Tokyo, July 11 (Jiji Press) — Executives from major Japanese and Chinese companies issued a joint statement Thursday underscoring the need for cooperation between the two countries to reinforce rules-based multilateral free trade systems at a time of escalating U.S.-China trade friction.

In the statement adopted at the fifth Japan-China CEO Summit in Tokyo, the Japanese and Chinese executives also affirmed the need to promote the reform

of the World Trade Organization.

The CEO summit has been jointly organized by the Japan Business Federation, or Keidanren, and the China Center for International Economic Exchanges since the forum was launched under the initiative of former Japanese Prime Minister Yasuo Fukuda in 2015.

Following the latest gathering, which saw about 80 participants, CCIEE Chairman Zeng Peiyan said consensus was achieved on strengthening economic and trade ties between Japan and China and promoting free trade.

“We hope to contribute to stronger Japan-China economic relations by further deepening exchanges,” said Nobuyuki Koga, chairman of Keidanren’s Board of Councillors.