RIETI Report November 22, 2024

The Next Phase of Australia and Japan's Economic Security Policies

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Dear Readers,
Welcome to RIETI Report.
This bi-weekly newsletter will keep you updated with the recent columns, event information and research results by RIETI fellows and other leading economists in Japan and around the world.

In this edition, we are featuring topics related to the critical importance of the multilateral trading system, now under even greater pressure in the wake of Trump’s re-election. As U.S. allies, RIETI Non-Resident Fellow Dr. Shiro Armstrong, who recently received the Award of Excellence of the 20th Nakasone Yasuhiro Award (https://www.rieti.go.jp/en/about/activities/24102901/), emphasizes that both Japan and Australia must strategically prioritize preserving this system, which remains essential to both their economic security and regional stability.

We hope you will enjoy it. If you have any feedback, we would love to hear from you (news-info@rieti.go.jp).
Editors of RIETI Report (Facebook: @en.RIETI / X: @RIETIenglish / URL: https://www.rieti.go.jp/en/)

This month's featured article

The Next Phase of Australia and Japan's Economic Security Policies

ARMSTRONG, ShiroNon-Resident Fellow, RIETI

“Everybody has a plan until they get punched in the face," boxer Mike Tyson famously explained. Australia and Japan had their plans for the open international rules-based economic order punched in the face by both China and the United States.

China’s attempted economic coercion against Australia and other countries, including purportedly against Japan earlier on, has shaken confidence in having high trade shares with China and international trade exposure.

US tariffs on steel and aluminium and the threat of tariffs on Japanese cars led to voluntary export restraints on Australian steel exports and pressured Japan into a trade deal with the United States in 2019. That seemed the politically and economically expedient choice then for Canberra and Tokyo.

A more inward-looking United States that is focused on domestic challenges is going to continue to be a source of uncertainty for the international economic rules-based order.

Australia, Japan and other middle powers need a new plan to protect their economic security beyond the measures they now have put in place.

To read the full text:
https://www.rieti.go.jp/users/shiro-armstrong/serial/009.html

Related papers

“Evaluation of the Impacts of Trade Restrictions between China and Japan”
TAKEDA Shiro (Kyoto Sangyo University) / HIGASHIDA Keisaku (Kwansei Gakuin University) / YOMOGIDA Morihiro (Sophia University)
https://www.rieti.go.jp/en/publications/summary/24090006.html

“Technology Transfer, Emissions Trading, and International Trade”
ISHIKAWA Jota (Faculty Fellow, RIETI) / KIYONO Kazuharu (Waseda University) / YOMOGIDA Morihiro (Sophia University)
https://www.rieti.go.jp/en/publications/summary/24030016.html

“International Economic Policy for Asia in an Era of Great Power Strategic Competition”
Shiro ARMSTRONG (Visiting Fellow, RIETI)
https://www.rieti.go.jp/en/publications/summary/23050005.html

“Propagation of Overseas Economic Shocks through Global Supply Chains: Firm-level evidence”
INOUE Hiroyasu (University of Hyogo / RIKEN Center for Computational Science) / TODO Yasuyuki (Faculty Fellow, RIETI)
https://www.rieti.go.jp/en/publications/summary/22070002.html

Related articles

“Restoring the Global Trading System with Collective Action”
Shiro ARMSTRONG (Visiting Fellow, RIETI)
https://www.rieti.go.jp/users/shiro-armstrong/serial/008.html

“The Future of a World Divided into Economic Blocs: Multilateral trade contributes to economic security”
KAWASE Tsuyoshi (Faculty Fellow, RIETI)
https://www.rieti.go.jp/en/papers/contribution/kawase/12.html

Related events

RIETI-ANU Symposium series
https://www.rieti.go.jp/en/featured-contents/rieti-anu/index.html

RIETI-CEPR Symposium “Future of Global Trade Order and Economic Security” (Summary)
Presenters: Jefferey SCHOTT (Senior Fellow, Peterson Institute for International Economics (PIIE)), Simon J. EVENETT (Research Fellow, CEPR / Professor of International Trade and Economic Development, St. Gallen University / Founder of the St. Gallen Endowment for Prosperity Through Trade), and more.
https://www.rieti.go.jp/en/events/24041601/summary.html

RIETI BBL Seminar “Friend-Shoring Security Trumps Economics? A European perspective”
Speaker: Michael REITERER (Distinguished Professor at Brussels School of Governance / Visiting Professor at Ritsumeikan University / Former EU-Ambassador to the Republic of Korea, to Switzerland and Liechtenstein / Minister, Deputy Head of EU-Delegtion to Japan)
https://www.rieti.go.jp/en/events/bbl/24011901.html

Our latest discussion papers

“Market Reaction to News Flows in Supply Chain Networks”
INOUE Hiroyasu (University of Hyogo / RIKEN Center for Computational Science) / TODO Yasuyuki (Faculty Fellow, RIETI)
https://www.rieti.go.jp/en/publications/summary/24110003.html

“Disruption Risk Evaluation on a Large-scale Production Network with Establishments and Products”
INOUE Hiroyasu (University of Hyogo / RIKEN Center for Computational Science) / TODO Yasuyuki (Faculty Fellow, RIETI)
https://www.rieti.go.jp/en/publications/summary/24110001.html

[List of discussion papers]
https://www.rieti.go.jp/en/publications/act_dp.html
[List of upcoming and past symposiums]
https://www.rieti.go.jp/en/events/symposium.html
[List of upcoming and past BBL seminars]
https://www.rieti.go.jp/en/events/bbl/

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