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Japan, U.S. create new trade partnership

  • November 17, 2021
  • , Jiji Press , 8:41 p.m.
  • English Press

Tokyo, Nov. 17 (Jiji Press)–The Japanese and U.S. governments agreed on Wednesday to establish a new framework designed to strengthen cooperation in the fields of trade and the economy.

 

With China’s increasing influence in mind, Tokyo and Washington aim to facilitate efforts to create a free and fair economic order in the Indo-Pacific region, sources familiar with the situation said.

 

In their meeting, Japanese Minister of Economy, Trade and Industry Koichi Hagiuda and visiting U.S. Trade Representative Katherine Tai launched the Japan-U.S. Partnership on Trade.

 

Under the new framework, senior officials from METI, the Japanese Foreign Ministry and the Office of the USTR are expected to hold a first meeting next year.

 

The officials are likely to discuss ways to tackle subsidies to state-owned enterprises and other measures that distort the functioning of markets, the sources said.

 

“Japan and the United States will promote cooperation to deepen partnerships among like-minded countries in rule-making and other areas,” a Japanese government source said.

 

In Wednesday’s meeting, Hagiuda and Tai exchanged opinions on a proposal by U.S. President Joe Biden to build a new economic framework in the Indo-Pacific region. The two countries plan to utilize the proposed framework to discuss the nature of economic cooperation.

 

Hagiuda and Tai also affirmed a policy of promoting talks on a review of additional tariffs imposed by the United States on Japanese steel and aluminum products.

 

Tai later held talks with Japanese Foreign Minister Yoshimasa Hayashi in Tokyo.

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