US calls for more transparency in privatization of Japan Post |
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Published
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Thu, 07 Jun 2007 06:47
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WASHINGTON (XFN-ASIA) - The United States raised concern about the transparency of the privatization of Japan Post, the giant postal service that also provides banking and insurance services.But US Trade Representative (USTR) Susan Schwab said new measures undertaken by PrimeMinister Shinzo Abe's government would help further open markets, encourage new businessopportunities and stimulate competition.The USTR published the sixth annual joint report prepared by the US and Japanese governmentsunder the US-Japan Regulatory Reform and Competition Policy Initiative.Highlights of the joint report, which reflects a range of measures that Japan has either taken in recent months or will take in the near term, include the streamlining of import procedures for certain agricultural and other products as well as further opening Japan to foreign investment.Other steps include increasing transparency of regulatory and policy decision making in sectorsranging from healthcare to information technology and strengthening protections againstanti-competitive acts.The report also incorporated new measures Japan has taken in response to US recommendationson the importance of creating a level playing field in the privatization of Japan Post with privatecompanies in the banking, insurance and express delivery sectors.'Japan needs to ensure equal conditions of competition in the markets where Japan Post competes with the private sector,' Schwab said.'As Japan readies related reforms to implement this fall, a high degree of transparency must be secured so market participants can judge whether this standard will be met.'afp/mas
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THOMSON FINANCIAL NEWS TOP STORIES Macroeconomics 15:30 BST 