjustmentsInNonTaxableCountriesPercentage" xlink:label="cpa_TaxExemptionAdjustmentsInNonTaxableCountriesPercentage"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_TaxExemptionAdjustmentsInNonTaxableCountriesPercentage_lbl" xml:lang="en-US" id="id_13917047_3020348_3_1">Tax exemption in non taxable countries percentage.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_TaxExemptionAdjustmentsInNonTaxableCountriesPercentage_lbl" xml:lang="en-US" id="id_13917047_3020348_1_1">Tax exemption adjustments in non taxable countries percentage</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="cpa_TaxExemptionAdjustmentsInNonTaxableCountriesPercentage_lbl" xml:lang="en-US" id="id_13917047_3020348_14_1">Exemption in non - taxable countries</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_TaxExemptionAdjustmentsInNonTaxableCountriesPercentage" xlink:to="cpa_TaxExemptionAdjustmentsInNonTaxableCountriesPercentage_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_TaxRateEffectOfAdjustmentsForCurrentTaxOfPriorPeriods" xlink:label="ifrs-full_TaxRateEffectOfAdjustmentsForCurrentTaxOfPriorPeriods"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TaxRateEffectOfAdjustmentsForCurrentTaxOfPriorPeriods_lbl" xml:lang="en-US" id="id_13917047_2939302_1_1">Tax rate effect of adjustments for current tax of prior periods</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_TaxRateEffectOfAdjustmentsForCurrentTaxOfPriorPeriods_lbl" xml:lang="en-US" id="id_13917047_2939302_2_1">Adjustment for prior period</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TaxRateEffectOfAdjustmentsForCurrentTaxOfPriorPeriods" xlink:to="ifrs-full_TaxRateEffectOfAdjustmentsForCurrentTaxOfPriorPeriods_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_TaxRateEffectOfForeignTaxRates" xlink:label="ifrs-full_TaxRateEffectOfForeignTaxRates"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TaxRateEffectOfForeignTaxRates_lbl" xml:lang="en-US" id="id_13917047_2938470_1_1">Tax rate effect of foreign tax rates</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_TaxRateEffectOfForeignTaxRates_lbl" xml:lang="en-US" id="id_13917047_2938470_2_1">Effect of tax rates in non - panamanian jurisdictions</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TaxRateEffectOfForeignTaxRates" xlink:to="ifrs-full_TaxRateEffectOfForeignTaxRates_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_TechnologicalSupportMember" xlink:label="cpa_TechnologicalSupportMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_TechnologicalSupportMember_lbl" xml:lang="en-US" id="id_13917047_2980493_3_1">Technological support.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_TechnologicalSupportMember_lbl" xml:lang="en-US" id="id_13917047_2980493_1_1">Technological Support [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_TechnologicalSupportMember_lbl" xml:lang="en-US" id="id_13917047_2980493_2_1">Technological support [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_TechnologicalSupportMember" xlink:to="cpa_TechnologicalSupportMember_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_TemporaryDifferencesAssociatedWithInvestmentsInSubsidiariesForWhichDeferredTaxLiabilitiesHaveNotBeenRecognized" xlink:label="cpa_TemporaryDifferencesAssociatedWithInvestmentsInSubsidiariesForWhichDeferredTaxLiabilitiesHaveNotBeenRecognized"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_TemporaryDifferencesAssociatedWithInvestmentsInSubsidiariesForWhichDeferredTaxLiabilitiesHaveNotBeenRecognized_lbl" xml:lang="en-US" id="id_13917047_2946381_3_1">Temporary differences associated with investments in subsidiaries for which deferred tax liabilities have not been recognized.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_TemporaryDifferencesAssociatedWithInvestmentsInSubsidiariesForWhichDeferredTaxLiabilitiesHaveNotBeenRecognized_lbl" xml:lang="en-US" id="id_13917047_2946381_1_1">Temporary differences associated with investments in subsidiaries for which deferred tax liabilities have not been recognized</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_TemporaryDifferencesAssociatedWithInvestmentsInSubsidiariesForWhichDeferredTaxLiabilitiesHaveNotBeenRecognized_lbl" xml:lang="en-US" id="id_13917047_2946381_2_1">Temporary differences associated with investments in subsidiaries, for which deferred tax liabilities have not been recognized</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_TemporaryDifferencesAssociatedWithInvestmentsInSubsidiariesForWhichDeferredTaxLiabilitiesHaveNotBeenRecognized" xlink:to="cpa_TemporaryDifferencesAssociatedWithInvestmentsInSubsidiariesForWhichDeferredTaxLiabilitiesHaveNotBeenRecognized_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis" xlink:label="ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis_lbl" xml:lang="en-US" id="id_13917047_2939420_1_1">Temporary difference, unused tax losses and unused tax credits [axis]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis_lbl" xml:lang="en-US" id="id_13917047_2939420_2_1">Temporary difference, unused tax losses and unused tax credits [axis]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis" xlink:to="ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsAxis_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsMember" xlink:label="ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsMember_lbl" xml:lang="en-US" id="id_13917047_2939421_1_1">Temporary difference, unused tax losses and unused tax credits [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsMember_lbl" xml:lang="en-US" id="id_13917047_2939421_2_1">Temporary difference, unused tax losses and unused tax credits [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsMember" xlink:to="ifrs-full_TemporaryDifferenceUnusedTaxLossesAndUnusedTaxCreditsMember_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_TextBlock1Abstract" xlink:label="cpa_TextBlock1Abstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_TextBlock1Abstract_lbl" xml:lang="en-US" id="id_13917047_2942661_3_1">Text block1 [abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_TextBlock1Abstract_lbl" xml:lang="en-US" id="id_13917047_2942661_1_1">Text block1 [abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_TextBlock1Abstract_lbl" xml:lang="en-US" id="id_13917047_2942661_2_1">Text Block [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_TextBlock1Abstract" xlink:to="cpa_TextBlock1Abstract_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_TheLastContractSubscribed" xlink:label="cpa_TheLastContractSubscribed"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_TheLastContractSubscribed_lbl" xml:lang="en-US" id="id_13917047_3049000_3_1">The last contract subscribed.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_TheLastContractSubscribed_lbl" xml:lang="en-US" id="id_13917047_3049000_1_1">The last contract subscribed</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_TheLastContractSubscribed_lbl" xml:lang="en-US" id="id_13917047_3049000_2_1">The last contract subscribed</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_TheLastContractSubscribed" xlink:to="cpa_TheLastContractSubscribed_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_ThereafterMember" xlink:label="cpa_ThereafterMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_ThereafterMember_lbl" xml:lang="en-US" id="id_13917047_2998366_3_1">Thereafter.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_ThereafterMember_lbl" xml:lang="en-US" id="id_13917047_2998366_1_1">Thereafter [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_ThereafterMember_lbl" xml:lang="en-US" id="id_13917047_2998366_2_1">Thereafter [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_ThereafterMember" xlink:to="cpa_ThereafterMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_TopOfRangeMember" xlink:label="ifrs-full_TopOfRangeMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TopOfRangeMember_lbl" xml:lang="en-US" id="id_13917047_2939141_1_1">Top of range [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_TopOfRangeMember_lbl" xml:lang="en-US" id="id_13917047_2939141_2_1">Top of range [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TopOfRangeMember" xlink:to="ifrs-full_TopOfRangeMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_TradeAndOtherCurrentPayables" xlink:label="ifrs-full_TradeAndOtherCurrentPayables"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TradeAndOtherCurrentPayables_lbl" xml:lang="en-US" id="id_13917047_2939306_1_1">Trade and other current payables</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_TradeAndOtherCurrentPayables_lbl" xml:lang="en-US" id="id_13917047_2939306_2_1">Other current liabilities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_TradeAndOtherCurrentPayables_lbl" xml:lang="en-US" id="id_13917047_2939306_12_1">Trade, other payables and financial liabilities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TradeAndOtherCurrentPayables" xlink:to="ifrs-full_TradeAndOtherCurrentPayables_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_TradeAndOtherPayablesAbstract" xlink:label="ifrs-full_TradeAndOtherPayablesAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TradeAndOtherPayablesAbstract_lbl" xml:lang="en-US" id="id_13917047_2938476_1_1">Trade and other payables [abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_TradeAndOtherPayablesAbstract_lbl" xml:lang="en-US" id="id_13917047_2938476_2_1">Trade and other payables [abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TradeAndOtherPayablesAbstract" xlink:to="ifrs-full_TradeAndOtherPayablesAbstract_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_TradeAndOtherPayablesLineItems" xlink:label="cpa_TradeAndOtherPayablesLineItems"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_TradeAndOtherPayablesLineItems_lbl" xml:lang="en-US" id="id_13917047_2945173_3_1">Trade and other payables line items.