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Japan, US, South Korea, and China Strengthen Cooperation on Critical Minerals and Semiconductor Supply Chains Amidst 'Economic Coercion' Concerns
- Writing language: Korean
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Base country: Japan
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- Economy
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Japan, the United States, and South Korea held their first joint meeting of commerce and industry ministers on June 26th in Washington, D.C. With China in mind, the three countries shared concerns regarding "economic coercion" through export and import restrictions, as well as subsidies that distort markets. The three countries agreed to cooperate to strengthen supply chains for critical minerals and semiconductors. The meeting was attended by Japan's Minister of Economy, Trade and Industry, Saito Ken; U.S. Secretary of Commerce, Gina Raimondo; and South Korea's Minister of Trade, Industry and Energy, Ahn Duk-geun. Following the meeting, Minister Saito emphasized the significance of the trilateral cooperation, stating at a press conference that "cooperation among like-minded countries is crucial for strengthening supply chains." A joint statement released after the meeting explicitly expressed concerns regarding "the weaponization of economic dependence on specific sources of strategic materials," with China in mind. The statement outlined a policy to reduce reliance on specific countries by prioritizing not just price but also environmental considerations when procuring essential materials. Specifically, regarding critical minerals, such as gallium and germanium—which are semiconductor materials and whose exports China has restricted—the statement condemned "recent concerns regarding non-market measures." It emphasized that they would "take appropriate measures as needed" to strengthen supply chains. The statement also declared that they would "accelerate cooperation" in strengthening semiconductor supply chains. In addition to economic coercion, China's overproduction driven by large-scale government subsidies is also problematic. China's inexpensive electric vehicles (EVs) and solar power-related products are flooding overseas markets, leading to concerns about unfair competition.
