The Enhanced Initiative, which President Clinton and then-Prime Minister Hashimoto initiated in June 1997 in Denver, is the centerpiece of our bilateral deregulation efforts. The two governments issued their Third Joint Status Report under the Enhanced Initiative in July of this year. The U.S. delegation welcomed the opportunity to renew our mutual commitment to this discussion. In July, Prime Minister Mori formally extended the Japanese Government's own deregulation process for another three years, until 2004. These meetings have provided the first opportunity since then to discuss issues of mutual concern on a wide range of important issues, and for both governments to demonstrate their commitment to continuing the Enhanced Initiative into a fourth year.
Continued deregulation is critical to revitalizing Japan's economy.
The challenges facing Japanese businesses have never been greater. A procompetitive regulatory climate will create jobs, make companies more efficient, promote investment and open markets. Over the past two days, our experts have focused on structural issues. In addition to the new Commercial Code and legal reform issues, they also discussed competition policy, transparency and other government practices, distribution, and legal services. Other groups are meeting separately to discuss medical devices and pharmaceutical products, financial services, telecommunications and information technology, energy, and housing.