Japan and the European Union will agree to deepen cooperation on economic security, including strengthening supply chain resilience for semiconductors and other critical materials, government sources said Sunday, with the move coming amid efforts to reduce dependency on specific countries such as China.
The leaders of Japan and the 27-nation bloc are working toward issuing a joint statement promoting the establishment of transparent, resilient and sustainable supply chains at a Japan-EU High-level Economic Dialogue to be held in Paris in early May, the sources said.
Japan has been trying to deepen partnerships with allies and like-minded nations to develop resilient supply chains for critical products in the face of heightened geopolitical and economic security risks, such as Russia’s war on Ukraine and China’s growing clout.
The economic dialogue is scheduled to be attended by Japanese Foreign Minister Yoko Kamikawa and industry minister Ken Saito, while the EU is expected to be represented by Valdis Dombrovskis, executive vice president of the European Commission for an Economy that Works for People.
With China actively expanding its presence in the global market with inexpensive semiconductors, electric vehicles and solar panels, concerns have grown that Beijing could pressure other countries with coercive economic measures.
Earlier this month, Japanese Prime Minister Fumio Kishida and U.S. President Joe Biden also reaffirmed their commitment to deepening cooperation in supply chain resilience and other areas in the face of China’s ambitions.
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