「日米経済連携」ACCJ会頭　チャールズ・D・レイクII氏　講演
U.S.-Japan Economic Integration:
Achieving Sustainable Economic Growth in a Globalizing Economy

Mr. Charles D. Lake II, then-President (and currently Chairman) of the American Chamber of Commerce in Japan (ACCJ), was the speaker for the AJS luncheon held at the Hotel New Otani on September 21. A former U.S. Government trade negotiator with USTR, Mr. Lake argued that in the course of Japanese cooperation with Asia through mechanisms including ASEAN and APEC, the key to achieving Japan’s goal of sustained economic growth is deeper economic integration with the United States.

At the outset of his remarks, Mr. Lake emphasized two important points regarding U.S.-Japan relations: 1) With a combined 40% of global GDP, the U.S.-Japan economic relationship has a tremendous impact on the global economy; and 2) as close allies, the two countries share core common values including democracy, freedom of speech, and the rule of law.

Mr. Lake then discussed developments in the global trading system, including the rapid expansion of free trade through the World Trade Organization (WTO) and the growing number of bilateral free trade agreements (FTAs), which are allowed under WTO rules. Trade patterns are also shifting, according to Mr. Lake. One example is that U.S. and Japanese trade with and investment into Asia are growing more rapidly than bilateral trade and investment. Globally, foreign direct investment (FDI) is also on the rise. China, India and other Asian countries are aggressively seeking FDI and the cutting-edge ideas, technologies and know-how it brings. These developments are resulting in changes to regional and global relationships and spurring Asian economic integration.

The advent of the immediate transfer of technology and information brought about by advances in information and communication technology (ICT) is another important factor changing the global business environment, Mr. Lake said. For example, improved ICT has created intense global competition between stock exchanges, where adopting global best practices is essential to success.

Increased global competition and the rapid flow of information and capital through higher FDI levels and better ICT have created global power shifts, including the economic rise of Asia. These trends cannot be reversed, Mr. Lake said. He added that, in addition to dealing with a rapidly changing environment, Japan also has a host of serious domestic challenges to address, including a shrinking and aging population and a massive fiscal crisis.

To best address Japan’s domestic challenges and those brought on by globalization, Mr. Lake said that Japan should take full advantage of the opportunities presented by Asian economic integration and globalization itself. To that end, a full opening of Japan’s economy is needed.

Through a Cabinet decision calling for a doubling (to 5 percent) of Japan’s stock of inward FDI by 2010, the government is promoting inward foreign direct investment, Mr. Lake said. However, many in Japan still regard FDI as a threat. In fact, FDI reenergizes companies, increases competition and innovation, and drives economic growth through the creation of new value and improved efficiency, Mr. Lake said.

Finally Mr. Lake presented some of the ACCJ’s key recommendations. As an “economic growth oendan (supporter of economic growth),” the ACCJ believes that Japan should leverage global best practices in reforming its economy, particularly to further innovation in healthcare, financial services, transportation, education, legal services and other key areas. This proposal, Mr. Lake said, is not simply based on a U.S. perspective, but rather from the global experience of ACCJ member companies, many of whom operate in countries across the globe. In fact, adoption of global best practices is one of the ACCJ’s “Core Advocacy Principles.” The others are market-based, private sector-led economy; level playing field; transparent and fair process; U.S.-Japan economic integration; and corporate social responsibility.

Another key ACCJ recommendation is that the U.S.-Japan economic relationship be at the core of U.S. engagement in Asia. To that end, a high-standard free trade agreement between the United States and Japan is an important goal, Mr. Lake said. Such an agreement would be an “FTA-plus,” meeting WTO standards on FTAs and extending to agriculture and business environment issues including labor and the environment, transparency, standards, product approval, competition policy, IPR, and labor mobility. A high-standard U.S.-Japan FTA would also serve as best practice for the next generation of trade agreements, according to Mr. Lake.

In conclusion, Mr. Lake shared the ACCJ’s 2006-2007 slogan, 相利共生 (sori kyosei), or “Working Together, Winning Together.” In this spirit, he said, given their already strong bilateral partnership, the United States and Japan should work together to best overcome their respective challenges, achieve sustainable growth, and maintain regional prosperity and stability. And, Mr. Lake concluded, the AJS has an important role to play in helping to further strengthen the U.S.-Japan relationship.