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Ishiba calls for strengthening multilateral free trade system at G7 summit
Ishiba calls for strengthening multilateral free trade system at G7 summit

NHK

time16-06-2025

  • Business
  • NHK

Ishiba calls for strengthening multilateral free trade system at G7 summit

Japanese Prime Minister Ishiba Shigeru says it is imperative to maintain and strengthen the multilateral free trade system, with the World Trade Organization at its core. Ishiba made the remark during the first session of the Group of Seven summit that opened in Canada on Monday. G7 leaders discussed the global economic outlook in the session. The prime minister noted that the world economy is facing increasing uncertainties due to heightened tensions in various regions, as well as natural disasters. He stressed that the G7 nations need to be united to lead the international community for the realization of a free and fair economic order based on rules. Ishiba also said the WTO has been providing a base essential for the global economy to grow and that it has benefitted the G7 nations. Ishiba also emphasized that nations, including G7 members, should strengthen one another's economies through investments. The prime minister and other G7 leaders agreed on the need to jointly take the initiative to address issues the world economy is facing.

Japan's Ishiba warns against tension over tariffs and vows to expand Asia-Pacific trade group
Japan's Ishiba warns against tension over tariffs and vows to expand Asia-Pacific trade group

The Independent

time29-05-2025

  • Business
  • The Independent

Japan's Ishiba warns against tension over tariffs and vows to expand Asia-Pacific trade group

Japanese Prime Minsiter Shigeru Ishiba on Thursday showed his determination to defend rules-based free and multilateral trade systems and take a leadership role to expand the Asia-Pacific trade group at a time of deepening tensions and divisions over U.S. tariffs and trade wars. 'High tariffs will not bring economic prosperity," Ishiba told a global forum in Tokyo. "A prosperity built on sacrifices by someone or another country will not make a strong economy." Japan seeks to work with the U.S. on investment, job creation and manufacturing high quality products for the prosperity of America and the rest of the world, he said. His comment comes as Japan's chief tariff negotiator Ryosei Akazawa travels to Washington, D.C., for a fourth round of talks attempting to convince the U.S. to drop all recent tariff measures. So far Japan has not been successful in gaining U.S. concessions and is reportedly considering purchases of more U.S. farm products and defense equipment as bargaining chips. Akazawa told reporters that defense equipment purchases could 'come into view' during the talks because Japan's purhases of defense equipment would contriubute to the U.S. trade surplus, though Japanese security policy is not subject to "a deal' with another country. Ishiba also called on other countries in Asia, a global hub of growth, to show 'the importance of rules-based, free and fair economic order," and said the way to demonstrate it is the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, or CPTPP. Ishiba pledged Japan will work toward further expanding and upgrading the framework, which not only contributes to the economy but also to peace and prosperity. The 12-nation CPTPP includes Japan, the United Kingdom, New Zealand, Australia, Brunei, Canada, Chile, Malaysia, Mexico, Peru, Singapore and Vietnam. The U.S. is not a member. While Tokyo is strengthening economic ties with Southeast Asia and Europe, Japan still considers the United States as its lynchpin of security policies and is not walking away from their alliance.

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