The inaugural EU-Japan High-level Industrial, Trade and Economic Dialogue took place yesterday in Tokyo.
The EU-Japan dialogue was chaired by Japanese Minister of Economy, Trade and Industry Hiroshige Seko, Foreign Affairs Minister Taro Kono; and Jyrki Katainen, the European Commission’s Vice-President for Jobs, Growth, Investment and Competitiveness.
The meeting, which was established as a platform for strategic EU-Japan dialogue after the 25th EU-Japan Summit in July 2018, covered four main topics:
- Global trade;
- The effect of climate change and environmental issues on economies;
- International investment and connectivity; and
- The digital economy.
The participants agreed to work towards early ratification and implementation of the EU-Japan Economic Partnership Agreement, a free trade pact which will eliminate tariffs on most products moving between the two territories. Both Japan and the EU are currently dealing with the challenges posed by trade negotiations with the US in the face of tariffs imposed by President Trump.
The EU-Japan dialogue covered the need to work globally towards a circular economy and addressed energy and sustainability concerns, including long term decarbonisation in the interests of maintaining energy security, enhancing economic benefits and tackling climate change. The attendees discussed common strategic approaches to global trade, including proposals to reform the World Trade Organisation to better respond to current issues; and made plans to provide financing for sustainable energy projects.
The chairs confirmed their intention to work together to prevent marine plastic pollution and invest in infrastructure in third countries, particularly across the Indo-Pacific and Eurasian regions, in order to cultivate long term economic partnerships in those areas.
Memoranda of Understanding were signed by the European Investment Bank, the Japan Bank for International Cooperation and the Nippon Export and Investment Insurance, denoting strategic cooperation between the financial bodies.
Jyrki Katainen told a press conference after the EU-Japan dialogue: “This is just a beginning for closer, very tangible, concrete cooperation between Japan and the European Union.”
