Latest news with #YojiMuto
Reuters
5 days ago
- Business
- Reuters
Japan to send a senior official to Alaska energy conference
TOKYO, May 30 (Reuters) - Japan's Economy, Trade and Industry Minister Yoji Muto said on Friday that a senior official will attend an energy conference in Alaska early next week, where the proposed $44 billion Alaska LNG project is expected to be discussed. Takehiko Matsuo, the ministry's Vice-Minister for International Affairs, will participate in the Alaska Sustainable Energy Conference, scheduled for June 3-5, Muto said. The conference starts the day after talks scheduled by the Trump administration, which invited officials from Japan, South Korea and Taiwan to Alaska to discuss projects including a vast gas pipeline, as Asian governments consider U.S. investments in the hopes of relief from Washington's tariffs. It was not immediately clear whether Matsuo would attend the event on June 2, which will be hosted by Trump's energy czar, Interior Secretary Doug Burgum, and Energy Secretary Chris Wright. Muto said Japan has been in communication with the U.S. regarding pipeline construction and other issues, adding, "I expect meaningful discussions will be held this time as well." Japan's biggest LNG buyer JERA has sent an "expression of interest" to Glenfarne in the Alaska LNG Project, Bloomberg News reported on Friday. Glenfarne is the development partner of state-run Alaska Gasline Development Corporation (AGDC). South Korea will send its Deputy Minister for Energy Policy and other energy ministry officials to the Alaska Sustainable Energy Conference, the ministry said on Thursday, as some Asian countries consider investing in the Alaska LNG project. Meanwhile, Friends of the Earth Japan said on Thursday that more than 150 groups from Japan and around the world sent an open letter to the Japanese Prime Minister urging the country not to join the costly Alaska LNG project. "For Japan, Alaska LNG is absolutely unnecessary. Japanese companies resold 37% of LNG they handled because Japan is buying LNG much more than it needs," said Hiroki Osada, a campaigner at Friends of the Earth Japan. "Starting another new LNG project is already a horrible decision considering this, but it is even more outrageous given it also exacerbates climate change beyond threshold, and destroys the indigenous way of life and the biodiversity in Alaska," he added.
21-05-2025
- Business
Japan, ASEAN Confirm Support for Free Trade
News from Japan Society May 21, 2025 13:39 (JST) Tokyo, May 21 (Jiji Press)--Japan and the Association of Southeast Asian Nations have confirmed their support for a rules-based multilateral trading system amid uncertainties stemming from U.S. President Donald Trump's tariff policy. Their view was announced in a joint statement adopted Tuesday at an online meeting between Japanese Minister of Economy, Trade and Industry Yoji Muto and his counterparts in the 10 ASEAN member states. Participants agreed to strengthen trading and investment relations and develop closer ties in industrial fields such as next-generation vehicles, artificial intelligence and clean energy. "Japan will continue to deepen cooperative relations with every ASEAN country for growing together," Muto told reporters after the meeting. END [Copyright The Jiji Press, Ltd.] Jiji Press
Asia Times
19-05-2025
- Business
- Asia Times
Japan not rushing into a bad trade deal with Trump
Japan's senior trade officials skipped the APEC Ministers Responsible for Trade meetings held last week on South Korea's Jeju Island. Neither Minister of Economy, Trade and Industry Yoji Muto nor Prime Minister Shigeru Ishiba's top trade negotiator Ryosei Akazawa attended the event, missing an opportunity to talk with US Trade Representative Jamieson Greer. Masaki Ogushi, a member of Akazawa's negotiating team, represented Japan in their stead. Unlike the UK, Japan is in no hurry to reach a disadvantageous or incomplete trade deal with US President Donald Trump, particularly with elections to the upper house of Japan's national assembly coming up in July. And unlike the South Koreans, the Japanese are not seeking a low-key compromise. The impact of 25% tariffs on autos and auto parts on the Japanese economy is simply too great, and America's renewed assault on Japan's rice farmers is too sensitive to tolerate. Ishiba already leads a minority government, his Liberal Democratic Party having lost its majority in the lower house last October. Now he must either stand up for Japan or risk losing the party's majority in the upper house as well. Akazawa is expected to visit Washington, DC, for a third round of formal negotiations later