Australia and Japan agreed on Monday to deepen cooperation on energy and critical minerals, as Japan’s Prime Minister Sanae Takaichi met her Australian counterpart Anthony Albanese during a three-day visit.
Following a landmark defence deal signed last month, the two nations committed to strengthening supply chains for energy, food and critical minerals.
"Australia and Japan are taking action to protect our economies from future economic shocks and uncertainty," Albanese said in a statement.
"By working together, we will achieve more secure and resilient supply chains that will benefit Australian and Japanese businesses and consumers now and into the future."
Australia provides approximately one-third of Japan’s energy supply and is the country’s largest supplier of liquefied natural gas.
Both nations have been seeking to shore up energy supplies as tensions in the Middle East disrupt trade. Japanese firms have also been closely monitoring developments in Australia’s LNG industry, including the risk of strikes at a major gas facility and growing political pressure to increase taxes on exports.
"Like Japan, we are very concerned by disruptions to the supply of liquid fuels and refined petroleum products," Albanese said on Monday.
Australia also plans to provide support of up to A$1.3 billion ($937 million) for critical mineral projects with Japanese involvement, creating the potential to supply Japan with resources including gallium, nickel, graphite, rare earths and fluorite.
Takaichi arrived in Australia from Vietnam, where she discussed energy and critical minerals and urged Southeast Asian nations to strengthen regional supply chains.
Last month, Japan signed contracts for an A$10 billion ($7 billion) deal to supply Australia with warships, marking Tokyo’s most significant military export since the lifting of its ban on such sales in 2014.
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