Despite the collapse of Enron Corp., the U.S. energy giant that pushed liberalization of the Japanese energy market, Japan should continue with its own efforts to open the lucrative sector, Deputy U.S. Trade Representative Jon M. Huntsman Jr. said Thursday in Tokyo.
"Though Enron was working hard to expand its presence in Japan, its departure should not have a significant impact on regulatory reform work here," said Huntsman, who is visiting Japan for the first time since he took up his post at the USTR office.
Speaking at the Foreign Correspondents' Club of Japan, Huntsman said Japan should at least clarify the direction of energy reform and establish a meaningful timetable for future liberalization.
He said the fall of Enron is a testament to the open and transparent energy trading system in the United States, saying there have been no electrical outages or price hikes in the energy sector since its gargantuan collapse.
Huntsman stressed that Japan needs to implement its structural and regulatory reforms to achieve a sustainable economy while touching on various sectors ranging from health care to telecommunications and the country's Commercial Code.
By carrying out those reforms, Japan can help spur regional growth together with the U.S., Huntsman said.
To that end, the governments of Japan and the U.S. will submit a joint report on the steps that should be taken toward regulatory reform and submit it to the top leaders of the two countries by March 31, Huntsman said.
Huntsman also said the U.S. and Japan can work together to foster better understanding of China's WTO entry.