Tokyo: Japan and the European Union (EU) on Thursday reaffirmed the importance of their cooperation to uphold the free and rules-based multilateral trading system with the World Trade Organization (WTO) at its core, as they discussed "the significant challenges that the global economic order is now facing," the Japanese Foreign Ministry said. During the 6th Japan-EU High-level Economic Dialogue in Tokyo, Japanese Foreign Minister Takeshi Iwaya and Economy, Trade and Industry Minister Yoji Muto, as well as EU Commissioner for Trade and Economic Security Maros Sefcovic shared their commitment to working toward the necessary reforms of the WTO to improve all its functions, the ministry said in a press release. "Japan and the EU are strategic partners maintaining and promoting the free and open international order based on the rule of law and addressing challenges faced by the international community, and that the importance of Japan-EU cooperation is further increasing in the current difficult situation," Iwaya said at the outset of the meeting.
According to Kuwait News Agency, Sefcovic expressed his willingness to exchange views with Japan, which is a strategic partner of the EU, on important issues such as rules-based trade and economic security.
While expressing concerns over non-market policies and practices and overcapacity resulting from them, Iwaya, Muto and Sefcovic confirmed their cooperation in enhancing supply-chain resilience.
In addition, the three ministers agreed to continue cooperation on strengthening and diversifying critical minerals supply chains, and promoting and protecting critical and emerging technologies. They also committed to enhancing their cooperation with like-minded partners, including through the Group of Seven (G-7), as well as engaging with emerging markets and developing countries.