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_TradeAndOtherPayablesLineItems_lbl" xml:lang="en-US" id="id_13917047_2945173_1_1">Trade and other payables [line items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_TradeAndOtherPayablesLineItems_lbl" xml:lang="en-US" id="id_13917047_2945173_2_1">Trade and other payables [line items]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_TradeAndOtherPayablesLineItems" xlink:to="cpa_TradeAndOtherPayablesLineItems_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_TradeAndOtherPayablesTable" xlink:label="cpa_TradeAndOtherPayablesTable"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_TradeAndOtherPayablesTable_lbl" xml:lang="en-US" id="id_13917047_2978054_3_1">Trade and other payables [Table]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_TradeAndOtherPayablesTable_lbl" xml:lang="en-US" id="id_13917047_2978054_1_1">Trade and other payables [Table]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_TradeAndOtherPayablesTable_lbl" xml:lang="en-US" id="id_13917047_2978054_2_1">Trade and other payables [Table]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_TradeAndOtherPayablesTable" xlink:to="cpa_TradeAndOtherPayablesTable_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_TradeAndOtherPayablesToTradeSuppliers" xlink:label="ifrs-full_TradeAndOtherPayablesToTradeSuppliers"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TradeAndOtherPayablesToTradeSuppliers_lbl" xml:lang="en-US" id="id_13917047_2939144_1_1">Trade payables</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_TradeAndOtherPayablesToTradeSuppliers_lbl" xml:lang="en-US" id="id_13917047_2939144_2_1">Account payables</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TradeAndOtherPayablesToTradeSuppliers" xlink:to="ifrs-full_TradeAndOtherPayablesToTradeSuppliers_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_TradeAndOtherReceivables" xlink:label="ifrs-full_TradeAndOtherReceivables"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TradeAndOtherReceivables_lbl" xml:lang="en-US" id="id_13917047_2939429_1_1">Trade and other receivables</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_TradeAndOtherReceivables_lbl" xml:lang="en-US" id="id_13917047_2939429_2_1">Account receivable</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_TradeAndOtherReceivables_lbl" xml:lang="en-US" id="id_13917047_2939429_6_1">Trade and other receivables</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="ifrs-full_TradeAndOtherReceivables_lbl" xml:lang="en-US" id="id_13917047_2939429_12_1">Accounts receivable, net</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TradeAndOtherReceivables" xlink:to="ifrs-full_TradeAndOtherReceivables_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_TradeAndOtherReceivablesAbstract" xlink:label="ifrs-full_TradeAndOtherReceivablesAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TradeAndOtherReceivablesAbstract_lbl" xml:lang="en-US" id="id_13917047_2939146_1_1">Trade and other receivables [abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_TradeAndOtherReceivablesAbstract_lbl" xml:lang="en-US" id="id_13917047_2939146_2_1">Trade and other receivables current and non - current</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TradeAndOtherReceivablesAbstract" xlink:to="ifrs-full_TradeAndOtherReceivablesAbstract_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_TradeAndOtherReceivablesNetImpairment" xlink:label="cpa_TradeAndOtherReceivablesNetImpairment"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_TradeAndOtherReceivablesNetImpairment_lbl" xml:lang="en-US" id="id_13917047_2969179_3_1">Trade and other receivables net impairment.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_TradeAndOtherReceivablesNetImpairment_lbl" xml:lang="en-US" id="id_13917047_2969179_1_1">Trade and other receivables net impairment</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_TradeAndOtherReceivablesNetImpairment_lbl" xml:lang="en-US" id="id_13917047_2969179_2_1">Trade and other receivables</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="cpa_TradeAndOtherReceivablesNetImpairment_lbl" xml:lang="en-US" id="id_13917047_2969179_6_1">Total accounts receivable</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_TradeAndOtherReceivablesNetImpairment" xlink:to="cpa_TradeAndOtherReceivablesNetImpairment_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_TradeOtherPayablesAndFinancialLiabilities" xlink:label="cpa_TradeOtherPayablesAndFinancialLiabilities"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_TradeOtherPayablesAndFinancialLiabilities_lbl" xml:lang="en-US" id="id_13917047_3048981_3_1">Trade, other payables and financial liabilities.