Japan, Australia affirm closer cooperation in securing minerals, energy

At their meeting in Canberra, Prime Minister Sanae Takaichi and her Australian counterpart Anthony Albanese also affirmed that their countries will further promote cooperation in defense and cybersecurity, according to the Japanese government.

Takaichi and Albanese issued five outcome documents, including a joint declaration on economic security cooperation focused on building resilient supply chains for rare earths, energy resources and food products, among other items.

Rare earths are essential for products using cutting-edge technologies such as electric vehicles and semiconductors. China is said to mine around 70 percent of the world's rare earths and refine about 90 percent of them, and Australia is also known as a major producer.

Japan is highly reliant on China for its procurement of rare earths. Since earlier this year, Beijing has tightened its restrictions on exports of dual-use items, which can be used for both civilian and military purposes, with rare earths possibly included.

The U.S.-Israeli conflict with Iran since late February has disrupted global crude oil transportation and caused price hikes, posing challenges to countries heavily dependent on oil and petroleum product imports like Japan.

While Australia, known for rich natural resources, is Japan's largest liquefied natural gas supplier, it also greatly relies on petroleum product imports such as gasoline and diesel from Asian nations heavily dependent on Middle Eastern crude oil, following a series of Australian refinery closures over decades.

Japan and Australia have been boosting security cooperation in recent years as their reciprocal access agreement, which enables faster troop deployment and facilitates joint drills, took effect in 2023.

Last month, the two U.S. allies announced the conclusion of contracts to jointly deliver the first three of 11 ships for the Australian navy based on the upgraded Mogami-class vessel, a Japanese multi-mission stealth frigate.

The visit to Australia by Takaichi, who took office in October, coincides with the 50th anniversary this year of the two nations' signing of a basic treaty of friendship and cooperation.

Takaichi's overseas trip for five days from Friday earlier took her to Vietnam.

Japan's Prime Minister Sanae Takaichi said last Thursday that the country will be able to secure enough supply of naphtha-based chemical products "until after" the start of next year.