Japan and Australia launch economic security dialogue — The Japan Times

In Tokyo, Japanese Finance Minister Satsuki Katayama and Australian Treasurer Jim Chalmers signed a memorandum to establish a new dialogue mechanism to strengthen cooperation in economic security. According to The Japan Times, the sides agreed to exchange information on investment trends in their countries and discuss supply chains, including in the defense industry.

Annual meetings

Under the new format, representatives of the two countries plan to hold meetings annually. Katayama said that Japan intends to continue strengthening its partnership with Australia and contribute to stable economic growth in the Indo-Pacific region and around the world.

For his part, Chalmers said that cooperation in energy security and critical minerals should strengthen both countries and stimulate economic growth.

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Energy and critical minerals

The meeting of the financial officials took place amid challenges shared by Japan and Australia related to China. China’s strict export controls on rare earth elements have raised concerns about supply chains, while its military activity has heightened the security concerns of neighboring states.

Australia is one of Japan’s key suppliers of energy resources, including liquefied natural gas. Japan is also developing ties with Australian company Lynas Rare Earths in an effort to reduce its dependence on China for supplies of critical minerals. Separately, Australia decided to purchase advanced military ships from Japan, which, according to the publication, indicates deepening security cooperation between the countries.

Japan had already established similar dialogue formats at the finance ministry level with South Korea and China in 2006. The dialogue with China has not been held since August 2018.