US and Japan launch economic dialog

The US and Japan launched a new high-level economic dialogue. The US and Japan pledge to further enhance competitiveness and resilience by broadening and deepening cooperation
The US-Japan Economic Policy Advisory Committee Meeting was held with the participation of US Secretary of State Antony Blinken, US Secretary of Commerce Gina Raimondo, Japanese Foreign Minister Yoshimasa Hayashi and Japanese Minister of Economy, Trade and Industry Koichi Hagiuda.

At the opening of the meeting, Blinken said it was important that the world’s largest and third largest economies work together to defend a rules-based economic order in which all countries can participate, compete and thrive.

Coronavirus pandemic, Russia-Ukraine war

Pointing out that global developments, including the COVID-19 pandemic and the war in Ukraine, have demonstrated the fragility of critical supply chains, Blinken said that a growing number of countries are struggling with debt burdens due to unsustainable and opaque lending practices.

“The People’s Republic of China’s coercive and retaliatory economic practices are forcing countries into choices that jeopardize their security, intellectual property and economic independence,” Blinken said.

Cooperation in semiconductors on the agenda

US Secretary of Commerce Raimondo stated that the US and Japan are discussing cooperation on advanced semiconductors.

Following the ministerial meeting, a joint statement was also issued by the US-Japan Economic Policy Advisory Committee.

The ministers reaffirmed their shared commitment to presenting a positive economic vision that emphasizes the benefits of a rules-based international economic order and stressed the need to make the economies of the two countries more competitive and resilient, the statement said.

“The two countries are committed to working together”

The statement, which also included the committee’s action plan, underlined that the US and Japan pledged to further enhance competitiveness and resilience by broadening and deepening cooperation.

The statement said the two countries are committed to working together to mitigate the impact of Russia’s war in Ukraine on energy and food markets.

The two countries are committed to supporting joint research and development projects for critical and emerging technologies, the statement said, adding that the US and Japan are working to advance efforts to improve supply chain resilience, particularly in strategic sectors including semiconductors, batteries and critical minerals.