PRESS RELEASE

Joint-Statement by Co-Chairpersons of Japan-United States Bilateral Investment Working Group

October 29, 2008

  1. The Japan-United States Bilateral Investment Working Group was held on October 29, 2008 in Tokyo.

  2. This Working Group was co-chaired by Mr. Makoto Shiota, Deputy Director-General of Trade Policy Bureau, METI (Ministry of Economy, Trade and Industry) and Ambassador Patricia Haslach of U.S. DOS (Department of State).

  3. The two chairs expressed the common view on the importance of continuing to promote foreign direct investment, taking careful note of the current economic downturn caused by the recent financial market turmoil. A positive trade and investment agenda will contribute to rapid return to prosperity and economic growth.

  4. In today’s meeting, both sides exchanged and updated information and views on:
    1. Our respective investment climates, including the recommendations of the Expert Committee on FDI Promotion on the Japanese side
    2. Cargo Security issues including 10＋2 rule, 100% scanning
    3. Security Related Investment Reviews
      • Update on the U.S. FINSA (Foreign Investment and National Security Act)
      • Implementation of Japan’s FEFTA (Foreign Exchange and Foreign Trade Act)
  5. Negotiations toward a U.S.-China Bilateral Investment Agreement and other Bilateral Investment Treaties as well as Japan’s global strategy on negotiating Bilateral Investment Treaties

  6. The Investment Working Group is one aspect of the "Japan-U.S. Investment Initiative" which is one of the key components of the cooperative framework of "Japan-U.S. Economic Partnership for Growth." This framework was launched by then Prime Minister Junichiro Koizumi and President George W. Bush in 2001. The "Japan-U.S. Investment Initiative" is aimed at promoting bilateral direct investment between the two countries, by holding wide-ranging discussions related to investment climate and investment rules and regulations.

Contact:

Ministry of Economy, Trade and Industry (Americas Division)Mr. Akahoshi, Mr. AokiTel. 03-3501-1094
Ministry of Foreign Affairs (2nd North America Division)Mr. Shikata, Mr. NozawaTel. 03-5501-8278
Cabinet OfficeMr. Hara, Ms. NishimuraTel. 03-3581-9044
U.S. Embassy in Tokyo (Economic Section)Mr. Duff, Mr. DiGiovannaTel. 03-3224-5035

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