Japan-U.S. Economic Policy Consultative Committee: Joint Statement

15 Nov, 2023

Japan-U.S. Economic Policy Consultative Committee: Joint Statement

Japan's Foreign Affairs Minister, KAMIKAWA Yoko, and Minister of Economy, Trade and Industry, NISHIMURA Yasutoshi, joined forces with U.S. Secretary of State Antony Blinken and U.S. Secretary of Commerce Gina Raimondo. The meeting, held in San Francisco on November 14, 2023, marked the second ministerial session of the Japan-U.S. Economic Policy Consultative Committee (EPCC).

In this collaborative effort, both nations aim to strengthen the rules-based international economic order, enhance economic competitiveness, and foster resilience. Building on the G7 Leaders’ Statement on Economic Resilience and Economic Security and APEC initiatives, they focus on the Indo-Pacific Economic Framework for Prosperity (IPEF) to create a sustainable future. The strategic coordination includes efforts to reduce vulnerabilities, counter malign practices, and promote economic innovation.

Aligning economic and technology strategies, the partners commit to advancing innovation, building future industrial bases, supply chains, and emerging industries. Simultaneously, they accelerate decarbonization efforts, aligning with 2030 climate commitments and striving for global net-zero greenhouse gas emissions by 2050. Public-private collaboration, workforce development, and support for women’s economic empowerment are central to their approach.

Cross-sectoral initiatives, including business-to-business collaboration, innovation, and investment, are planned to support the clean energy transition. Addressing rising threats to economic and national security, the partners emphasize enhanced communication with like-minded partners and private sector engagement.

Expressing concern over Russia's aggression in Ukraine, they commit to preventing the misuse of cutting-edge technologies for military purposes. The joint vision emphasizes coordinated efforts to counter disruptions in global supply chains, energy and food insecurity, financial stability risks, inflation, market volatility, and growth constraints caused by the conflict. The partners aim to contribute to international peace and security through strategic policy coordination.