Japan and European Union to Bolster Economic Safety Collaboration
In a significant development, Japan and the European Union (EU) have agreed to strengthen their cooperation on economic security and free trade. The decision was made at a meeting between Japanese Prime Minister Shigeru Ishiba and European Commission Executive Vice President Stephane Sejourne, held recently.
The policy of enhancing cooperation on trade, economic security, and innovation, which was launched in July, has been reaffirmed during this meeting. Both parties agreed to further deepen their cooperative relationship, with a focus on promoting cooperation in the formation of economic policies and international rules.
Stephane Sejourne, who is in charge of the industrial strategy for the European Commission, played a key role in the meeting with Ishiba. Sejourne also agreed to foster concrete cooperation between Japanese and European companies in strategic fields.
The need for such cooperation arises from several challenges, including high tariffs imposed by the U.S. President Donald Trump's administration and the dependence on critical minerals from China. The agreement between Japan and the EU was made in response to these challenges, aiming to foster a more resilient and self-reliant economic partnership.
The comprehensive alliance, launched in July, now includes the promotion of cooperation in the formation of economic policies and international rules, as well as concrete cooperation between Japanese and European companies in strategic fields. Ishiba emphasized the importance of this cooperation, particularly in the strategic fields, highlighting the need for joint efforts between Japanese and European companies.
The current President of the European Commission, Ursula von der Leyen, agreed with Shigeru Ishiba in September 2021 to strengthen cooperation in economic security and free trade. This agreement marks a significant step forward in the relationship between Japan and the EU, aiming to foster a more robust and sustainable economic partnership in the face of global challenges.
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