Joint Statement by the President and Prime Minister Sosuke Uno of Japan on Economic Issues

President Bush and Prime Minister Uno reviewed a range of bilateral and multilateral economic issues of mutual interest. They reaffirmed their commitment to work closely together to promote continued economic growth with low inflation, expansion of international trade and further reductions in current account imbalances. In this connection, they reaffirmed their commitment to economic policy coordination and noted the progress that had been achieved within this framework toward the above objectives.

In addition, President Bush and Prime Minister Uno agreed to complement the ongoing efforts by launching a new initiative. They agreed on a U.S.-Japan Structural Impediments Initiative to identify and solve structural problems in both countries that stand as impediments to trade and balance of payments adjustment with the goal of contributing to the reduction of payments imbalances. They agreed to establish a joint interagency working group to undertake these talks. The President and the Prime Minister have appointed tri-chairmen who will chair these meetings, which will be held at the sub-Cabinet level. These talks will take place outside Section 301 of the U.S. Trade Act. The bilateral working group will present a joint final report to the heads of government within a year, with an interim assessment to be made in the Spring of 1990.