Joint Statement of the U.S.-Japan Economic Policy Consultative Committee: Strengthening Economic Security and the Rules-Based Order

The text of the following statement was released by the Governments of the United States of America and Japan on the occasion of the inaugural ministerial meeting of the U.S.-Japan Economic Policy Consultative Committee.

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United States Secretary of State Antony Blinken and Secretary of Commerce Gina Raimondo co-hosted Japan’s Minister for Foreign Affairs HAYASHI Yoshimasa and Minister of Economy, Trade and Industry HAGIUDA Koichi for the inaugural ministerial meeting of the U.S.-Japan Economic Policy Consultative Committee (EPCC) on July 29, 2022. The Ministers affirmed their shared resolve to present a positive economic vision that highlights the benefits of a rules-based international economic order and emphasized the need to make our economies more competitive and resilient.

The Ministers considered the complex global economic context that has produced increased levels of risk and uncertainty for all. They noted recovery from the COVID-19 pandemic remains incomplete, and the pandemic has contributed to various economic challenges including supply chain disruptions, increasing commodity prices, and greater inequalities, many of which have disproportionately impacted historically underserved communities. The Ministers strongly condemned Russia’s brutal, unprovoked, and unjustified aggression against Ukraine and shared the view that it has exacerbated such challenges and undermined energy and food security around the world. The Ministers affirmed the need to address the climate crisis in the face of complications due to energy insecurity.

The Ministers also recognized the pandemic has significantly altered social and economic life through accelerated adoption of various technologies, including digital transformation, providing new opportunities as well as challenges. They noted technological innovation – including in critical and emerging technologies such as artificial intelligence, quantum technologies, and renewable and circular technologies – presents transformative potential, as well as risks for our economies if abused. The Ministers committed to continue taking steps to realize a full and sustainable recovery from the pandemic and enhance…