Japan plans to set shared standards with the U.S. and Europe on subsidies for electric vehicles, semiconductors, and other critical fields, Japanese industry minister Yasutoshi Nishimura told the Nikkei, as reported by the newspaper on Tuesday.

Discussions, aimed at promoting a fair competitive environment, could start as early as this year with the new framework covering areas such as government support for securing stable supplies of critical materials, as well as investment in green transformation, Nikkei said.

The Japanese government aims to invest 20 trillion yen ($133.62 billion) in green transformation over 10 years, according to Nikkei.

The three countries could also discuss environmental and other requirements to qualify for EV subsidies, Nikkei added.

Nishimura also discussed plans to bolster Japanese investment in the so-called Global South, which is comprised of emerging and developing countries mainly in Asia, Africa and Latin America, Nikkei said. His ministry aims to facilitate 2 trillion yen in public and private investment in these countries over five years.