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- Minister Nishimura Attends the Japan-U.S. Economic Policy Consultative Committee (Economic "2+2") and Issues a Joint Statement
Minister Nishimura Attends the Japan-U.S. Economic Policy Consultative Committee (Economic "2+2") and Issues a Joint Statement
November 16, 2023
The Japan-U.S. Economic Policy Consultative Committee (the Economic "2+2") Ministerial Meeting was held on November 14. The meeting was attended by Minister of Economy, Trade and Industry Nishimura Yasutoshi and Foreign Minister Kamikawa Yoko (from the Japanese side), as well as the Honorable Gina Raimondo, Secretary of Commerce of the United States of America and the Honorable Antony Blinken, Secretary of State of the United States of America (from the U.S. side). A Joint Statement was issued after the meeting.
At the beginning of the meeting, the four ministers welcomed the achievements of the Economic "2+2" to date and noted the importance of Japan and the United States, which share universal values, working together to confront threats to the economic order and to strengthen economic security in the face of the increasingly severe international situation.
The four ministers then discussed two topics:
(1) Strengthening the rules-based economic order in the Indo-Pacific Region
(2) Enhancing economic resilience and promoting and protecting critical and emerging technologies
(1) Strengthening the rules-based economic order in the Indo-Pacific Region
The Japanese side welcomed the outcome of the Indo-Pacific Economic Framework (IPEF) Ministerial Meeting. The four ministers discussed how to address issues such as economic coercion and non-market policies and practices. The Japanese side reiterated its appreciation for the continued and strong support from the United States for the discharge of ALPS treated water, and the four Ministers confirmed that import restrictions that are not based on scientific evidence should be eliminated immediately.
They then discussed the need to counter attempts to unfairly enhance competitiveness and market dominance. The four principals recognized the need to work together to formulate transparent, resilient, and sustainable supply chain strategies that promote reliable and trustworthy sources for strategic goods and advance environmental protections. To address the agenda, relevant discussions will be initiated within the EPCC.
(2) Enhancing economic resilience and promoting and protecting critical and emerging technologies
The four ministers discussed the direction of future cooperation on critical and emerging technologies such as next-generation semiconductors, AI, and quantum. In particular, they welcomed the signing of a Memorandum of Understanding between the National Institute of Advanced Industrial Science and Technology (AIST) and the National Institute of Standards and Technology (NIST) on the same day for comprehensive research cooperation on quantum technology. They concurred to accelerate US-Japan cooperation on quantum technology. On AI, they also concurred to cooperate in expanding the availability of advanced semiconductors for generative AI.
The four ministers also confirmed their intention to pursue specific cooperation in areas such as stabilizing the steady supply of critical minerals, which includes recycling, and strengthening energy security, which is becoming increasingly severe in the face of Russia's prolonged aggression against Ukraine.
The four ministers concurred to continue to hold the ministerial meeting regularly in order to further expand and deepen Japan-U.S. cooperation in the economic field from a strategic perspective.
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