Semiconductors are the building blocks of the information age.
They are making possible continuing revolutionary progress in all facets of life, including communications, transportation, health care, scientific research, education and commerce, and are critical to raising global standards of living. The parties to this Joint Statement have achieved virtually barrier-free trade in semiconductors among themselves, including the elimination of tariffs. These policies are intended to expand the global demand for semiconductors. Relations among the parties over issues affecting semiconductors are characterized increasingly by mutual understanding and cooperation, and the absence of friction. Cooperative efforts to respond to global challenges are likely to become more common and more important.