The Ministry of Economy, Trade and Industry (METI) has released its annual White Paper on International Economy and Trade, following a presentation to the Cabinet. The 2023 edition focuses on global economic trends and their impact on trade as well as policy changes in foreign countries.
The first section of the paper discusses the current state of the global economy, currently facing a “crisis of division.” It emphasizes the need for a balance between free, fair-trade orders and economic security to mitigate this crisis.
In the second section, the paper focuses on Japan’s economic climate. With the geopolitical and economic security environment growing more challenging, Japanese companies are seen to be pivoting their investment focus from China to the Association of Southeast Asian Nations (ASEAN) economies and India. The paper also recognizes the trend of Japanese companies returning to domestic production.
Amid the largest trade deficit in history, the report underscores the urgent need to establish reliable supply chains. The paper also addresses the importance of reducing reliance on imported mineral fuels and boosting earning power by promoting corporate globalization.
The release of this White Paper provides valuable insights into the trends and issues that are expected to shape Japan’s international economic and trade policies in the coming year.
Download METI whitepapers & reports
No comments yet.