Japan and Australia launch annual finance ministers' dialogue on economic security
Japanese Finance Minister Satsuki Katayama and Australian Treasurer Jim Chalmers signed a five-year memorandum in Tokyo on 5 October, establishing an annual finance ministers' dialogue focused on economic security, energy supply and critical minerals.
Japan and Australia have agreed to establish an annual finance ministers’ dialogue aimed at deepening cooperation on financial and economic policy and strengthening collaboration on economic security, both governments said on Monday.
Japanese Finance Minister Satsuki Katayama and Australian Treasurer Jim Chalmers signed a memorandum of understanding in Tokyo on 5 October that is effective for five years. Under the framework, the two countries’ finance ministers will meet regularly to promote cooperation across a broad range of economic themes, with the inaugural Japan–Australia Finance Ministers’ Dialogue held in Tokyo immediately after the signing, according to Japan’s Ministry of Finance.
The memorandum says the dialogue will “enhance bilateral cooperation on economic security matters”, recognising that the two countries’ economic and security futures are “deeply connected”. The framework will focus on energy and fuel security, investment in critical minerals, and building “transparent, diversified, sustainable, and secure supply chains including in the defence industry sector”, Reuters reported.
The ministers exchanged views on the macroeconomic outlook, economic security, investment cooperation and international cooperation, and confirmed their commitment to further strengthening bilateral ties, the Finance Ministry said.
Katayama said at the signing ceremony that the two countries would “further enhance our cooperation to contribute to stable economic growth in the Indo-Pacific region and the entire international community”. Chalmers said “the closer Australia-Japan cooperation is more important now than ever”, Jiji Press reported.
The mechanism marks Japan’s third ministerial-level finance dialogue with a major regional partner, after frameworks established with South Korea and China in 2006 — although no Japan–China finance ministers’ dialogue has been held since 2018, Reuters reported. Previously, Japan and Australia held such dialogues at vice-ministerial and lower levels.
Australia, a major supplier of natural resources to Japan, is one of the country’s key sources of liquefied natural gas and is rich in critical minerals, including rare earths.
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