Arab News Japan

TOKYO: Japan and the European Union conducted a high-level economic dialogue on Tuesday with both sides looking to intensify relations to deal with the serious issues facing the world.

Japanese Foreign Minister HAYASHI Yoshimasa stated that Japan and the EU need to further deepen their cooperation in order to address current important international economic issues including supply chain disruption and increasing commodity prices due to the impact of COVID-19 and Russia’s aggression against Ukraine.

Minister of Trade, Industry and Economy NISHIMURA Yasutoshi expressed the intention to deepen mutual understanding on economic security issues and stated the importance of Japan and the EU working together to promote economic security from a geopolitical perspective, and to strengthen cooperation with developing countries. 

European Commissioner for Trade Valdis Dombrovskis and Mairead McGuiness, European Commissioner for financial services, financial stability and Capital Markets Union, represented the EU side.

The Ministers and EU Commissioners said that Russia’s aggression against Ukraine should not be tolerated and confirmed that Japan and the EU will continue to support Ukraine in cooperation with the international community. They shared the recognition that Japan and the EU, as strategic partners who share fundamental values and cooperate in the promotion of free trade, should lead the free and fair economic order in the international community while the international order faces great challenges. 

Nishimura emphasized the importance of accelerating realistic energy transitions that utilize a wide range of technologies and energy sources, taking into account the various economic and geographical circumstances of each country. 

Nishimura also raised the importance of responding to challenges to the international order imposed by authoritarian states by addressing market-distorting measures and by strengthening cooperation among like-minded countries on economic security issues.