Washington will present a list of industry sectors to Tokyo later this month that outlines where the U.S. would like to see further deregulation and opening of markets, officials of the Ministry of International Trade and Industry said Thursday.
The United States will later present a separate document to Japan citing that little progress has been made in allowing U.S. exports into the Japanese market. The move, according to MITI officials, is meant to ensure that bilateral agreements work effectively to rectify trade imbalances in the fields of flat glass, automobiles and auto parts.
Washington's intentions were made clear Thursday when trade chief Kaoru Yosano met at a Tokyo hotel with U.S. Trade Representative Charlene Barshefsky, who is visiting Japan to exchange opinions with top financial and economic policy makers.
During an hourlong meeting with her counterpart Thursday morning, Barshefsky urged Japan to implement impending legislation on banking reform to further facilitate measures to stimulate middle and long-term domestic demand and to expedite deregulation and the opening of markets.
Barshefsky also requested that Japan carry out government procurement in an open and fair way so as to help boost participation by U.S. companies.
She went on to express concern over a recent rapid increase in Japanese steel exports to the U.S., calling it one of the factors behind the trade imbalances.
Insisting that the increase was brought about by strong demand from the U.S. and not encouraged by his government, Yosano reassured Barshefsky that Japanese steel exports will decrease toward the end of the year with the consensus of steel makers.