Historical Dictionary of United States-Japan ... - Bakumatsu Films

150 • JOINT STATEMENT ON THE JAPAN–UNITED STATES
important foundation for future cooperation in regard to global problems
that public sector institutions alone cannot tackle.
JOINT STATEMENT ON THE JAPAN–UNITED STATES
FRAMEWORK FOR A NEW ECONOMIC PARTNERSHIP. The
Japan–U.S. summit held in July 1993 agreed to establish a framework
for building a new Japan–U.S. economic relationship. The two countries
decided that the core of the new relationship would be an agenda
for Japan–U.S. cooperation that would be based on a common global
perspective and on joint consultations on matters pertaining to economics,
industrial sectors, and economic structure. Among the purposes underlying
the creation of the framework was achieving a more balanced
and mutually beneficial Japan–U.S. economic relationship, promotion
of global economic growth, greater market liberalization, and—the next
was considered extremely important by the two countries—an expansion
of global free trade. Joint consultations on these matters were to
consist of biannual summits.
Under the new partnership, the two countries committed to achieving
certain goals. Japan pledged to achieve a meaningful reduction of
its current-account surplus over the medium term; significantly increase
its imports of goods and services from all countries, not just
the United States; encourage strong and pervasive domestic-demandled
economic growth; and aggressively increase access by competing
foreign goods and services to the domestic market over the medium
term. The United States agreed to such medium-term goals as a sizeable
reduction of its fiscal debt, greater domestic savings, and work
to strengthen its international business competitiveness.
One of the explicitly stated aims of the new partnership was to implement
policies that would result in a substantial reduction of
Japan’s trade surplus with the United States. The partnership also decided
to apply a global perspective to a variety of important issues,
such as the environment, technology, human resource development,
global population growth, and HIV/AIDS. See also U.S.–JAPAN
TRADE CONFLICTS.
JOINT U.S.–JAPAN COMMITTEE ON TRADE AND ECONOMIC
AFFAIRS. The U.S.–Japan Joint Committee on Trade and Economic
Problems was established in June 1961 during Prime Minister Hayato