Korea and Japan Join Hands to Stabilize Critical Mineral Supply Chains

Korea and Japan Hold First Mineral Resources Cooperation Dialogue
Agreement Reached on Joint Response to Critical Mineral Supply Chain Risks
Plans for Strategic Cooperation in Global Mineral Supply Chains

The governments of South Korea and Japan have agreed to actively cooperate to stabilize the supply chain of critical minerals essential for advanced industries.

On the 27th, the Ministry of Trade, Industry and Energy held the 1st Korea-Japan Mineral Resources Cooperation Dialogue at the Ministry of Economy, Trade and Industry (METI) building in Tokyo, Japan, where they reached this agreement.

The meeting was attended by Yoon Chang-hyun, Director General of the Resource Industry Policy Bureau at the Korean Ministry of Trade, Industry and Energy, and Hideyuki Urata, Deputy Director General of the Manufacturing Department at METI, among others. They discussed policies on critical minerals, cooperation on stockpiling critical minerals, and joint production cooperation in third countries.

First, both countries agreed to establish a close cooperation system to respond to global critical mineral supply chain risks. Additionally, they decided to actively support cooperation between private companies and institutions from both countries to promote joint development of critical minerals in third countries such as Latin America, Asia, and Africa.

Furthermore, both countries agreed to strengthen policy coordination in international discussions such as the Mineral Security Partnership (MSP), a multilateral consultative body for critical mineral supply chains, and the International Energy Agency (IEA), to seek joint response strategies against global supply chain risks.

An official from the Ministry of Trade, Industry and Energy stated, "South Korea and Japan are advanced industrial powers in semiconductors, batteries, and other fields, and major importers of critical minerals, sharing similar industrial structures, which creates great potential for cooperation in critical mineral supply chains." He added, "Both countries plan to continue expanding strategic cooperation to effectively respond to global supply chain crises based on dialogues such as the Korea-Japan Mineral Resources Cooperation Dialogue."