In a significant development, the European Union and Japan have initiated collaboration within the framework of the Working Group on international cooperation to enhance transparent, resilient, and sustainable supply chains.
This milestone reflects the deepening cooperation between the EU and Japan as they work together to align their approaches to Economic Security.
The primary objectives of this Working Group include strengthening ongoing multilateral endeavors aimed at creating a level playing field by regulating state interventions in support of industrial sectors. Additionally, the group will focus on devising trade strategies to diversify supplies in areas vulnerable to economic dependencies while promoting the development of sustainable and resilient supply chains.
This initiative builds upon discussions that transpired during the High-Level Economic Dialogue held in October 2023. At that event, Valdis Dombrovskis, the Executive Vice-President and Commissioner for Trade of the EU, engaged with Yōko Kamikawa, Japan’s Minister of Foreign Affairs, and Nishimura Yasutoshi, the then Minister of Economy, Trade, and Industry of Japan.
The establishment of this working group holds particular significance in the context of the European Economic Security Strategy package recently unveiled by the EU. This strategy seeks to foster synergies with like-minded partners such as Japan, focusing on critical tools like anti-coercion instruments, export controls, and investment screening.
This collaborative effort underscores the commitment of the EU and Japan to bolster supply chain resilience and economic security in an ever-evolving global landscape.