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The Philippine and Japan Chambers of Commerce and Industry signed on Tuesday a memorandum of understanding to strengthen business and economic cooperation between the two states.

The MOU was signed by Philippine Chamber of Commerce and Industry (PCCI) President George Barcelon and Japan Chamber of Commerce and Industry Chairman Ken Kobayashi in Makati on Tuesday.

On Monday, the 70-man JCCI group paid a courtesy call on President Ferdinand Marcos Jr in Malacanang. It is the first visit by the JCCI to the country since February 2015.

During their meeting with Marcos, they discussed the potential investment opportunities in the country, namely social security and development of human capital, digital infrastructure, and the promotion of green economy.

Under the MOU, the "Parties shall regularly exchange and disseminate information with the view of opening up further possibilities for enhancing economic cooperation, increasing trade and expanding investments between the Republic of the Philippines and Japan, particularly in the areas of information and communications technology and innovation, agriculture, manufacturing, franchising , tourism, service and small and medium enterprise development, among others".

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

In his speech, Barcelon said the MOU "will signal the start of greater collaboration" between the two countries.

Based on the MOU, "Parties shall endeavor to organize outbound or host inbound trade and investment missions between the Republic of the Philippines and Japan and will assist in the identification and establishment of business contracts 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," it noted.

The MOU noted that "both Parties shall cover their own expenses for international travel accommodations, transportation and other requirements during their visit to participate in missions, meeting or event while the other Party will provide appropriate domestic assistance as may be agreed upon ."

It also stated that "the Parties within their competence and in full cooperation with each other, shall endeavor to take steps that may contribute to the strengthening and effective implementation of this MOU for their mutual benefit."

However, in case of disputes between the members of the Parties, "the Parties 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."

"MOU shall come into force upon signature by both Parties and will remain valid unless terminated by either Party by written notice three months prior to the date of termination," it said. Robina Asido/DMS