ISTANBUL

The European Union and Japan announced on Wednesday their plans to deepen cooperation in response to "economic coercion" and "unfair trade practices," following the EU-Japan Summit.

"We will also work more closely together to counter economic coercion and to address unfair trade practices," European Commission President Ursula von der Leyen said during a joint news briefing with European Council President Antonio Costa and Japanese Prime Minister Shigeru Ishiba.

Von der Leyen warned of "rising pressure" on two main fronts, including geo-economics with "growing trade tensions and uncertainty" and geopolitics with "rising threats" to shared stability and interests "from the battlefields in Ukraine to the waters of the Indo-Pacific."

"We believe in global competitiveness, and it should benefit everyone. That's why Europe is stepping up cooperation with CPTPP (Comprehensive and Progressive Agreement for Trans-Pacific Partnership) countries, not only to defend open trade, but to shape it together. The European Union and CPTPP countries can lead a meaningful reform of the WTO(World Trade Organization)," she noted.

Along with Costa, von der Leyen welcomed the launch of Competitive Alliance, resting on three pillars to increase bilateral EU-Japan trade, to strengthen economic security and to deepen joint work on innovation along with green and digital transitions.

"Next year, we will launch the first EU-Japan defense industrial dialog, because together, we can reduce dependencies and build stronger defense ecosystems," she added.

Costa also noted that their partnership with Japan is "not just strategic" but rather based on "shared principles" and "common vision."

"It is rooted in our respect for democracy, human rights, a rules-based international order and multilateralism. In today's complex geopolitical environment, the European Union-Japan co-partnership, stands as a model of principle and reliable cooperation," he added.