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Recognizing that the regional environment is much more diverse and complicated than the nascent European Economic Community, the group recommended speedy progress in negotiating free trade agreements and economic partnership agreements, either bilaterally or collectively, among nations in the region as the foundation for an emerging Asian community.
In order to reflect the views and interests of the region's business communities concerning trade, investment and services, the Japanese businessmen called for an East Asia Joint Council comprised of governments and the private sector to be set up by 2010.
Members of the Japan Business Federation include 1,662 executives of 1,343 companies, 130 industrial associations, and 47 regional economic organizations in Japan, according to its Web site. In January this year, the group compiled a visionary document titled, "Japan: A nation with hope," envisaging a materially and spiritually rich society with open and fair competition as well as respect from and rapport with the world. The latest recommendation is the follow-up, based on extensive hearings with its member companies.
Among other recommendations, the JBF especially called for the prompt conclusion of the World Trade Organization's Doha Round of trade talks, accelerated negotiations on economic partnership agreements with the United States and the European Union, and more strategic deployment of the country's official development assistance.
According to the document, the number of Japanese firms operating abroad has increased in Asia in the past decade, while declining slightly in the United States, Europe and South America. Most notable is the 129 percent increase in China, followed by South Korea and Thailand.
The business association expressed concern over the slow progress in business networking and building an economic infrastructure throughout East Asia. It also criticized Japan's inferior infrastructure in trade and investment, which place stumbling blocks in financial and capital markets, customs regulations and air transportation. For instance, its document refers to the fact that Japan's primary airport, Narita International Airport, was surpassed by South Korea's Inchon International Airport last year in terms of freight-handling volume. In Asia, Hong Kong airport is ahead of these two airports.
In order to streamline the process of dealing with external negotiations and domestic coordination, the JBF proposed the establishment of a Promotion Headquarters of External Economic Strategies under the leadership of the prime minister. While the government is keen on privatizing more public institutions, the business association urged its member companies to be more assertive in expressing their views and opinions to improve the business environment abroad.
