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17 Nov 2021

U.S and Japan to Strengthen and Rebuild Trade Relations

U.S and Japan to Strengthen and Rebuild Trade Relations

The Index Today

The U.S and Japan have finalized a new trade partnership to help improve trade relations between both countries. The partnership will focus on issues such as digital trade, labor and environment, and “third party concerns.”

Katherine Tai, U.S trade representative met with Japanese ministers in Tokyo for initial meetings. She said in a statement, “This partnership will deepen the cooperation between the United States and Japan that has defined our strong bilateral trade relationship. Our close collaboration will support the Biden-Harris Administrations economic framework for the Indo-Pacific and help create sustainable, resilient, inclusive and competitive trade policies that lift up our people and economics.”

The foreign minister of Japan, Yoshimasa Hayashi said the aim of the new partnership was to strengthen bilateral coordination. He said, “Based on the strong Japan U.S economic relations, we’d like to further deepen the Japan-U.S alliance, and strengthen Japan-U.S coordination for the achievement of a free and open Indo pacific.”

Both countries are expected to conduct talks and focus on security issues and tariffs. The Japanese government aims to negotiate a deal to lower tariffs on exports and imports. The partnership will also take into account WHO and multilateral trade forums.