Japan, U.S. Create New Trade Partnership

Politics

Tokyo, Nov. 17 (Jiji Press)--The Japanese and U.S. governments agreed on Wednesday to establish a new framework designed to strengthen cooperation in the fields of trade and the economy.

With China's increasing influence in mind, Tokyo and Washington aim to facilitate efforts to create a free and fair economic order in the Indo-Pacific region, sources familiar with the situation said.

In their meeting, Japanese Minister of Economy, Trade and Industry Koichi Hagiuda and visiting U.S. Trade Representative Katherine Tai launched the Japan-U.S. Partnership on Trade.

Under the new framework, senior officials from METI, the Japanese Foreign Ministry and the Office of the USTR are expected to hold a first meeting next year.

The officials are likely to discuss ways to tackle subsidies to state-owned enterprises and other measures that distort the functioning of markets, the sources said.

[Copyright The Jiji Press, Ltd.]

Jiji Press