this month, perhaps within the coming week. While Ogushi was in South Korea, he met with Chief Cabinet Secretary Hayashi Yoshimasa to discuss strategy. After that meeting, he told the press, 'My focus is on our national interests, to protect what needs to be protected and to say what needs to be said.' Established in 1989 at the suggestion of Australian Prime Minister Bob Hawke, Asia-Pacific Economic Cooperation (APEC) describes itself as 'a cooperative, multilateral economic and trade forum.' Its 21 members include most of the economic entities around the Pacific Ocean. The People's Republic of China, Chinese Taipei and Hong Kong are all members. In an unusual recognition of geographic reality, the Russian Federation is also a member. North Korea is not. The complete list of members is: Australia, Brunei Darussalam, Canada, Chile, People's Republic of China, Hong Kong, Chinese Taipei, Indonesia, Japan, South Korea, Malaysia, Mexico, New Zealand, Papua New Guinea, Peru, the Philippines, Russia, Singapore, Thailand, the US and Vietnam. APEC's mission is laid out at this link. On its website, APEC answers the question 'What Does APEC Do?' with 'APEC ensures that goods, services, investment and people move easily across borders.' Except that it does not and cannot do so, because 'There are no binding commitments or treaty obligations. Commitments are undertaken on a voluntary basis.' In principle, the US, which now champions protectionism, restrictions on investment, reversing the process of economic integration and discouraging or forbidding economic and technical cooperation, no longer qualifies for membership in APEC. But in practice, there is no established procedure for expulsion of a member who works in opposition to the organization's mission. According to some media reports, Australia, Canada, Russia and Singapore joined Japan in not sending their most senior trade representatives to Jeju, implying displeasure with Donald Trump's combative protectionism. However, official announcements from the respective governments do not support this view. Regardless of what they think about Trump's extremely high tariffs and belligerence, diplomacy prevailed and the 21 participants in the APEC meetings issued a joint statement declaring that: 'We remain committed to the Putrajaya Vision 2040, including through the implementation of the Aotearoa Plan of Action to build an open, dynamic, resilient, and peaceful Asia-Pacific community for the prosperity of all our people and future generations.' Putrajaya Vision 2040, endorsed by APEC leaders in 2020 in Malaysia, aims 'To ensure that the Asia-Pacific remains the world's most dynamic and interconnected regional economy.' To this end, APEC 'will continue to work together to deliver, a free, open, fair, non-discriminatory, transparent and predictable trade and investment environment.' The Aotearoa Plan, announced in 2021 in New Zealand, lays out specific actions to be taken in order to realized the Putrajaya Vision, among them promotion of a market-driven digital economy, policies to support innovation, and support for 'global efforts to comprehensively address all environmental challenges, including climate change, extreme weather and natural disasters, for a sustainable planet.' This aligns neither with Trump's intent to Make America Great Again nor his withdrawal from the Paris Agreement on climate change and roll-back of environmental protection in the US. Washington, DC, is a long way from Malaysia's Putrajaya and New Zealand's Aotearoa. The joint statement issued in Jeju also notes that: 'We recognize the importance of the WTO to advance trade issues, and acknowledge the agreed upon rules in the WTO as an integral part of the global trading system. We recognize the WTO has challenges and needs meaningful, necessary, and comprehensive reform to improve all its functions, through innovative approaches, to be more relevant and responsive in light of today's realities. We commend the efforts to deepen discussions in the WTO on contemporary trade issues.' This may be interpreted as indirectly addressing the US complaint, which dates from the Obama administration, that the WTO has allowed itself to be taken advantage of by China. But the fact remains that the US has crippled the WTO by blocking appointments to its appellate body, which now sits vacant. Furthermore, at the end of March, it was reported that the Trump administration has put US funding for the WTO under review. This has allowed Japan to once again assert itself as a leading proponent of free trade. On May 13, Ishiba received a courtesy call from WTO Director-General Ngozi Okonjo-Iweala on the