Determination to Achieve Reforms and New Ideas

The general direction of reform has been defined as deregulation, a shift to a domestic demand-led economy and reduction of the trade surplus. Now it is essentioal to take specific steps for implementation. These reforms must be carried out with an awareness of Japan's position in the world today, and with a sense of idealism and enthusiasm. The private sector must take the lead in forging a bright outlook for the 21st century.

Supported by our confidence in the Japanese economy's potential for growth, assuming appropriate exchange rate levels, we are determined to work to achieve a creative and vibrant socioeconomic structure capable of winning the world's favor, one that draws on an enterprising spirit and relies on the principle of self-responsibility.

On the occasion of this General Assembly, we have agreed to assume the initiative as a precursor of reform and new ideas in pursuing the following key policy items, while also striving for a rejuvenated Keidanren and maintaining a wide-ranging dialogue with domestic and international voices.

• Generate vibrancy backed by innovative technologies, promote economic reforms through corporate actions that draw on an enterprising spirit and rely on self-responsibility, and that foster an image of the Japanese corporation as capable of coexistence with domestic and international societies within a competitive market environment. To achieve these goals, companies must acknowledge their social responsibilities and abide by a set of corporate ethics.

• Strive for a vibrant socioeconomic structure by achieving improvement in market access, correction of price disparties between Japan and the rest of the world, expansion of business opportunities and decentralization to outlying regions by calling for the promotion of administrative reform at the national and regional levels in addition to the elimination or relaxation of regulations.

• Work for a deeper mutual understanding with the privatie sector in the United States and Europe through open and practical dialogue and international industrial cooperation,and at the same time, promote stronger and more transparent ties with Asian countries, as well as economic cooperation for countries introducing market economies.

• Cooperate with efforts to strenghen the capabilities of the World Trade Organization(WTO) and participate actively in the solution of international issues such as the health of the global environment.

• Encourage the steady implementation of political reforms and stabilization of the political situation and call for the realization of a political system capable of solving the many issues ahead with a set of ideas and fundamental concepts that meets the expectations of the international community.