ECONOMIC RELATIONS WITH OTHER NATIONS

The fourth issue for Keidanren that I want to discuss is the issue of improving economic relations between Japan and other nations. Maintaining good relations with the United States is especially important. Our two nations together account for forty percent of the world economy. Good relations between us are therefore crucial to progress and stability for the entire world. The U.S. government shows signs of shifting from its hard-line stance to a more pragmatic approach. That shift is apparent in the reconvening of the economic framework talks. But Japanese government must continue its part toward agreement with the U.S. with flexible approach.

And that will require more than just government efforts. In building a constructive and trusting relationship between the United States and Japan it is essential that close and active dialogue takes place on the private business level too. The U.S.-Japan Business Conference is one such forum for promoting communication between our two nations in the private sector. And I hope to broaden our two-way channels for communication and healthy debate.

Japan also needs to strengthen ties with other nations in Asia and throughout the Pacific Basin. Asia has become a growth center for the world economy. Its size is on par with North America and Europe. Anything Japan can do to promote sound development in Asia will contribute to progress and stability for the whole world. One thing Japan can do promote that development is to expand its imports from other Asian nations. Japan also should continue to provide fellow Asian nations with investment capital, with technology transfers, and with training and education.

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