For Immediate Release
Office of the Press Secretary
October 7, 2001
U.S.-Japan Economic Sub-Cabinet Discussions Held
Statement by the Press Secretary
U.S.-Japan Economic Sub-Cabinet Discussions
Senior economic officials from the United States and Japan met in
Washington D.C. on Sunday, October 7 in the inaugural session of the
U.S.-Japan Sub-Cabinet Economic Dialogue.
The officials discussed the challenges facing the U.S. and Japan
economies and the global economy following the September 11 terrorist
attacks on the United States. They focused in particular on
ways to promote economic recovery and growth in the two nations and
worldwide.
The United States officials expressed their appreciation for the
staunch support of the Government of Japan following the September 11
attacks. Japan has provided substantial financial, logistical and
diplomatic help in the fight against terrorism. Both sides
addressed concrete areas of further cooperation in the fight against
terrorism, particularly in tracking terrorists? finances.
The United States delegation described the decisive steps taken by
the Administration to address the challenges faced by the U.S. economy
following the attacks. The Japanese delegation briefed the
U.S. on Prime Minister Koizumi's reform plans and efforts to bring
about fundamental structural changes in the Japanese
economy. President Bush has expressed strong support for
Prime Minister Koizumi's efforts to implement these important
reforms. Successful implementation of these reforms is key
to future economic recovery and growth in Japan.
The U.S. and Japanese officials also considered ways in which the
two countries could better cooperate to pursue their common goals
through multilateral and regional economic bodies, such as the World
Trade Organization (WTO) and the Asian Pacific Economic Cooperation
(APEC) forum. They talked about the importance of demonstrating
leadership with respect to launching a new WTO round to revitalize
global growth. They also reviewed plans for the up-coming
APEC Leaders? Meeting in Shanghai.
The Economic Sub-Cabinet is a central component of the new
bilateral Economic Partnership for Growth which President Bush and
Prime Minister Koizumi established at their Camp David Summit in June
2001. The Sub-Cabinet is intended to help set the tone and
direction of the overall economic relationship and deal with a full
range of global, regional and bilateral economic and trade
issues. The Partnership will address issues in both
countries such as sound macroeconomic policies, structural and
regulatory reform, financial and corporate restructuring, foreign
direct investment, and open markets.
Deputy National Security Advisor Gary Edson and Deputy Minister for
Foreign Affairs Shotaro Oshima co-chaired today's meeting, which
included White House officials from the National Security Council; the
National Economic Council; the Council of Economic Advisors; and the
United States Trade Representative's Office, as well as Under
Secretaries from the Departments of State, Treasury and
Commerce. The Japanese delegation comprised senior officials
from the Prime Minister's Cabinet Office, the Financial Services Agency
and the Ministry of Foreign Affairs, as well as Vice Ministers from the
Ministries of Finance; Economy, Trade and Industry; Land,
Infrastructure and Transport; and Telecommunications.
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