US Vice President Mike Pence and Japanese Deputy Prime Minister Taro Aso met last week for the second round of the United States-Japan Economic Dialogue.

Pence and Aso, as chairs of the economic dialogue, affirmed the importance of strengthening bilateral economic, trade, and investment ties. “Fostering strong domestic demand-driven growth and fair trade practices can expand trade and foreign direct investment between our two countries that contribute to economic growth and job creation and result in more balanced trade,” the said, in a joint statement. “Both sides committed to build on momentum in the dialogue to demonstrate progress in the near future.”

Among the meeting’s agenda items, technical-level work is underway that is to result in more effective enforcement activities against unfair trade practices by third countries and (2) identify new areas of common interest for promoting high trade and investment standards.

Some initial progress was made on bilateral trade issues, the parties reported, including the lifting of restrictions on Japanese persimmons and on US potatoes from Idaho. In the area of autos trade, Japan will streamline noise and emissions testing procedures for US automobile exports certified under Japan’s Preferential Handling Procedure (PHP). Japan committed to ensure meaningful transparency and fairness in its system for geographical indications (GIs) in accordance with its domestic law and procedures, including those receiving protection through international agreements. Japan also committed to ensure meaningful transparency continuously with respect to reimbursement policies related to life sciences innovation. Both sides affirmed that they would intensify work to achieve further progress in the near term on bilateral trade issues.

The United States and Japan share the view that financial regulatory regimes should be calibrated to reduce regulatory costs and burdens, while maintaining high standards of safety and soundness and ensuring the accountability of the financial system to the public.

As major shareholders in the Multilateral Development Banks, the United States and Japan are committed to working closely together to promote sustainable and inclusive development, consistent with the highest international standards and debt sustainability.

The United States and Japan are coordinating on specific sectors to promote economic benefits and job creation in both countries. These focus on programs to increase investment in infrastructure, as well as to deepen energy ties; dialogues that develop shared strategies to level the global playing field for businesses; and activities that promote cooperation in specific sectors, including the digital economy, and inclusive workforce participation.

Our two countries affirmed that infrastructure projects in the Indo Pacific should be consistent with market competition and transparency, responsible financing arrangements, open and fair market access, and high standards of good governance.

Both governments concluded negotiations on a Memorandum of Cooperation to enhance cooperation in the transportation sector, including infrastructure development, financing, and maintenance, as well as intelligent transportation systems.

Both sides anticipate announcements in the near future on achievements in a range of energy issues, including liquefied natural gas; coal and carbon capture, utilization, and storage; civil nuclear energy; and energy infrastructure.