High level Japanese Government officials have been meeting in Tokyo throughout this week to draft a response to the European Economic Community's (EEC) demands for emergency measures to correct the imbalance in trade between Japan and the Common Market countries.
GV PAN People shopping in Tokyo (2 shots)
SV Japanese radios, television sets and stereos on sale (4 shots)
GV Prime Minister's residence
SV INT Prime Minister Miki enters conference room and takes place at table with other Japanese ministers
SV Trade ministers seated (2 shots)
SV PAN FROM Ministers TO Prime Minister Miki
SV ZOOM OUT Ministers and Prime Minister handling documents
The Japanese government is hoping to complete the task of drawing up a reply before the EEC summit conference, scheduled to begin on 29 November.
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Background: High level Japanese Government officials have been meeting in Tokyo throughout this week to draft a response to the European Economic Community's (EEC) demands for emergency measures to correct the imbalance in trade between Japan and the Common Market countries.
SYNOPSIS: The trade deficit between the two parties has increased from 1,200 million US dollars (about 730 million pounds Sterling) in 1973 to an estimated 4,200 million dollars (2,550 million pounds) for 1976. To correct this imbalance the EEC has demanded that Japan cut back its shipbuilding output, curb car sales in Britain and expand imports of EEC processed foodstuffs. Unless these demands are met, the EEC warned that Japan would face retaliation from its members. This could possibly lead to a trade war between Japan and the EEC.
On Wednesday (24 November), the Prime Minister, Mr. Takeo Miki, held a meeting at his official Tokyo residence with six government ministers to discuss the EEC demands. At a ministerial meeting the day before, Japan decided to restrict car exports to Britain. Japan exported 115,000 automobiles to Britain in 1975, but between January and August this year, exports rose 8.9 ??? over last year.
The government also decided to relax import restrictions for certain goods to enable EEC goods to compete with Japanese products on the domestic market. But no agreement was reached on Wednesday on cutting back Japan's shipbuilding capacity and increasing EEC imports of processed foods.