Thursday, July 18, 2024
28 C
Brunei Town

Japan, Germany plan economic security framework

TOKYO (ANN/THE JAPAN NEWS) – Japan and Germany are in the final stages of establishing an economic security framework and Prime Minister Fumio Kishida and German Chancellor Olaf Scholz are set to seal the agreement during Kishida’s upcoming visit to Germany on Friday.

According to sources within the Japanese government, the framework aims to bolster policy coordination between the two nations to counter economic coercive actions.

These actions typically involve imposing trade restrictions that exert pressure on other countries. This initiative underscores Japan and Germany’s commitment to fostering stability and resilience in the global economic landscape.

The agreement marks a significant step forward in bilateral relations, highlighting mutual efforts to safeguard economic interests amidst evolving geopolitical dynamics.

Japan’s Foreign Ministry and Economy, Trade and Industry Ministry officials will participate in discussions on the framework along with German officials from the Federal Ministry for Economic Affairs and Climate Action. The dialogue will be held as a high-level meeting.

Strengthening supply chains of semiconductors and mineral resources will likely be on the agenda as well as the protection of important and emerging technologies such as artificial intelligence.

Prime Minister Fumio Kishida, right, and German Chancellor Olaf Scholz shake hands at the Prime Minister’s Office in Tokyo in March 2023. Keeping in mind that China has been toughening restrictions on exports of advanced semiconductor materials, Japan and Germany will promote cooperation and consider countermeasures. PHOTO: ANN/THE JAPAN NEWS

Keeping in mind that China has been toughening restrictions on exports of advanced semiconductor materials, Japan and Germany will promote cooperation and consider countermeasures.

Former German Chancellor Angela Merkel’s administration had policies that placed importance on economic ties with China, mainly in the field of automobile industries.

Her successor, Scholz, is changing course to lower Germany’s economic reliance on China to boost economic security.

Japan is also aiming to help Germany reduce its economy’s excessive reliance on China through the new framework.

spot_img

Latest

spot_img