The negotiations of the free trade agreement (FTA) to be signed between Japan and the European Union are going full speed ahead. After the outright refusal of Donald Trump to sign the Trans-Pacific Partnership Agreement, the Japanese government seems to have resolved to speed up the negotiations and sign an agreement which will certainly promote economic and cultural exchanges between the European region and the Asian country.
However, this is not the only rapprochement between Japan and Europe. The King and Queen of Spain are back from their last visit to Japan where they attended the signing of several agreements and memorandums of understanding aimed at the cooperation between the two countries.
The most important agreement is, unquestionably, the Agreement regarding a Working Holiday Visa Scheme. This agreement aims at the promotion of the cooperation of the two countries and, more specifically, at providing an opportunity to the young people in both territories, so that they can visit both countries and promote mutual understanding.
The agreement will make it possible for young Japanese and Spanish people between 18 and 30 years old to stay in the other country for a year and enjoy the possibility of carrying out working duties according to the national laws and regulations in the receiving country.
But this is not the only innovation, as there are six more additional memorandums of cooperation on economy and industry; tourism; medical research; sport; between the Spanish Diplomatic Academy and the Foreign Service Training Institute; and between the newspaper Yomiuri and the Prado Museum which will organize an exhibition devoted to Velázquez in 2018.
Foremost among these is the memorandum of cooperation for the promotion of bilateral dialogue on economic, commercial and industrial matters. Through this agreement, both countries have pledged to share information on economic policy, to promote cooperation, to cooperate in third markets and to boost the activities of the institutions in charge of promoting trade, investment and technological cooperation.
Additionally, this latter measure which reinforces the position of both countries in favor of free trade, will be propelled by the establishment of direct flights between Madrid and Tokyo or through the establishment of the Chamber of Commerce of Spain in Japan.
Certainly, all these measures mean a great opportunity for Spanish and Japanese enterprises and investors for they can make use of all the opportunities afforded by the cooperation agreements and the new institutions like the Chamber of Commerce of Spain in Japan and enhance their presence in both countries.
In a few months’ time, both governments will develop all the agreements in the legislation and we will be able to observe how the relationships between Japan and Spain grow stronger. It is indeed a good moment to invest in both countries.
Pedro Blanco
Vilá Abogados
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21st April 2017
