September 13, 2022
Mr. Nishimura Yasutoshi, Minister of Economy, Trade and Industry, visited Los Angeles to attend the Ministerial Discussion of the Indo-Pacific Economic Framework (IPEF) for Prosperity on September 8 and 9. The ministers decided to commence formal negotiations at this meeting, with all 14 countries participating.
As many ministers attended this event, Minister Nishimura also took advantage of this opportunity and exchanged views with some of them, including Ms. Gina M. Raimondo (US Secretary of Commerce), Ms. Katherine Tai (US Trade Representative), and Mr. Don Farrell (Australian Minister for Trade and Tourism), on such topics as the Ministerial Discussion, the way forward regarding the IPEF, and bilateral economic relations.
1. Ministerial Discussion of the Indo-Pacific Economic Framework (IPEF) for Prosperity
The aforementioned Representative Tai and Secretary Raimondo jointly held the IPEF Ministerial Discussion on September 8 and 9 in Los Angeles, CA, in the U.S. Representatives for 14 IPEF partners attended the Ministerial Discussion as well as Minister Nishimura and Mr. Yamada Kenji, State Minister of Foreign Affairs, as Japan's representatives.
Reference: IPEF partners (Member countries)
US, Japan, Australia, New Zealand, the Republic of Korea, seven ASEAN countries (Indonesia, Singapore, Thailand, the Philippines, Vietnam, Malaysia, Brunei), India, and Fiji.
At this meeting, ministerial statements were adopted that covered four pillars: (1) Trade, (2) Supply Chains, (3) a Clean Economy, and (4) a Fair Economy. The ministers also announced that they would commence formal negotiations with all 14 participating countries (with the exception of India, which is not participating in the Trade pillar at this time).Reference: Links to ministerial statements
The main remarks made by Minister Nishimura covered the following:
- A new approach to regional collaboration in which the diverse countries in the Indo-Pacific region work together to create a package that strikes a fine balance between rules and cooperation and tackles 21st-century issues such as digitalization, supply chains, and decarbonization.
- The importance of realizing innovative, inclusive, and sustainable economic growth in the Indo-Pacific region through the IPEF.
(1) Meeting with US Secretary of Commerce Raimondo
The two leaders exchanged views on how the IPEF Ministerial Discussion should proceed. They also confirmed the progress on working together to strengthen the resilience of supply chains for semiconductors, storage batteries, and other items and to promote export control and DFFT (Data Free Flow with Trust), and they agreed to continue discussions in order to work together further on these issues. Minister Nishimura also voiced his concerns about the EV tax credits under the U.S. Inflation Reduction Act.
(2) Meeting with US Trade Representative Tai
The two leaders exchanged views on how IPEF should proceed, and confirmed the importance of Japan, the US, European countries, and other like-minded countries making a coordinated effort to address market-distorting practices, among other things. They also confirmed the progress on working together in the field of trade and agreed to continue discussions towards further cooperation in the field. Minister Nishimura also voiced his concerns about the EV tax credits under the U.S. Inflation Reduction Act.
(3) Meeting with Australian Minister for Trade and Tourism Farrell
The two ministers confirmed that Japan and its Special Strategic Partner Australia share the same views on responding to economic coercion and other issues, and they both confirmed the importance of their countries working together beyond the IPEF for the WTO, CPTPP, RCEP, and in other areas.
(4) Meeting with Mr. Damien O'Connor, New Zealand's Minister for Trade and Export Growth
The two ministers agreed that Japan will continue working closely with New Zealand in the trade field (including for the IPEF and CPTPP), the digital field, and others.
(5) Meeting with Mr. Kim Yong Gan, Singapore's Minister of Trade and Industry
The two ministers agreed to further deepen their bilateral relations via their trade relationship (such as in the IPEF, CPTPP and RCEP), formulating the ASEAN-JAPAN Business Co-Creation Vision, and working together in the energy field.
(5) Meeting with Mr. Kim Yong Gan, Singapore's Minister of Trade and Industry The two ministers agreed to further deepen their bilateral relations via their trade relationship (such as in the IPEF, CPTPP and RCEP), formulating the ASEAN-JAPAN Business Co-Creation Vision, and working together in the energy field.
(6) Meeting with Mr. Piyush Goyal, one of India's Cabinet Ministers
The two ministers exchanged views on the IPEF Ministerial Discussion. They also discussed efforts to promote Japan-India trade and investment such as the Japan-India Partnership in Industrial Competitiveness' efforts, the Australia-India-Japan Supply Chain Resilience Initiative (SCRI) that aims to strengthen resilience, and the India-Japan CEPA which aims at deepening the Japan-India Special Strategic and Global Partnership that was agreed upon in 2014.
(7) Meeting with Mr. Airlangga Hartarto, Indonesia's Coordinating Minister of Economic Affairs, and Mr. Agus Kartasasmita, Indonesia's Minister of Industry
Minister Nishimura encouraged the Indonesian ministers to abolish restrictions on steel imports and to strengthen the two countries' partnership within the IPEF. The three discussed a wide array of policies that included the Japan-Indonesia EPA and the automotive sector and confirmed that they would continue working together in such areas.
(8) Meeting with Mr. Nguyen Hong Dien, Vietnam's Minister of Industry and Trade
The two ministers discussed trade policies including the IPEF and confirmed that they would continue working together on such things.
(9) Meeting with Dato Seri Setia Dr. Awang Haji Mohd Amin Liew Abdullah, Brunei's Minister at the Prime Minister's Office and Minister of Finance and Economy II
In addition to trade policies such as the IPEF, the two ministers also discussed working together for stable supplies of energy and on energy transitions, and they confirmed that they would continue collaborating on these goals.
(10) Meeting with Mr. Faiyaz Koya, Fiji's Minister for Commerce, Trade, Tourism and Transport
The two ministers discussed trade policies including those that interact with the IPEF and developing human resources and digitalization. They confirmed that they would continue strengthening their bilateral relations for these purposes.
Division in Charge
Economic Partnership Division, Trade Policy Bureau