Economy

Japan, U.S., S. Korea Agree on Deepening Critical Material Supply Chain Cooperation

Reuters
Japan’s Economy, Trade and Industry Minister Ken Saito, U.S. Commerce Secretary Gina Raimondo and South Korea’s Minister of Trade, Industry and Energy Ahn Duk-geun pose for a press photo during the inaugural Trilateral Commerce and Industry Ministerial Meeting at the Commerce Department in Washington, U.S., June 26, 2024.

Jiji Press

17:42 JST, June 27, 2024

WASHINGTON (Jiji Press) — Japan, the United States and South Korea agreed Wednesday to deepen cooperation to strengthen supply chains for semiconductors and critical minerals.

The three countries released a joint statement following the inaugural meeting of their commerce and industry ministers, voicing “concerns over the weaponization of economic dependencies on certain supply sources for strategic goods,” apparently with China in mind.

They also agreed to work together to ensure the safe use of artificial intelligence technology.

The meeting was attended by Japanese Economy, Trade and Industry Minister Ken Saito, U.S. Secretary of Commerce Gina Raimondo and South Korean Trade, Industry and Energy Minister Ahn Duk-geun.

Prior to the meeting, the three officials discussed strengthening supply chains with European Commission Executive Vice President Margrethe Vestager, who joined them online.

“One nation alone cannot bolster supply chains, and collaboration among like-minded nations is crucial,” Saito told a press conference. He emphasized the importance of trilateral cooperation, noting that Japan had “strong industrial complementarity with South Korea.”

The statement called for boosting collaboration in fields such as semiconductors, AI, export management and supply chains.