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_TradeOtherPayablesAndFinancialLiabilities_lbl" xml:lang="en-US" id="id_13917047_3048981_1_1">Trade, other payables and financial liabilities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="cpa_TradeOtherPayablesAndFinancialLiabilities_lbl" xml:lang="en-US" id="id_13917047_3048981_6_1">Trade, other payables and financial liabilities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_TradeOtherPayablesAndFinancialLiabilities" xlink:to="cpa_TradeOtherPayablesAndFinancialLiabilities_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_TradePayable" xlink:label="cpa_TradePayable"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_TradePayable_lbl" xml:lang="en-US" id="id_13917047_2946375_3_1">Trade payable</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_TradePayable_lbl" xml:lang="en-US" id="id_13917047_2946375_1_1">Trade payable</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_TradePayable_lbl" xml:lang="en-US" id="id_13917047_2946375_2_1">Account payable</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="cpa_TradePayable_lbl" xml:lang="en-US" id="id_13917047_2946375_6_1">Trade payable</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_TradePayable" xlink:to="cpa_TradePayable_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_TradePayablesTradeSuppliersAndAgencies" xlink:label="cpa_TradePayablesTradeSuppliersAndAgencies"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_TradePayablesTradeSuppliersAndAgencies_lbl" xml:lang="en-US" id="id_13917047_2969237_3_1">Trade payables to trade suppliers and agencies</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_TradePayablesTradeSuppliersAndAgencies_lbl" xml:lang="en-US" id="id_13917047_2969237_1_1">Trade payables, trade suppliers and agencies</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_TradePayablesTradeSuppliersAndAgencies_lbl" xml:lang="en-US" id="id_13917047_2969237_2_1">Accounts payable</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_TradePayablesTradeSuppliersAndAgencies" xlink:to="cpa_TradePayablesTradeSuppliersAndAgencies_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_TradingIncomeExpenseOnDerivativeFinancialInstruments" xlink:label="ifrs-full_TradingIncomeExpenseOnDerivativeFinancialInstruments"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TradingIncomeExpenseOnDerivativeFinancialInstruments_lbl" xml:lang="en-US" id="id_13917047_2939312_1_1">Trading income (expense) on derivative financial instruments</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_TradingIncomeExpenseOnDerivativeFinancialInstruments_lbl" xml:lang="en-US" id="id_13917047_2939312_2_1">Mark to market derivative income (expense)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TradingIncomeExpenseOnDerivativeFinancialInstruments" xlink:to="ifrs-full_TradingIncomeExpenseOnDerivativeFinancialInstruments_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_TradingSymbol" xlink:label="dei_TradingSymbol"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_TradingSymbol_lbl" xml:lang="en-US" id="id_13917047_2934526_1_1">Trading Symbol</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="dei_TradingSymbol_lbl" xml:lang="en-US" id="id_13917047_2934526_2_1">Trading Symbol</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_TradingSymbol" xlink:to="dei_TradingSymbol_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_TransfersAndOtherChangesEquityShares" xlink:label="cpa_TransfersAndOtherChangesEquityShares"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_TransfersAndOtherChangesEquityShares_lbl" xml:lang="en-US" id="id_13917047_2973785_3_1">Transfers and other changes equity shares.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_TransfersAndOtherChangesEquityShares_lbl" xml:lang="en-US" id="id_13917047_2973785_1_1">Transfers And Other Changes Equity Shares</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_TransfersAndOtherChangesEquityShares_lbl" xml:lang="en-US" id="id_13917047_2973785_2_1">Other, shares</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_TransfersAndOtherChangesEquityShares" xlink:to="cpa_TransfersAndOtherChangesEquityShares_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_TravelAgenciesAndAirlinesClearingHouseReceivables" xlink:label="cpa_TravelAgenciesAndAirlinesClearingHouseReceivables"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_TravelAgenciesAndAirlinesClearingHouseReceivables_lbl" xml:lang="en-US" id="id_13917047_2946195_3_1">Travel agencies and airlines clearing house receivables.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_TravelAgenciesAndAirlinesClearingHouseReceivables_lbl" xml:lang="en-US" id="id_13917047_2946195_1_1">Travel agencies and airlines clearing house receivables</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_TravelAgenciesAndAirlinesClearingHouseReceivables_lbl" xml:lang="en-US" id="id_13917047_2946195_2_1">Travel agencies and airlines clearing house</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_TravelAgenciesAndAirlinesClearingHouseReceivables" xlink:to="cpa_TravelAgenciesAndAirlinesClearingHouseReceivables_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_TreasuryShares" xlink:label="ifrs-full_TreasuryShares"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TreasuryShares_lbl" xml:lang="en-US" id="id_13917047_2939153_1_1">Treasury shares</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="ifrs-full_TreasuryShares_lbl" xml:lang="en-US" id="id_13917047_2939153_14_1">Treasury stock</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TreasuryShares" xlink:to="ifrs-full_TreasuryShares_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_TreasurySharesMember" xlink:label="ifrs-full_TreasurySharesMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TreasurySharesMember_lbl" xml:lang="en-US" id="id_13917047_2939326_1_1">Treasury shares [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_TreasurySharesMember_lbl" xml:lang="en-US" id="id_13917047_2939326_2_1">Treasury stock [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TreasurySharesMember" xlink:to="ifrs-full_TreasurySharesMember_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_TrustFund" xlink:label="cpa_TrustFund"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_TrustFund_lbl" xml:lang="en-US" id="id_13917047_2946265_3_1">Trust fund.