Tokyo, 30 July 2022 (TDI): The Economic Policy Consultative Committee Meeting between USA and Japan was held on Friday.
Minister for Foreign Affairs of Japan, Hayashi Yoshimasa, and Minister of Economy, Trade, and Industry Hagiuda Koichi participated from the Japanese side.
From the US side, Secretary of State, Antony Blinken and Secretary of Commerce, Gina Raimondo attended the meeting.
Secretary Raimondo and Secretary Blinken expressed their condolences on the passing of former Japanese Prime Minister Abe.
According to Minister Hayashi, the Economic “2+2” which integrates discussions of security, diplomacy, and the economy, is a framework that meets today’s needs.
Japan and the United States also intend to take the lead in preserving and advancing the free, open, rules-based international economic order.
The Ministers agreed to discuss politics, security, and economic issues. Also, they agreed that Japan and the United States can lead in encouraging international collaboration.
Japan-U.S. Economic Policy Consultative Committee Meeting (the Economic “2+2”)
https://t.co/2bKsUJE7TC pic.twitter.com/6WD2o7Zxi5— MOFA of Japan (@MofaJapan_en) July 30, 2022
Realizing Peace and Prosperity
Minister Hayashi stressed the need for Japan and the US to work with like-minded nations to maintain and improve the international. They need to cooperate to safeguard each country’s economic security.
Ministers Hayashi and Hagiuda also expressed Japan’s support and cooperation with the US’s Indo-Pacific Economic Framework (IPEF). They also emphasized the need to intensify bilateral ties in the areas of human rights and the digital economy.
The two sides also discussed cooperation for nations that have been adversely impacted by Russia’s aggression against Ukraine. They agreed on the significance of ensuring food and energy security.
Countering Economic Coercion
Secretary Blinken proposed the need for cooperation not only between Japan and the US but with the international community as a whole. He also expressed opposition to the use of economic influence in ways that attempt to influence countries.
They also agreed to make sure that all pertinent nations follow international guidelines regarding unethical and opaque development finance.
In addition, the Japanese side stated that they would like to have further in-depth conversations about economic coercion in the coming G7 Summit.
Promoting and Securing Critical Technologies and Infrastructure
Japan and the US agreed to work together to considerably enhance the 5G open RANs’ share of the global market.
Both sides agreed to develop collaboration with other nations who share similar principles in response to the importance of Japan and the US working together to boost economic security in these and other areas.
Additionally, Ministers Hayashi and Hagiuda proposed cooperation in information exchange regarding dangers to key infrastructure.
Strengthening Supply Chain Resilience
Secretary Raimondo suggested that Japan-US must actively pursue their relations. Also suggested Japan-US collaboration on export cooperation in enhancing the robustness of the semiconductor supply chain.
The four Ministers also agreed that stronger supply chains must be developed in collaboration with nations that share similar views.
Minister Hayashi and Minister Hagiuda congratulated the US on the outcome of the most recent “Supply Chain Ministerial Meeting” that it convened.
