Economic Security Partnership Between U.S. and Japan: Advancing Leadership in Trade Relations
In these modern times, we've seen some hefty international security crises that have had significant global geopolitical and economic implications. To face these challenges head-on, two influential economies - the United States and Japan - have crucial roles to play, supporting a thriving global economy and promoting robust trade. This year alone, major multilateral meetings take place in both countries. In May, Japan played host to the G7 summit in Hiroshima, showcasing their vision for a free and open Indo-Pacific and maintaining their commitment to a rule-based trade system. Later in November, The APEC CEO Summit will make its way to San Francisco, focusing on "Creating Economic Opportunity."
As part of Asia Society's global initiative, Year of Japan, our organization will delve deep into discussions about how Japan and the U.S. are reacting to the dynamic shifts in the international economy and trade. Join us for a lively conversation as we evaluate the approaches these two nations take towards economic security, touching on the Indo-Pacific Economic Framework for Prosperity (IPEF), strengthening economic resilience, diversifying relationships with China, harmonizing supply chain management, and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).
Our esteemed panel will include Consul General of Japan in Los Angeles, Kenko Sone, Vice President of Asia Society Policy Institute (ASPI), Wendy Cutler, and former United States Secretary of Commerce and United States Trade Representative, now partner at Mayer Brown LLP, Michael "Mickey" Kantor. Ambassador John Emerson, vice chairman of Capital Group, will be moderating the conversation.
This event forms a partnership between the Consulate General of Japan Los Angeles, our Los Angeles chapter, ASPI, and we're excited to have you join us!
Event Schedule
- 5:00 PM - 5:45 PM: Registration & Welcome Reception
- 5:45 PM - 6:45 PM: Program
Speakers
- Consul General Kenko Sone: Consulate General of Japan in Los Angeles
- Wendy Cutler: Vice President at Asia Society Policy Institute (ASPI)
- Michael Kantor: Partner at Mayer Brown LLP, former US Secretary of Commerce and US Trade Representative
The program’s goal is to provide a comprehensive analysis of the strategies employed by both Japan and the U.S. in response to the changing landscape of the international economy and trade.
Let's break down their tactics:
Indo-Pacific Economic Framework (IPEF):- The U.S. is spearheading this initiative that focuses on strengthening economic ties with 13 countries in the region, including Japan. The framework concentrates on four essential areas: supply chains, climate, tax and anti-corruption, and trade. By participating in the talks, Japan aligns with U.S. efforts to fortify economic bonds in the region[1].
Building Economic Resilience:- Both countries aim to augment supply chain resilience through agreements like the IPEF and the U.S.-Japan Critical Minerals Agreement. This is all in an effort to reduce dependence on any single nation, effectively de-risking their relationships with China[1][4].
Managing Supply Chain Flow:- The IPEF's supply chain pillar, led by U.S. Commerce Secretary Gina Raimondo, strives to enhance supply chain resilience and efficiency across the region, reducing disruptions[2].- Japan is part of the Japan, Australia, and India Supply Chain Resilience Initiative, boosting supply chain resilience in the broader Indo-Pacific region[4].
Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP):- After withdrawing from the predecessor of the CPTPP under the Trump administration, the U.S. is left without a comprehensive regional trade deal. The IPEF is intended to partially address this gap[2].- Japan is a signatory to the CPTPP, creating a substantial market for its exports and aiding in the management of trade relationships with other countries in the region.
In essence, both Japan and the U.S. are actively engaged in efforts to build economic resilience and manage supply chains, primarily through the IPEF and other regional initiatives. This is also part of a broader strategy to de-risk their relationships with China by diversifying their trade partners. Don't miss out on this important conversation!
- In the context of the changing landscape of international economy and trade, the Indo-Pacific Economic Framework for Prosperity (IPEF) serves as a significant innovation in U.S. and Japan's approaches towards economic security, focusing on supply chains, climate, tax, and anti-corruption.
- As Japan and the U.S. tackle the challenges in the global economy, the ongoing APEC CEO Summit in San Francisco, with its theme "Creating Economic Opportunity," intersects with the art and design of policy-making, leveraging these discussions to foster robust trade and promote economic growth.