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_TrustFund_lbl" xml:lang="en-US" id="id_13917047_2946265_1_1">Trust fund</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_TrustFund_lbl" xml:lang="en-US" id="id_13917047_2946265_2_1">Trust fund</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_TrustFund" xlink:to="cpa_TrustFund_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_TwoThousandEighteenMember" xlink:label="cpa_TwoThousandEighteenMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_TwoThousandEighteenMember_lbl" xml:lang="en-US" id="id_13917047_2998362_3_1">Two thousand eighteen.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_TwoThousandEighteenMember_lbl" xml:lang="en-US" id="id_13917047_2998362_1_1">Two thousand eighteen [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_TwoThousandEighteenMember_lbl" xml:lang="en-US" id="id_13917047_2998362_2_1">2018 [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_TwoThousandEighteenMember" xlink:to="cpa_TwoThousandEighteenMember_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_TwoThousandNineteenMember" xlink:label="cpa_TwoThousandNineteenMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_TwoThousandNineteenMember_lbl" xml:lang="en-US" id="id_13917047_2998363_3_1">Two thousand nineteen.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_TwoThousandNineteenMember_lbl" xml:lang="en-US" id="id_13917047_2998363_1_1">Two thousand nineteen [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_TwoThousandNineteenMember_lbl" xml:lang="en-US" id="id_13917047_2998363_2_1">2019 [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_TwoThousandNineteenMember" xlink:to="cpa_TwoThousandNineteenMember_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_TwoThousandSeventeenMember" xlink:label="cpa_TwoThousandSeventeenMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_TwoThousandSeventeenMember_lbl" xml:lang="en-US" id="id_13917047_2998367_3_1">Two thousand seventeen.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_TwoThousandSeventeenMember_lbl" xml:lang="en-US" id="id_13917047_2998367_1_1">Two thousand seventeen [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_TwoThousandSeventeenMember_lbl" xml:lang="en-US" id="id_13917047_2998367_2_1">2017 [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_TwoThousandSeventeenMember" xlink:to="cpa_TwoThousandSeventeenMember_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_TwoThousandTwentyMember" xlink:label="cpa_TwoThousandTwentyMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_TwoThousandTwentyMember_lbl" xml:lang="en-US" id="id_13917047_2998364_3_1">Two thousand twenty.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_TwoThousandTwentyMember_lbl" xml:lang="en-US" id="id_13917047_2998364_1_1">Two thousand twenty [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_TwoThousandTwentyMember_lbl" xml:lang="en-US" id="id_13917047_2998364_2_1">2020 [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_TwoThousandTwentyMember" xlink:to="cpa_TwoThousandTwentyMember_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_TwoThousandTwentyOneMember" xlink:label="cpa_TwoThousandTwentyOneMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_TwoThousandTwentyOneMember_lbl" xml:lang="en-US" id="id_13917047_2998365_3_1">Two thousand twenty one.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_TwoThousandTwentyOneMember_lbl" xml:lang="en-US" id="id_13917047_2998365_1_1">Two thousand twenty one [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_TwoThousandTwentyOneMember_lbl" xml:lang="en-US" id="id_13917047_2998365_2_1">2021 [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_TwoThousandTwentyOneMember" xlink:to="cpa_TwoThousandTwentyOneMember_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_TwoThousandTwentyTwoMember" xlink:label="cpa_TwoThousandTwentyTwoMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_TwoThousandTwentyTwoMember_lbl" xml:lang="en-US" id="id_13917047_3010229_3_1">Two thousand twenty two.