Japan urges caution on trade liberalization<\/p>\n
TOKYO (AFP): Japan's largest business group opposes rapid
\nliberalization of trade and investment in the Asia-Pacific region
\nand is also cautious towards Malaysia's idea for an East Asian
\nEconomic Caucus (EAEC).<\/p>\n
In a report to be adopted Friday, the Japan Federation of
\nEconomic Organizations (Keidanren) said the Asia-Pacific Economic
\nCooperation (APEC) forum should \"deeply consider\" the particular
\nsituation of each member country.<\/p>\n
The Keidanren's interim report on regional trade comes just
\nthree months after leaders of the 18-member group met in
\nIndonesia and called for the achievement of free trade in the
\nregion by 2020.<\/p>\n
Its release also coincides with a series APEC meetings in the
\nsouthern Japanese city of Fukuoka and comes only days before a
\ntrade mission headed by Keidanren chairman Shoichiro Toyoda, also
\nthe chairman of Toyota Motor Corp., leaves on a tour of Southeast
\nAsia.<\/p>\n
In the report, Japan's most influential business group called
\nfor \"mutual understanding\" between the 18 members of APEC before
\nliberalizing trade and investment. \"It is not wise to call on
\ngovernments to hurriedly introduce such a system,\" the federation
\nsaid.<\/p>\n
The Keidanren also warned governments against seeking private-
\nsector contributions for APEC projects.<\/p>\n
\"We should avoid any compulsory measures being applied to the
\nprivate sector,\" the report said.<\/p>\n
The group also urged APEC to offer most-favored-nation (MFN)
\nstatus to nations outside the region without any conditions.<\/p>\n
\"Countries in other regions will regard APEC as protectionist
\nif we attach conditions on MFN status,\" the report said.<\/p>\n
EAEC<\/p>\n
The group showed a cautious stance towards Malaysia's
\ncontroversial EAEC proposal, despite recent indications that
\nToyoda supported the idea.<\/p>\n
\"Japan needs to closely monitor future developments on the
\nissue and watch the response of other nations,\" the business
\ngroup said, using language strikingly similar to that used by
\nfence-sitting bureaucrats.<\/p>\n
The United States has repeatedly expressed its opposition to
\nthe EAEC proposal made by Malaysian Prime Minister Mahathir
\nMohamad four years ago.<\/p>\n
The Japanese government has yet to support or reject the
\nproposal, although foreign ministry officials say the idea should
\nhave the support of all APEC members and avoid drawing a line
\nbetween two sides of the Pacific.<\/p>\n
Keidanren officials said last month that the business group
\nwas unlikely to reach a consensus on whether to endorse the
\nMalaysian plan for several months.<\/p>\n
Toyoda is scheduled to leave next week on a tour of Singapore,
\nThailand and Vietnam. A second Japanese trade mission to Brunei,
\nIndonesia, Malaysia and the Philippines is scheduled for April.<\/p>\n
In the report, the Keidanren also urged the Japanese
\ngovernment -- the current chairman of APEC ahead of this year's
\nsummit in Osaka -- to deregulate financial services further and
\ntake the initiative in APEC economic programs.<\/p>\n
The call coincides with meetings of APEC's economic committee
\nand its trade and investment committee in Fukuoka this week.
\nThese will be followed by a three-day meeting of senior APEC
\nofficials next week, the first of a series of high-level talks
\nahead of the annual meeting and summit in Osaka in November.<\/p>\n
APEC groups Australia, Brunei, Canada, Chile, China, Hong
\nKong, Indonesia, Japan, South Korea, Malaysia, Mexico, New
\nZealand, Papua New Guinea, the Philippines, Singapore, Taiwan,
\nThailand and the United States.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/japan-urges-caution-on-trade-liberalization-1447893297",
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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