• Tue. Mar 28th, 2023

Germany, Japan pledge to spice up cooperation on financial safety – POLITICO


Mar 18, 2023

Germany and Japan agreed on Saturday to strengthen cooperation on financial safety within the aftermath of tensions over world provide chains and the financial affect of the warfare in Ukraine.

Within the first high-ministerial authorities consultations held between the 2 international locations, German Chancellor Olaf Scholz reached out to Tokyo to hunt to cut back Germany’s dependence on China for imports of uncooked supplies.

“The present challenges of our time make it clear: You will need to broaden cooperation with shut companions and purchase new companions. We wish to scale back dependencies and enhance the resilience of our economies.” the German chancellor mentioned in a tweet.

Scholz and Japanese Prime Minister Fumio Kishida mentioned they imagine the settlement will enable each international locations to diversify worth chains so as to have the ability to scale back financial dangers.

In a joint assertion, the 2 international locations mentioned they may work on establishing “a authorized framework for bilateral protection and safety cooperation actions,” together with methods to guard vital infrastructures, commerce routes and to safe future provide of sustainable vitality.

Germany’s resolution to prioritize consultations with Japan got here after the Asian nation put ahead an financial safety invoice final yr aimed toward securing the uptake of expertise and bolstering vital provide chains. 

Japan is Germany’s second-largest buying and selling associate in Asia after China, with a bilateral commerce quantity of €45.7 billion primarily primarily based on the import and export of equipment, automobiles, electronics and chemical merchandise.

The 2 leaders additionally exchanged views on the scenario in Ukraine, cooperation within the Indo-Pacific area and the G7 assembly in Hiroshima scheduled for Could.

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