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_TwoThousandTwentyTwoMember_lbl" xml:lang="en-US" id="id_13917047_3010229_1_1">Two thousand twenty two [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_TwoThousandTwentyTwoMember_lbl" xml:lang="en-US" id="id_13917047_3010229_2_1">2022 [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_TwoThousandTwentyTwoMember" xlink:to="cpa_TwoThousandTwentyTwoMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_TypesOfHedgesAxis" xlink:label="ifrs-full_TypesOfHedgesAxis"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TypesOfHedgesAxis_lbl" xml:lang="en-US" id="id_13917047_2938486_1_1">Types of hedges [axis]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_TypesOfHedgesAxis_lbl" xml:lang="en-US" id="id_13917047_2938486_2_1">Types of hedges [axis]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TypesOfHedgesAxis" xlink:to="ifrs-full_TypesOfHedgesAxis_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_TypesOfHedgesMember" xlink:label="ifrs-full_TypesOfHedgesMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TypesOfHedgesMember_lbl" xml:lang="en-US" id="id_13917047_2939441_1_1">Hedges [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_TypesOfHedgesMember_lbl" xml:lang="en-US" id="id_13917047_2939441_2_1">Hedges [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TypesOfHedgesMember" xlink:to="ifrs-full_TypesOfHedgesMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_TypesOfInterestRatesAxis" xlink:label="ifrs-full_TypesOfInterestRatesAxis"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TypesOfInterestRatesAxis_lbl" xml:lang="en-US" id="id_13917047_2939328_1_1">Types of interest rates [axis]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_TypesOfInterestRatesAxis_lbl" xml:lang="en-US" id="id_13917047_2939328_2_1">Types of interest rates [axis]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TypesOfInterestRatesAxis" xlink:to="ifrs-full_TypesOfInterestRatesAxis_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_TypesOfInvestmentPropertyAxis" xlink:label="ifrs-full_TypesOfInvestmentPropertyAxis"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TypesOfInvestmentPropertyAxis_lbl" xml:lang="en-US" id="id_13917047_2939329_1_1">Types of investment property [axis]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_TypesOfInvestmentPropertyAxis_lbl" xml:lang="en-US" id="id_13917047_2939329_2_1">Types of investment property [axis]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TypesOfInvestmentPropertyAxis" xlink:to="ifrs-full_TypesOfInvestmentPropertyAxis_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_TypesOfRisksAxis" xlink:label="ifrs-full_TypesOfRisksAxis"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TypesOfRisksAxis_lbl" xml:lang="en-US" id="id_13917047_2939160_1_1">Types of risks [axis]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_TypesOfRisksAxis_lbl" xml:lang="en-US" id="id_13917047_2939160_2_1">Types of risks [axis]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TypesOfRisksAxis" xlink:to="ifrs-full_TypesOfRisksAxis_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_TypesOfRisksMember" xlink:label="ifrs-full_TypesOfRisksMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TypesOfRisksMember_lbl" xml:lang="en-US" id="id_13917047_2939442_1_1">Risks [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_TypesOfRisksMember_lbl" xml:lang="en-US" id="id_13917047_2939442_2_1">Risks [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TypesOfRisksMember" xlink:to="ifrs-full_TypesOfRisksMember_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_TypesOfSharebasedPaymentArrangementsAxis" xlink:label="ifrs-full_TypesOfSharebasedPaymentArrangementsAxis"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_TypesOfSharebasedPaymentArrangementsAxis_lbl" xml:lang="en-US" id="id_13917047_2939330_1_1">Types of share-based payment arrangements [axis]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_TypesOfSharebasedPaymentArrangementsAxis_lbl" xml:lang="en-US" id="id_13917047_2939330_2_1">Types of share-based payment arrangements [axis]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_TypesOfSharebasedPaymentArrangementsAxis" xlink:to="ifrs-full_TypesOfSharebasedPaymentArrangementsAxis_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_UncommittedBorrowings" xlink:label="cpa_UncommittedBorrowings"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_UncommittedBorrowings_lbl" xml:lang="en-US" id="id_13917047_2946279_3_1">Uncommitted borrowings.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_UncommittedBorrowings_lbl" xml:lang="en-US" id="id_13917047_2946279_1_1">Uncommitted borrowings</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_UncommittedBorrowings_lbl" xml:lang="en-US" id="id_13917047_2946279_2_1">Uncommitted lines of credit</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_UncommittedBorrowings" xlink:to="cpa_UncommittedBorrowings_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_UnrestrictedCashBalance" xlink:label="cpa_UnrestrictedCashBalance"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_UnrestrictedCashBalance_lbl" xml:lang="en-US" id="id_13917047_2946246_3_1">Unrestricted cash balance.