Vice President Mike Pence and Deputy Prime Minister Taro Aso met today to launch the U.S.-Japan Economic Dialogue in Tokyo, Japan. In February, President Donald J. Trump and Prime Minister Shinzo Abe agreed to this Economic Dialogue when the two leaders met in Washington, D.C., as a way to deepen the strong economic ties between the United States and Japan.
The Co-Chairs agreed to structure the Economic Dialogue along three policy pillars: Common Strategy on Trade and Investment Rules/Issues; Cooperation in Economic and Structural Policies; and Sectoral Cooperation. They agreed that the Dialogue should generate concrete results in the near term.
The Vice President and Deputy Prime Minister look forward to engaging again in the Dialogue by the end of this year.
The two Chairs approved the launch of the following three pillars of activity under the Economic Dialogue:
Common Strategy on Trade and Investment Rules/Issues
The United States and Japan agreed that this pillar would cover: a bilateral framework for setting high trade and investment standards; perspectives on trade and investment initiatives of the United States and Japan in the regional and global trading environment; and addressing third-country concerns.
Cooperation in Economic and Structural Policies
The United States and Japan agreed that this pillar would cover: active use of the G7’s Three-Pronged Approach (mutually-reinforcing fiscal, monetary, and structural policies); cooperation on global economic and financial developments and challenges; and cooperation on regional macroeconomic and financial issues.
The United States and Japan discussed specific sectors where improved commercial relations will promote mutual economic benefits and job creation in both countries.