Japan and the European Union are preparing to launch an “alliance” framework to beef up their companies’ competitiveness by promoting trade and economic security cooperation, diplomatic sources said Saturday, facing concerns over U.S. President Donald Trump’s tariffs and Chinese trade practices.
The creation of the “Japan-EU Competitiveness Alliance” is expected to be announced at a regular summit meeting being arranged for July, when Japanese Prime Minister Shigeru Ishiba is likely to host European Council President Antonio Costa and European Commission President Ursula von der Leyen, they said.
The move will further align both sides’ efforts to uphold a rules-based economic order, building on cooperation through a free trade agreement that removes tariffs and other trade barriers between the two economies, which account for 20 percent of the world’s gross domestic product.
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