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_UnrestrictedCashBalance_lbl" xml:lang="en-US" id="id_13917047_2946246_1_1">Unrestricted cash balance</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_UnrestrictedCashBalance_lbl" xml:lang="en-US" id="id_13917047_2946246_2_1">Minimum unrestricted cash balance</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_UnrestrictedCashBalance" xlink:to="cpa_UnrestrictedCashBalance_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_UnsecuredBankLoansReceived" xlink:label="ifrs-full_UnsecuredBankLoansReceived"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_UnsecuredBankLoansReceived_lbl" xml:lang="en-US" id="id_13917047_2939336_1_1">Unsecured bank loans received</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_UnsecuredBankLoansReceived_lbl" xml:lang="en-US" id="id_13917047_2939336_2_1">Line of credit balance amount</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_UnsecuredBankLoansReceived" xlink:to="ifrs-full_UnsecuredBankLoansReceived_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/currency/2017/currency-2017-01-31.xsd#currency_USD" xlink:label="currency_USD"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="currency_USD_lbl" xml:lang="en-US" id="id_13917047_2934727_1_1">United States of America, Dollars</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="currency_USD_lbl" xml:lang="en-US" id="id_13917047_2934727_2_1">United States of America, Dollars</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="currency_USD" xlink:to="currency_USD_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment" xlink:label="ifrs-full_UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment_lbl" xml:lang="en-US" id="id_13917047_2939174_1_1">Useful lives or depreciation rates, property, plant and equipment</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment_lbl" xml:lang="en-US" id="id_13917047_2939174_2_1">Useful lives of property and equipment</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment" xlink:to="ifrs-full_UsefulLivesOrDepreciationRatesPropertyPlantAndEquipment_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/country/2017/country-2017-01-31.xsd#country_VE" xlink:label="country_VE"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="country_VE_lbl" xml:lang="en-US" id="id_13917047_2934150_1_1">VENEZUELA</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="country_VE_lbl" xml:lang="en-US" id="id_13917047_2934150_2_1">Venezuela [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="country_VE" xlink:to="country_VE_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/country/2017/country-2017-01-31.xsd#country_VG" xlink:label="country_VG"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="country_VG_lbl" xml:lang="en-US" id="id_13917047_2934452_1_1">VIRGIN ISLANDS, BRITISH</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="country_VG_lbl" xml:lang="en-US" id="id_13917047_2934452_2_1">British Virgin Islands [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="country_VG" xlink:to="country_VG_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_WeightedAverageFairValueAtMeasurementDateOtherEquityInstrumentsGranted" xlink:label="ifrs-full_WeightedAverageFairValueAtMeasurementDateOtherEquityInstrumentsGranted"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_WeightedAverageFairValueAtMeasurementDateOtherEquityInstrumentsGranted_lbl" xml:lang="en-US" id="id_13917047_2939185_1_1">Weighted average fair value at measurement date, other equity instruments granted</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_WeightedAverageFairValueAtMeasurementDateOtherEquityInstrumentsGranted_lbl" xml:lang="en-US" id="id_13917047_2939185_2_1">Estimated compensation cost</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_WeightedAverageFairValueAtMeasurementDateOtherEquityInstrumentsGranted" xlink:to="ifrs-full_WeightedAverageFairValueAtMeasurementDateOtherEquityInstrumentsGranted_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_WeightedAverageFairValueAtMeasurementDateShareOptionsGrantedPerShare" xlink:label="cpa_WeightedAverageFairValueAtMeasurementDateShareOptionsGrantedPerShare"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_WeightedAverageFairValueAtMeasurementDateShareOptionsGrantedPerShare_lbl" xml:lang="en-US" id="id_13917047_3020027_3_1">Weighted average fair value at measurement date share options granted per share.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_WeightedAverageFairValueAtMeasurementDateShareOptionsGrantedPerShare_lbl" xml:lang="en-US" id="id_13917047_3020027_1_1">Weighted Average Fair Value at Measurement Date Share Options Granted Per share</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_WeightedAverageFairValueAtMeasurementDateShareOptionsGrantedPerShare_lbl" xml:lang="en-US" id="id_13917047_3020027_2_1">Weighted-average fair value of the stock options at the grant date</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_WeightedAverageFairValueAtMeasurementDateShareOptionsGrantedPerShare" xlink:to="cpa_WeightedAverageFairValueAtMeasurementDateShareOptionsGrantedPerShare_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_WeightedAverageRemainingContractualLifeOfOutstandingShareOptions" xlink:label="ifrs-full_WeightedAverageRemainingContractualLifeOfOutstandingShareOptions"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_WeightedAverageRemainingContractualLifeOfOutstandingShareOptions_lbl" xml:lang="en-US" id="id_13917047_2939458_1_1">Weighted average remaining contractual life of outstanding share options</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_WeightedAverageRemainingContractualLifeOfOutstandingShareOptions_lbl" xml:lang="en-US" id="id_13917047_2939458_2_1">Weighted average remaining contractual life</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_WeightedAverageRemainingContractualLifeOfOutstandingShareOptions" xlink:to="ifrs-full_WeightedAverageRemainingContractualLifeOfOutstandingShareOptions_lbl"/>