occasion of the 30th anniversary of the establishment of the WTO. The Director-General 'expressed her expectation for the role of Japan as a champion of the multilateral trading system' and both of them emphasized that 'now is the time' to unite and address the challenges facing the WTO. During her working visit, Okonjo-Iweala also met with Japanese Foreign Minister Takeshi Iwaya, Finance Minister Katsunobu Kato and Economy, Trade and Industry Minister Yoji Muto. Okonjo-Iweala and Iwaya issued a joint statement declaring that 'the value of the multilateral trading system is unquestionable.' Fomer Japanese Prime Minister Shinzo Abe was instrumental in the establishment of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), the trade agreement that replaced the Trans-Pacific Partnership (TPP), which collapsed after Trump abandoned it in 2017. The CPTPP, which does not include China, took effect in 2018. Japan has also played a leading role in Regional Comprehensive Economic Partnership (RCEP), an exclusively Asia-Pacific trade agreement that took effect in January 2022. RCEP does include China and may eventually include India. In Japan, the Constitutional Democratic Party, the country's largest opposition party, is also a strong supporter of the multilateral trading system. There is a national consensus supporting free trade and opposing its subversion by the US government. Follow this writer on X: @ScottFo83517667
Japan Times
14-05-2025
- Business
- Japan Times
Japan's key trade officials to skip APEC meet attended by Greer
Trade Minister Yoji Muto will skip a gathering of trade chiefs this week, a decision that will likely lower Tokyo's chances of securing an opportunity for bilateral talks with U.S. Trade Representative Jamieson Greer. Top trade official Ryosei Akazawa, who leads Japan's tariff task force, also won't attend the APEC meeting. Instead, state trade minister Masaki Ogushi will represent Japan at the meeting of Asia-Pacific Economic Cooperation in Jeju, South Korea on May 15-16, according to the Ministry of Economy, Trade and Industry. Ogushi serves on Akazawa's team. State foreign minister Takuma Miyaji will also attend the gathering. This won't be the first time Japan's trade minister will miss the APEC gathering in recent years, but sending a lower-ranking official may make it harder to hold one-on-one talks with Greer. Other nations are expected to vie for time with Greer, who is set to travel to South Korea after he took part in trade talks with China in Switzerland that resulted in a temporary cut in tariffs. The U.K. became the first nation to strike a trade deal with the U.S., while Japan was among the first nations to start talks. Failure to secure a deal could add to pressure on Prime Minister Shigeru Ishiba ahead of a national election this summer. Stay updated on the trade wars. Quality journalism is more crucial than ever. Help us get the story right. For a limited time, we're offering a discounted subscription plan. Unlimited access US$30 US$18 /mo FOREVER subscribe NOW "There is a sense that Japan is being left behind, which could put it at a disadvantage in negotiations,' said Hideo Kumano, economist at Dai-Ichi Life Research Institute. "Japan will try not to rush into an agreement that leaves high tariffs in place. If it does so, it will be used as ammunition by the opposition ahead of the election.' Japan is hoping to reach a trade agreement with the U.S. in June as it continues to seek a reprieve on tariffs on its shipments of products including autos and car parts. Local media reports indicate the agreement is more likely to be reached in July, when the national election is expected to take place. Concessions on auto tariffs are a key goal for Japan, as industries related to the auto sector employ about 8% of the country's workforce. Auto-related items accounted for around a third of Japan's exports to the U.S. in 2024.
Bloomberg
14-05-2025
- Business
- Bloomberg
Japan's Key Trade Officials to Skip APEC Meet Attended by Greer
Japan's Trade Minister Yoji Muto will skip a gathering of trade chiefs this week, a decision that will likely lower Tokyo's chances of securing an opportunity for bilateral talks with US Trade Representative Jamieson Greer. Top trade official Ryosei Akazawa, who leads Japan's tariff task force, also won't attend the APEC meeting. Instead, state trade minister Masaki Ogushi will represent Japan at the meeting of Asia-Pacific Economic Cooperation in Jeju, South Korea on May 15-16, according to the Ministry of Economy, Trade and Industry. Ogushi serves on Akazawa's team. State foreign minister Takuma Miyaji will also attend the gathering.
