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The text of the following statement was issued by the Governments of the United States of America and Japan during the first meeting of the ministers of the U.S.-Japan Economic Policy Consultative Committee.

United States Secretary of State Antony Blinken and Secretary of Commerce Gina Raimondo joined Japanese Foreign Minister HAYASHI Yoshimasa and Minister of Economy, Trade and Industry HAGIUDA Koichi for the first ministerial meeting of the US-Japan Economic Policy Consultative Committee (EPCC) on July 29, 2022. The ministers confirmed their decision to share to show a positive view of the economy shows the benefits of rules-based international economic order and emphasized the importance of making our economy more competitive and ethical.

Ministers considered the difficult global economic situation which has created a number of risks and uncertainties for all. They noted that the recovery from the CCIDID-19 epidemic remains incomplete, and that the epidemic has caused various economic problems including trade disruptions, rising commodity prices, and high inequality, many of which have affected vulnerable communities. The ministers strongly condemned Russia’s brutal, unprovoked, and unwarranted aggression against Ukraine and shared the view that it has exacerbated such problems and undermined energy and food security around the world. The ministers emphasized the importance of solving the climate problem in the face of problems due to the lack of electricity.

The Ministers also recognized that the epidemic has significantly changed social and economic life through the rapid adoption of various technologies, including the digital revolution, providing new opportunities and challenges. They noted that technological innovations – including in important and emerging technologies such as artificial intelligence, quantum technology, and renewable and renewable technologies – present a transformative, as well as a threat to our economy if abused. Ministers are committed to continuing to take steps to ensure a full and sustainable recovery from the epidemic and to promote international cooperation in the world of the epidemic to address new opportunities and prepare for unprecedented challenges.

The ministers resolved that the United States and Japan stand for open, sustainable, and inclusive economic growth that provides prosperity, promotes democratic values, reduces economic inequality, and protects human rights in the Indo-Pacific region and beyond. He also emphasized the importance of measures to promote the broad economic development of our middle classes, including through economic and foreign policies that benefit workers and small businesses and to increase the participation of women in the economy. They hope to promote this vision through the EPCC and other platforms, including the G7, APEC, and the Indo-Pacific Economic Framework for Prosperity (IPEF). They are committed to promoting policies that support a multilateral trading system based on free and open trade and that opposes economic coercion and non-market policies and practices, emphasizing the importance of providing workers, businesses, and countries around the world a level playing field.

The ministers shared the view that the United States and Japan, as the world’s two largest economies, can demonstrate that democracy provides the best model for development, stability, and security. In this context, the Ministers committed to continue sharing information and exchanging views on our economic plans, including President Biden’s plan to build from the bottom up, as well as the “new style of the president” Kishida. They also explored ways to protect workers, companies, and investors from the harm of unfair, anti-competitive, and non-market policies and practices. The Ministers also welcomed cooperation between the two countries in the advancement of shared goals under the CoRe Partnership, with like-minded partners, and confirmed our joint leadership in promoting economic order based on rules and development in the Indo-Pacific region. beyond.

The ministers committed to combating threats to economic security and to the rules-based international economic order and noted developments in the two countries, including the passage of Japan’s Economic Security Promotion Act. Ministers focused on the strength and diversity of supply chains to promote transparency, safety, and sustainability. The Ministers also hope to cooperate in the development and protection of important and emerging technologies in a manner consistent with international laws and regulations, including through research and development, as well as foreign control, in order to support technological competition and sustainability and to solve problems with the illegal diversion of important skills in the production of weapons.

Ministers expressed great concern about, and opposition to, the harmful use of economic power, including economic coercion and unfair and unclear lending practices, in ways that threaten the legitimate interests of sovereign states, as well as those of people and industries. The Ministers emphasized that this process affects the decisions of the administration, is against free and open-based rules in the world, and is solved mainly through the federal solution. With respect to the importance of sustainable finance for long-term economic growth and development, they emphasized the importance of working together bilaterally and multilaterally to promote development finance and transparency for all borrowers and lenders in accordance with internationally recognized principles, rules, and standards. In addressing these issues, the Ministers expressed their intention to deepen dialogue and encourage cooperation between like-minded partners.

The Ministers emphasized their belief that economic security is essential to overall security, and that diplomacy and economic policy are interconnected and require a coordinated approach. As a result, the EPCC can provide an important way for the cooperation of the two countries, and the Ministers also confirmed their intention to meet regularly in this forum and cooperate on important economic issues during the year of the United States of 2023 APEC and the Japanese President of the G7 in. 2023.

Aware of the importance of continuing the priorities identified under the EPCC, the Ministers assigned their staff and deputy ministers to carry out the EPCC Plan of Action based on their economic vision, to ensure the strong performance of each company to inform efforts to continue, and to gather the next EPCC. the meeting of the deputy minister before the end of 2022.

U.S.-Japan Economic Policy Consultative Committee 2022 Plan of Action

Realizing Peace and Prosperity through the Rules-Based Economic Order

Countering Economic Coercion and Unfair and Opaque Lending Practices

Promoting and Securing Critical and Emerging Technologies and Critical Infrastructure

Strengthening Supply Chain Resilience

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