Japan, EU to boost economic security ties, with China, Russia in mind
Japan and the European Union agreed Tuesday to deepen economic security cooperation by strengthening supply chain resilience for semiconductors and other critical materials, apparently with China and Russia in mind.
During their third high-level dialogue on economic issues such as trade and energy, Japanese and EU representatives also said they will take measures to counter China’s so-called economic coercion, involving the use of economic means to achieve political goals and exert influence on other countries, Japan’s trade ministry said.
Japan was represented in the online meeting by Economy, Trade and Industry Minister Yasutoshi Nishimura and Foreign Minister Yoshimasa Hayashi. They were joined by Valdis Dombrovskis, executive vice president of the European Commission for an Economy that Works for People.
The call to boost supply chain networks comes as Russia’s ongoing war with Ukraine, which began in February 2022, continues to heighten economic and geopolitical uncertainty.
Dombrovskis said during their meeting that the EU was able to partially decouple its economy from Russia through sanctions, which were imposed with like-minded partners to degrade Moscow’s military capacity and hit the Kremlin’s war chest.
The participants also affirmed the importance of protecting digital data when transferred across national borders with the highest standards of cybersecurity, the ministry said.
Japan and the EU last held an economic dialogue in October 2022, when the focus was on the importance of securing stable energy and food supplies threatened by Russia’s war with Ukraine.
