WASHINGTON — The main points of the US-Japanese Structural Impediments Initiative: Japan The Japanese government will begin eight new infrastructure programs to improve housing, airports, parks, sewers, and port facilities.
The government will review its land-use policy, including the taxation of agricultural land in urban areas.
Japanese customs will try to clear imports within 24 hours.
The government will shorten the approval period for large retail stores from 10 years to a year and a half. The process will be public.
The Japanese government will elevate the Fair Trade Commission and actively enforce its antimonopoly laws. It will bring criminal actions with jail sentences against violators of the law.
The average time for patent approval will be five years.
Foreign investment will be made easier. The actions of trading companies will be more open. Japan will relax or abolish its rules requiring prior notification of the importation of new technologies. The United States
The US will boost savings and lower consumption. This includes congressional passage of the family savings accounts and the capital-gains tax cut.
The US will meet the targets of the Gramm-Rudman-Hollings deficit-reduction act.
The US will adopt the metric system.