Commerce Secretary Gina M. Raimondo and Hagiuda Koichi, Japan’s minister of economy, trade and industry, issued a joint statement on Nov. 15, announcing the establishment of the U.S.-Japan, Commercial and Industrial Partnership (JUCIP).
According to a release by the Commerce Department, JUCIP will strengthen the competitiveness, resiliency, and security of both economies; to address shared global challenges such as climate change; and to achieve prosperity and maintain a free and fair economic order.”
The creation of the partnership resulted from a meeting in Tokyo to enhance the U.S.-Japan economic relationship under the U.S.-Japan Competitiveness and Resiliency Partnership (CoRe) of April 2021.
Goals of the CoRe, according to the release, are “advancing innovation, strengthening competitiveness, and combating the climate crisis.”
JUCIP fits into that agenda. The partnership will promote investment and cooperation between the private sectors of both countries through the Department of Commerce’s SelectUSA and the Japan External Trade Organization’s J-Bridge programs.
JUCIP, according to the release, will also promote “the resiliency of supply chains for semiconductors, 5G and other vital industry segments, strengthen collaboration in the protection of critical technologies and the development of infrastructure, and address market-distorting measures to counter unfair trade practices.”
Another priority of JUCIP is the development and use of clean energy and related technologies.
Raimondo and Koichi made it clear they welcome like-minded partners in furtherance of these shared objectives.
