1. ‘Visible’
Reconstruction
2.
The 17th Session of the Conference of the Parties to the UN
Framework Convention on Climate Change (COP17)
3. Asia-Pacific
Economic Cooperation (APEC) Economic Leaders’ Meeting
4. Prime Minister
Noda Attends ASEAN-Related Summits
5. Prime Minister Noda Attends the
G20 Cannes Summit |
|
JICC
Newsletter
No.7, December 2011 |
Prime Minister Yoshihiko Noda Attends the G20 Cannes
Summit
Developed and Emerging Countries
Cooperate to Overcome Short-Term and Medium- to Long-Term Global
Economic Issues
The G20 Cannes Summit was held on November 3 and 4 in Cannes,
France. At the Summit, broad-ranging discussions were held among
leaders with focus on the European sovereign debt issue and other
global economic issues, and the Leaders adopted the Communiqué, the
Cannes Action Plan for Growth and Jobs, and the Cannes Summit Final
Declaration.
Japan expressed its position mainly on the following matters through
the Summit: Concerning the European sovereign debt issue, Japan
praised the agreement in Europe in October, while stressing the
importance of expeditious implementation of the agreement; Japan
conveyed its intention to provide the necessary cooperation,
contingent on decisive and coordinated action by Europe and its
partners. Japan also pointed out that while it is making utmost
efforts towards recovery and reconstruction from the earthquake, the
historic strong yen presents downside economic risks, and it is
important to cooperate to ensure exchange rate stability so as not
to induce excessive fluctuations or disorganized movements. Japan
also expressed its determination towards fiscal consolidation,
explaining that it would put into action a comprehensive reform of
social security and tax, including a gradual increase in the
consumption tax and that the Government would submit the bills by
the end of FY2011 to realize these policies. At the same time, Japan
emphasized its intention to formulate the “Strategy to Revitalize
Japan” and pursue both economic growth and financial consolidation.
As regards emerging countries, Japan affirmed that a response
through the IMF’s lending mechanism and a regional framework could
play a vital role in maintaining the supply of liquidity and prevent
the spread of the crisis. Furthermore, from the perspective that it
is necessary to improve market transparency and stockpile at the
regional level in order to prevent volatility in the commodities
market, Japan explained its support for the ASEAN Food Security
Information System (AFSIS) and its emergency support of $50,000 for
Thailand through the ASEAN+3 Emergency Rice Reserve (APTERR). In
view of the importance Japan places on invigorating regional trade
through infrastructure improvements, Japan explained its cooperation
for strengthening the ASEAN Connectivity and presented its intention
to hold the 5th Tokyo International Conference on African
Development (TICAD) in 2013 in Japan.
At the Cannes Summit, the Leaders welcomed the decision by European
leaders in October that aims to solve the European sovereign debt
issue, and urged early implementation. Moreover, under the shared
recognition that global demand should be rebalanced (from external
to internal demand, and from public to private demand) to ensure
medium-term growth, it is meaningful that the Cannes Action Plan for
Growth and Jobs was formulated, and the policies that each country
will adopt were formulated. In addition, productive discussion was
also carried out on such issues as development, trade, global
governance, agriculture, energy, social dimension, and corruption.
Regarding trade in particular, amid increasing downside risks to the
global economy, it was also meaningful that an anti-protectionism
message was issued and that agreement was reached on the need for
attempts to advance negotiations, including fresh approaches, for
the Doha Development Round. |