European Commission President Ursula von der Leyen announced today that the European Union and Japan will strengthen their cooperation to address issues such as economic coercion and unfair trade practices. Her comments followed the joint Japan-EU summit, which also included Japanese Prime Minister Shigeru Ishiba.
Summit Amidst Global Trade Tensions
This summit takes place as the European Union faces difficulties in reaching a trade agreement with the United States, and just one day before a potential meeting with Chinese leaders. Japan, however, recently signed a trade agreement with the U.S., agreeing to reduce import tariffs on vehicles from 25% to 15% in exchange for more investments in the American market.
Von der Leyen emphasized that the EU and Japan are committed to consolidating economic security and will work together to address economic coercion and unfair trade practices. She also stressed that the EU believes in global competition and that everyone should benefit from it.
For his part, Prime Minister Ishiba stated that Japan and the EU are committed to building and maintaining a rules-based economic order that is both free and fair. He added that both sides have agreed to deepen their cooperation in the defense sector as well.
