Japan, U.S., EU Trade Ministers Vow to Correct Unfair Policies

Economy Politics

Tokyo, Dec. 1 (Jiji Press)--Trade ministers of Japan, the United States and the European Union have agreed to strengthen their cooperation to correct unfair policies that distort markets, apparently mindful of China's massive subsidies to state-owned enterprises.

In a joint statement adopted at their online meeting Tuesday, the trade ministers laid out a policy of promoting discussions to devise new measures and rules to deal with unfair practices.

China's subsidies have drawn increasing criticism from the United States and European countries for hindering fair competition, pundits said.

"Japan, the United States and Europe will take appropriate measures to prevent unfair and market-distorting policies from undermining a level playing field and employment around the world," Japanese Economy, Trade and Industry Minister Koichi Hagiuda said at the trilateral meeting.

The meeting was initially planned to be held in a face-to-face format, on the sidelines of a ministerial meeting of the World Trade Organization. As the WTO meeting was postponed due to the spread of the omicron variant of the novel coronavirus, the trade ministers decided to hold the trilateral talks online.

[Copyright The Jiji Press, Ltd.]

Jiji Press