US, Japan Make Progress On Trade Issues

The United States and Japan have seen “important progress” on a range of trade and regulatory issues, as well as on new areas of joint cooperation, that should expand trade opportunities for producers and consumers in both countries.

“I welcome the progress we have made through the US-Japan Economic Harmonization Initiative (EHI), which expands job-supporting business and export opportunities for American entrepreneurs, workers, manufacturers, and service providers,” said the US Trade Representative, Ron Kirk. “Addressing issues of concern and working closely together to advance new areas of cooperation will further deepen our relationship with Japan – a strong ally and our fourth largest export market.”

Through engagement under the EHI, Japan is said to have improved the business environment and expanded access for a broad range of US goods and services. These areas include intellectual property protection, automobiles, information and communication technology services and products, medical devices, pharmaceuticals, agricultural products and distribution services.

For example, the two countries have agreed on a set of non-binding trade principles for information and communication technology (ICT) services, and will promote wide adoption of these principles by other countries to support the global development of ICT services. These include internet and other network-based applications that are critical to e-commerce, internet search and advertising and cloud computing.

In addition, concrete progress has been achieved, since EHI talks began in February 2011, in improving Japanese transparency and predictability for the import of automobiles that incorporate new, advanced technologies and features not covered by existing regulations; enabling new market entry for American companies offering internet-enabled video services; and enhancing the ability of intellectual property right holders to defend their products and services from unauthorized use through technological measures, such as copy and access controls.

Japan has also revised its rules to increase the speed, transparency, and predictability of anti-monopoly merger reviews, bringing its process into closer alignment with global best practices.

The discussions between the two countries were also timely given the Japanese government’s recent announcement that it is seeking accession to the US-led proposed extension of the Trans-Pacific Partnership.

January 31, 2012

Source: Tax News