October 19, 2007	Friday	Shawwal 6, 1428

WASHINGTON, Oct 18: The United States urged Japan on Thursday to take further steps in opening and deregulating its markets, especially the medical, pharmaceutical and insurance sectors.

As part of an annual review of trade relations, the office of the US Trade Representative (USTR) submitted a list of items seen as priorities for improving bilateral ties.

“The United States is counting on Japan to remain firmly on the path toward greater economic reform and more open markets. This is a win-win proposition for both our countries,” US Trade Representative Susan Schwab said in a statement in Washington as a meeting of the US-Japan Trade Forum was held in Tokyo.

“These tangible reform steps will help boost growth and opportunity by lowering costs, raising efficiency, and spurring new innovative products and services that will benefit all Japanese citizens.” Assistant US Trade Representative Wendy Cutler presented the US recommendations, which include easing regulations for medical devices and pharmaceuticals as well as steps that help ensure fair competition in markets where the new Japan Post companies compete with private companies.

“The requests also urge Japan to improve customer convenience by carrying through with its planned full liberalisation of the bank sales channel of insurance products,” a USTR statement said.

In the medical sector, Washington urged an end to regulatory delays in the introduction of new devices and fair pricing for imported drugs.

The report contained a range of other reform recommendations spanning telecommunications, financial services and other sectors.

Japan for its part called on the United States to soften its demand that all US-bound container cargo should undergo anti-terror security checks.

In another request, Tokyo asked Washington to ease regulations on mandarin oranges and other Japanese farm exports to the US market. —AFP