    <loc xlink:type="locator" xlink:href="http://xbrl.ifrs.org/taxonomy/2017-03-09/full_ifrs/full_ifrs-cor_2017-03-09.xsd#ifrs-full_WeightedAverageShares" xlink:label="ifrs-full_WeightedAverageShares"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="ifrs-full_WeightedAverageShares_lbl" xml:lang="en-US" id="id_13917047_2939459_1_1">Weighted average number of ordinary shares outstanding</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="ifrs-full_WeightedAverageShares_lbl" xml:lang="en-US" id="id_13917047_2939459_2_1">Weighted-average shares outstanding used for basic earnings per share</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="ifrs-full_WeightedAverageShares_lbl" xml:lang="en-US" id="id_13917047_2939459_6_1">Weighted-average shares outstanding used for basic earnings per share</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="ifrs-full_WeightedAverageShares" xlink:to="ifrs-full_WeightedAverageShares_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_WeightedAverageSharesOutstandingBeforeAdjusted" xlink:label="cpa_WeightedAverageSharesOutstandingBeforeAdjusted"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_WeightedAverageSharesOutstandingBeforeAdjusted_lbl" xml:lang="en-US" id="id_13917047_2973780_3_1">Weighted average shares outstanding before adjusted.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_WeightedAverageSharesOutstandingBeforeAdjusted_lbl" xml:lang="en-US" id="id_13917047_2973780_1_1">Weighted average shares outstanding before adjusted</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_WeightedAverageSharesOutstandingBeforeAdjusted_lbl" xml:lang="en-US" id="id_13917047_2973780_2_1">Weighted-average shares outstanding</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_WeightedAverageSharesOutstandingBeforeAdjusted" xlink:to="cpa_WeightedAverageSharesOutstandingBeforeAdjusted_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_WingoMember" xlink:label="cpa_WingoMember"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_WingoMember_lbl" xml:lang="en-US" id="id_13917047_2980762_3_1">Wingo.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_WingoMember_lbl" xml:lang="en-US" id="id_13917047_2980762_1_1">Wingo [member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_WingoMember_lbl" xml:lang="en-US" id="id_13917047_2980762_2_1">Wingo (the new low-cost business model of Copa Colombia) [member]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_WingoMember" xlink:to="cpa_WingoMember_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_WithholdingTaxRateOnPortionOfDomesticIncome" xlink:label="cpa_WithholdingTaxRateOnPortionOfDomesticIncome"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_WithholdingTaxRateOnPortionOfDomesticIncome_lbl" xml:lang="en-US" id="id_13917047_3020331_3_1">Withholding tax rate on portion of domestic income.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_WithholdingTaxRateOnPortionOfDomesticIncome_lbl" xml:lang="en-US" id="id_13917047_3020331_1_1">Withholding tax rate on portion of domestic income</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_WithholdingTaxRateOnPortionOfDomesticIncome_lbl" xml:lang="en-US" id="id_13917047_3020331_2_1">Dividends Tax Rate, Panamanian source income</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_WithholdingTaxRateOnPortionOfDomesticIncome" xlink:to="cpa_WithholdingTaxRateOnPortionOfDomesticIncome_lbl"/>
    <loc xlink:type="locator" xlink:href="cpa-20171231.xsd#cpa_WithholdingTaxRateOnPortionOfForeignIncome" xlink:label="cpa_WithholdingTaxRateOnPortionOfForeignIncome"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="cpa_WithholdingTaxRateOnPortionOfForeignIncome_lbl" xml:lang="en-US" id="id_13917047_3020332_3_1">Withholding tax rate on portion of foreign income.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="cpa_WithholdingTaxRateOnPortionOfForeignIncome_lbl" xml:lang="en-US" id="id_13917047_3020332_1_1">Withholding tax rate on portion of foreign income</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="cpa_WithholdingTaxRateOnPortionOfForeignIncome_lbl" xml:lang="en-US" id="id_13917047_3020332_2_1">Dividends Tax Rate, foreign source income</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="cpa_WithholdingTaxRateOnPortionOfForeignIncome" xlink:to="cpa_WithholdingTaxRateOnPortionOfForeignIncome_lbl"/>
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