On May 4, Australia and Japan signed four new agreements—on defense, critical minerals cooperation (such as rare earth elements), energy, and a joint declaration on economic security cooperation, reported ABC AU news.
Prime Minister Anthony Albanese and Japanese Prime MInister Takaichi Sanae met in Canberra for the talks and signings. They also celebrated the 50th anniversary of the two countries’ signing of the Basic Treaty of Friendship and Cooperation. “Our friendship has never been closer, and in these uncertain times, friendships matter more than ever,” gushed Albanese. The joint declaration asserted that the two countries would maintain close cooperation and active communication regarding actions to be taken in response to geopolitical tensions, or major market disruptions.
The declaration made a not-so-veiled swipe at China by stating, “We express our strong concerns over all forms of economic coercion, and the use of non-market policies and practices that are leading to harmful overcapacity and market distortions, as well as export restrictions, particularly on critical minerals, that could have a significant negative impact on global supply chains.” This refers to China’s dominance in the global supply chain of rare earth elements, having the world’s majority of those resources. Takaichi also noted that the defense ministers of both countries would be exploring “tangible” ways to “further elevate and institutionalize comprehensive security cooperation.”