Faced with the threat of a trade war with the United States, China and Japan have decided to work together to develop new overseas markets, by focusing on collaboration instead of competing with each other.
About:
Prime Minister Shinzo Abe returned paid a visit to china making it the first official trip to China by a Japanese leader in nearly seven years. This year marks the 40th anniversary of the two counties' peace and friendship treaty.
They decided to put aside differences over the Japan-controlled, China-claimed Senkaku Islands in the East China Sea and other thorny issues.
During the visit, the two sides agreed to move from “competition to cooperation” toward new era in bilateral ties after years of tensions over territorial and wartime issues.
They agreed to strengthen economic and security cooperation and to cooperate on development assistance in third countries. Joint forays in third countries would now be one of the new templates of Tokyo-Beijing ties.
By bolstering investment in other countries, the governments of Asia's two biggest economies will aim to form a new model of economic cooperation between them.
Key agreements signed:
An agreement was signed to establish a discussion platform on hi-end technology and intellectual property. Such a forum would help make-up possible shortages of U.S. components, in case the China-U.S. trade and technology war escalates.
The two sides also signed an agreement on joint development of gas fields in the East China Sea—an initiative that was stalled in 2008, when tensions over islands, called Diaoyu by China and Senkaku by Japan, spiraled.
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