Japan, Asean trade ministers agree to pursue stronger economic partnership
Japan and the Association of Southeast Asian Nations on Sunday agreed at a meeting of their industry and trade ministers to work toward strengthening their economic partnership pact, a Japanese government official said.
Japan and the Association of Southeast Asian Nations (ASEAN) industry and trade ministers have agreed to bolster their economic partnership pact during a meeting in Manila. The two sides plan to review the pact, taking into account potential supply chain disruptions and the increasing influence of artificial intelligence. At the meeting, they also discussed measures to secure oil supplies amid worries over the Middle East conflict's impact on energy deliveries.
Japan has reaffirmed its commitment to maintaining oil stockpiles in ASEAN countries. As global uncertainty escalates, Economy, Trade and Industry Minister Ryosei Akazawa emphasized the importance of Japan and ASEAN joining forces to transform challenges into opportunities. The economic partnership pact, which came into effect in 2008, was last revised in 2019 to address trade in services and investment.
Philippine Trade Secretary Maria Cristina Roque highlighted the growing significance of cooperation. Philippine President Ferdinand Marcos Jr and Japanese Prime Minister Sanae Takaichi agreed in May to consider revisions that could expand the agreement.
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