On Nov 14th, two leaders each from Japan and the United States met in San Francisco for the second ministerial meeting of the Japan-U.S. Economic Policy Consultative Committee (EPCC).
The U.S. Department of Commerce website issued a press release stating that both Japan and the United States are taking concrete steps to advance economic prosperity and security in 2023. The countries are united in their commitment to enhance international economic order to make both economies more competitive. By reducing vulnerabilities and countering malign practices, they intend to minimize potential exploitation of each economy. "The United States is aiming to align economic, technology, and strategies to advance innovation, build industrial bases, and develop emerging industries while accelerating decarbonization efforts", said The U.S. Department of Commerce.
In alignment with global goals, both nations are focused on achieving net-zero greenhouse gas emissions by 2050. As part of this effort, the U.S. plans to promote public-private collaboration, support women's economic empowerment, and strengthen business-to-business collaboration. Moreover, there is an emphasis on coordinating policies to address economic and national security threats as well as enhancing private sector engagement.
A concerning issue stated was Russia's aggression against Ukraine which disrupts supply chains and increases energy and food insecurity thus threatening global peace.
Both Japan and the U.S., according to the press release have set goals focused on strengthening rules-based economic order in the Indo-Pacific region. With vulnerability seen in terms of economic coercion and non-market policies in this region, improvement of supply chains along with promotion of fair competition through open markets has been highlighted as an objective.
Addressing non-market policies such as forced technology transfer or harmful industrial subsidies that create strategic dependencies were deemed crucial. Both nations remain vigilant planning to assess potential impacts due to export restrictions on critical minerals which could affect production of solar panels or semiconductors.
The press release further states that promoting quality infrastructure and sustainable investment while addressing opaque lending practices is another mission in the region. Both Japan and the U.S. are committed to continue working with partner countries to boost investment in infrastructure and expand economic ties.
