EU, Japan to bolster trade, industrial policy, econ security tie-ups

Their collaboration includes addressing threats to the resilience of supply chains, strategic dependencies, economic coercion, non-market policies and practices, as well as overcapacity resulting from them, promotion and protection of critical and emerging technology, research security, physical and cyber security of critical infrastructure, and export control, particularly concerning critical minerals, that pose economic security risks to both sides.

The 30th EU-Japan Summit in Tokyo was held yesterday.

Both sides will accelerate cooperation on development and implementation of standards and criteria for products that take into account the G7 Principles on Resilient and Reliable Supply Chains of transparency, diversification, security, sustainability, trustworthiness and reliability on a sector-by-sector basis, a joint statement issued at the conclusion of the Summit said.

Both sides will work towards promoting investment opportunities to reinforce strategic complementarities in mutually decided sectors.

The strengthened EU-Japan Centre for Industrial Cooperation will support the implementation of the initiatives under the Competitiveness Alliance.

They will explore the enhancement of decarbonised industrial cooperation and sustainable supply chains, and will explore new joint programmes to support projects by leveraging policy measures like the EU's Net-Zero Industry Act and Japan's Green Transformation (GX) initiatives.

Fibre2Fashion News Desk (DS)