Japan Govt Report Calls for Stronger Economic Security

Politics

Tokyo, June 29 (Jiji Press)--A Japanese government report stressed on Tuesday the need to increase economic security after the novel coronavirus pandemic and U.S.-China tensions revealed the vulnerability of the manufacturing supply chains.

The 2021 White Paper on International Economy and Trade, submitted to the day's cabinet meeting by Minister of Economy, Trade and Industry Hiroshi Kajiyama, said that it is important for Japan to diversify production bases for semiconductors and other strategic goods to ensure stable supplies, and to establish trust-based global supply chains with like-minded countries, such as the United States and European nations.

Amid growing concerns over human rights abuse in the supply chains, such as forced and child labor, the white paper urged Japanese companies to respond appropriately to moves by other countries to tighten relevant regulations.

But they do not need to worry excessively, the report said, advising them to learn from U.S. and European rivals to act tactically so as not to lose business opportunities.

The white paper warned that export restrictions for novel coronavirus vaccines and protectionist moves, such as tariff hikes intended to protect domestic industries, may become rampant around the world.

[Copyright The Jiji Press, Ltd.]

Jiji Press