Japan and US to Cooperate on Semiconductors as part of New Economic Dialogue

BUSINESS

Japan and the United States launched a new high-level economic dialogue aimed at pushing back against China and tackling the disruption caused by invasion of Ukraine by Russia. The two allies agreed to establish a new joint research for the next-generation semiconductors during the economic ministerial meeting the United States.

Antony Blinken, US Secretary of State, Gina Raimondo, US Commerce Secretary, Yoshimasa Hayashi, foreign minister of Japan, also discussed energy and food security. Antony Blinken, said as the first and third-largest economies in the world, it is critical that they are working together to defend the economic order based on rules, and one in which all countries can compete, prosper, and participate.

He also said the events, including COVID-19 pandemic and Ukraine-Russia war, had shown the vulnerability of the important supply chains, while the increasing number of countries had been struggling with debt burdens because of non-transparent and unsustainable lending practices.

Antony Blinken added that the retaliatory economic practices of the People’s Republic of China is forcing countries into choices that compromise their intellectual, security, and economic independence.

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Japan will quickly move to action on the next-generation semiconductor research and the United States and Japan had agreed to launch a new research and development organization to establish a more secure source of the vital components. The research and development hub will be open for other countries to participate in the cooperation.