Regional and Bilateral Initiatives
Other types of arrangements
Canada-Japan Economic Framework ![Canada-Japan Economic Framework](/web/20061110050634im_/http://www.international.gc.ca/tna-nac/site/images/can-jap.gif)
The Government of Canada and the Government of Japan, hereinafter
referred to as Canada and Japan respectively,
Recognizing their longstanding friendship and important trade and
investment relationship;
Recalling their joint statement to launch an Innovative Canada-Japan
Economic Framework, issued in January 2005; their joint establishment
of a Global Partnership for the 21st Century in 1999; and the 1976
Canada-Japan Framework for Economic Cooperation that created the
Joint Economic Committee;
Recognizing the importance of cultivating an open, stable and predictable
environment for trade and investment;
Building on the significant bonds that exist between the two countries
in order to facilitate contact between the Canadian and Japanese
private sectors;
Reaffirming their commitment to trade and investment liberalization
and continued multilateral cooperation under the World Trade Organization;
Reaffirming the importance of ongoing collaborative efforts in
the Asia-Pacific Economic Cooperation forum to facilitate economic
growth and trade and investment liberalization;
Acknowledging that remaining challenges to bilateral trade and
investment must be identified and overcome for bilateral economic
relations to reach their full potential; and
Desiring to promote sustainable development by working to ensure
that trade and investment policies are consistent with environmental
protection and conservation;
Have determined as follows:
Section 1 - Objectives
-
Under this Framework, Canada and Japan aim to achieve the following:
-
to reinforce existing economic ties between the two countries,
including the strengthening of functions of the Joint Economic
Committee established by the two governments;
-
to address new and emerging trade and investment challenges
and opportunities;
-
to respond in an effective and timely manner to the concerns
of the Canadian and Japanese private sectors;
-
to promote economic cooperation through policy, as well as
business development initiatives; and
-
to strengthen policy mechanisms to enhance trade in goods
and services and to create transparent, liberal and facilitative
investment environments.
Section 2 - Joint Economic Committee
-
Oversight of this Framework will rest with the Co-Chairs of
the Joint Economic Committee, created under the 1976 Canada-Japan
Framework for Economic Cooperation. The Co-Chairs of the Joint
Economic Committee will meet on a yearly basis, unless otherwise
decided, and will exchange information and establish joint working
groups, as necessary, to ensure that this Framework remains
current and effective.
-
The functions of the Joint Economic Committee include the following:
- to monitor trade and investment relations;
- to identify opportunities for expanding trade and investment;
- to address remaining challenges to bilateral trade and investment;
and
- to review and develop the priority areas of cooperation.
-
The Co-Chairs of the Joint Economic Committee will establish
a Cooperative Working Group to oversee progress on the priority
areas of cooperation, whensoever requested, in accordance with
Paragraph 1 of this Section and Section 3. When such a request
is made, the Co-Chairs of the Joint Economic Committee will
identify and approve, as necessary, the relevant priority areas
of cooperation to be discussed. The Cooperative Working Group
will be co-chaired by officials from Canada and Japan at the
Director-General or Deputy Director-General level. The Cooperative
Working Group will hold discussions on an ad hoc basis and will
seek to maximize the use of existing policy dialogues between
ministries and agencies of the two countries in achieving the
objectives identified in the priority areas of cooperation.
The Co-Chairs of the Joint Economic Committee will ensure that
there is no overlap in this Framework with the existing policy
dialogues between ministries and agencies of the two countries.
-
The Co-Chairs of the Joint Economic Committee will also establish
a Joint Study Working Group, which will be co-chaired by officials
from Canada and Japan at the Director-General or Deputy Director-General
level, to conduct the Joint Study in accordance with Section
4. The Joint Study Working Group will meet quarterly, in principle,
to share information and refine the elements of the Joint Study.
The Joint Study Working Group will report its activities to
the Joint Economic Committee and will submit a progress report
after six months.
-
Both countries may nominate representatives, as appropriate,
from the relevant Canadian and Japanese government ministries
and agencies, engaged in issues related to trade and investment,
to the Cooperative Working Group and the Joint Study Working
Group.
-
The Co-Chairs of the Joint Economic Committee will report
to the relevant Canadian and Japanese ministers as appropriate.
-
The Co-Chairs of the Joint Economic Committee, the Cooperative
Working Group and the Joint Study Working Group will be free
to seek advice from the private sector and other domestic players
on an ad hoc or formal basis.
Section 3 - Priority Areas of Cooperation
-
Both countries will proceed expeditiously with the implementation
of the activities identified under each of the priority areas
of cooperation described in Attachment I.
-
At the annual meeting of the Joint Economic Committee, the
Co-Chairs will review and update, as appropriate, the priority
areas of cooperation as new areas of mutual interest and cooperation
are identified and developed.
Section 4 - The Joint Study
-
Both countries will complete the Joint Study on the benefits
and costs of further promotion of bilateral trade and investment,
as well as other cooperative issues between the two countries,
including the assessment of the implications of further trade
and investment liberalization and related policy instruments.
-
The Co-Chairs of the Joint Economic Committee will review and
oversee the findings of the Joint Study conducted by the Joint
Study Working Group and discuss next steps. The Joint Study
will be completed within twelve months of the date of its commencement,
and a report on the Joint Study will then be submitted to the
Canadian and Japanese Prime Ministers.
Section 5 - Regulatory Cooperation
-
Both countries recognize the importance of ensuring protection
for their citizens and the environment, and the transparency,
performance and cost-effectiveness of domestic regulations.
-
Each country further recognizes the value of regulatory cooperation
to promote information exchange and expand mutual knowledge
of regulatory practices, including enhanced use of best practices,
improvement of the effectiveness of regulatory initiatives and
facilitation of trade and investment.
-
Both countries will work towards the enhancement of trade and
investment through effective mechanisms, including, where appropriate,
the reduction of regulatory differences.
-
Both countries are committed to addressing regulatory issues,
inter alia, in the context of their 1999 regulatory cooperation
arrangement. The Joint Economic Committee will provide a further
opportunity to highlight regulatory concerns raised by each
country’s respective private sector.
Section 6 - Multilateral, Regional and Bilateral Priorities
-
Canada and Japan will, where appropriate, work together in
multilateral and regional fora to pursue common goals with respect
to trade liberalization and investment liberalization.
-
Each country may request information from the other country
on the possible implications of agreements and ongoing negotiations
with any third country or countries that would provide for preferential
treatment of trade or investment. The requested country will
respond as appropriate and in a prompt manner to such requests.
-
Both countries will share such information through the Joint
Economic Committee. These exchanges of information will be confidential.
Section 7 - Private Sector
-
In the maintenance and future development of this Framework,
both countries recognize the important role of the private sector
in enriching bilateral economic relations and will promote business
development initiatives with a focus on enhancing both countries’
capacities in innovation and in the knowledge-based economy.
-
Canada and Japan acknowledge the value of responding in an
effective and timely manner to the concerns of the Canadian
and Japanese private sectors and of engaging key groups to realize
the benefits of private sector innovation and initiative.
-
Both countries are committed to seeking the advice of the private
sector, where appropriate, in their respective countries on
matters related to the work of the Joint Economic Committee,
the priority areas of cooperation and the Joint Study.
-
With a view to building strong links between the Canadian and
Japanese Governments and their respective private sectors, members
of the private sectors may submit opinions to the Joint Economic
Committee for its consideration.
Signed at Busan this nineteenth day of November 2005.
|