Japan and Australia Set Up Annual Finance Talks on Energy, Critical Minerals
The five-year pact commits both finance ministers to regular meetings on economic security, energy and fuel supply, and investment in critical minerals like rare earths.
TOKYO, Oct 5 (Reuters) - Japan and Australia agreed to establish an annual finance ministers' dialogue aimed at deepening cooperation in financial and economic policy, as well as strengthening bilateral collaboration on economic security. Under a memorandum of understanding signed on Monday that is effective for five years, the two countries' finance ministers will meet regularly to promote cooperation across a broad range of economic themes. "Recognising that Japan and Australia's economic and security futures are deeply connected, the Finance Ministerial Dialogue will enhance bilateral cooperation on economic security matters," the memorandum said. The framework will focus on creating opportunities to enhance mutual energy and fuel security, investment in critical minerals, as well as building "transparent, diversified, sustainable, and secure supply chains including in the defence industry sector," it said. The mechanism marks Japan's third ministerial-level finance dialogue with a major regional partner. Tokyo established similar frameworks with South Korea and China in 2006, although no Japan-China finance ministers' dialogue has been held since 2018. Australia, a major supplier of natural resources to Japan, is one of the country's key sources of liquefied natural gas. Australia is also rich in critical minerals, including rare earths.
(Reporting by Leika Kihara; Editing by Thomas Derpinghaus)
