The Ministry of Economy, Trade and Industry (METI) has joined in the discussions, which also cover environmental protection and skills development, as Japan and ASEAN mark their 50th year of cooperation.

Automobile and electronic equipment manufacturers are expected to participate in a data sharing platform. (Photo: Reuters)

One goal is to put in place a system where information about parts inventories, production capacity and supply chain disruption risks can be shared among Japanese and ASEAN companies in the automotive, electronics and other industries.

Retailers and other companies could also participate in the data sharing platform, which would make it possible to exchange information in efforts to cut carbon dioxide emissions and protect human rights as well.

A panel will identify 100 examples of data sharing and propose rules for data management. It includes officials from the ministry and the Japan Association of Corporate Executives, or Keizai Doyukai, and will compile a Japan - ASEAN economic vision to be announced soon.

A formal decision on the measures will be made at the Japan - ASEAN Economic Ministers' Meeting in August.

The proposals will also include initiatives in sustainability, joint research between universities and companies, and human capital.

Since the 2000s, the ASEAN bloc has achieved rapid economic growth while Japan has stagnated. The combined gross domestic product of ASEAN countries is expected to surpass that of Japan in 2030.

Source: VNA