Philippines, Japan chambers commit to economic cooperation

MANILA, Philippines — The Philippine Chamber of Commerce and Industry (PCCI) has inked a memorandum of understanding with the Japan Chamber of Commerce and Industry (JCCI) in a bid to strengthen economic cooperation between the two countries.

Based on the MOU, both parties agreed to exchange and disseminate information in line with the opening of further possibilities for enhancing economic cooperation, increasing trade and expanding investments between the two countries.

These will include market data and information on the policy, legal and regulatory environment for doing business in their respective countries.

Among the sectors to be covered by the information exchange include agriculture, manufacturing, franchising, tourism, services, and small and medium enterprise development, information and communications technology and innovation.

The MOU also covers the organization of outbound or host inbound trade and investment missions between the Philippines and Japan, and the assistance in the identification and establishment of business contacts from their respective countries.

“Each of the parties shall assist the other party in the organization of or participation in exhibitions, trade fairs, symposiums, seminars, conferences, study tours, business - matching, and other means of trade and investment promotion and similar events taking place in their territories that aim to expand business and economic cooperation,” the MOU stated.

Both parties shall cover their own expenses for international travel, accommodations, transportation and other requirements during their visits to participate in missions, meetings or events while the other party will provide appropriate domestic assistance as may be agreed upon.

In case of disputes that may arise between the members of the parties, they will consult each other and, when necessary, shall encourage their members to resolve their disputes amicably through mediation prior to arbitration following the laws and regulations enforced in their territories.

The MOU was signed by PCCI president George Barcelon and JCCI chairman Ken Kobayashi.

“This MOU symbolizes a fresh chapter in our bilateral relations and affirms our shared commitment to enhance economic cooperation. I look forward to working closely together and staying dedicated to coordinating initiatives aimed at fostering dialogue, collaboration, and a successful partnership,” Barcelon said.

“We appreciate this opportunity to engage in a meaningful dialogue with the esteemed members of the JCCI. Japan’s role as a global economic powerhouse and a leader in technological innovation is well-acknowledged,” he said.

Latest data from the Philippine Statistics Authority (PSA) showed that from January to August, Japan was the country’s third largest export destination, accounting for 14.6 percent of total exports, with a value of $6.98 billion.

Similarly, it was also the third largest source of imports during the period, accounting for 8.1 percent of imports valued at $6.85 billion.