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Germany, and Japan to build economic security ties

A joint statement was made by German Finance Minister Olaf Scholz and his Japanese counterpart, Taro Aso, regarding the two countries’ plans to strengthen economic ties and promote free trade.

The ministers expressed their commitment to upholding the rules-based international order and protecting open markets and emphasized the importance of collaboration between Germany and Japan in addressing challenges such as climate change and digital transformation. They also discussed the need for cooperation in areas such as cybersecurity, financial regulation, and investment screening.

The joint statement comes amid growing concerns about the economic and security implications of China’s rise and increasing global competition for technological dominance. Both Germany and Japan have been seeking to diversify their economic partnerships and reduce their dependence on China, while also pursuing closer cooperation with like-minded democracies.

The joint statement represents a significant step forward in Germany-Japan economic relations and suggests that it could pave the way for further cooperation in areas such as trade, investment, and research and development.

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