U.S. Secretary of Commerce Gina Raimondo and Japanese Minister of Economy, Trade, and Industry Ken Saito convened a ministerial meeting today under the Japan-United States Commercial and Industrial Partnership (JUCIP). During the session, both officials expressed significant concern over the weaponization of economic dependencies and non-market policies affecting strategic goods supply sources.
Raimondo and Saito acknowledged that such practices have inflicted considerable harm on industries and workers globally, including in developing regions. They noted that these issues contribute to excess capacity and pose substantial risks to both economic and national security in various economies. The discussion highlighted the necessity of addressing systemic vulnerabilities related to strategic dependencies and overcapacities while promoting fair competition through coordinated efforts.
In response to these concerns, they agreed to identify joint initiatives in specific strategic sectors aimed at enhancing the resilience of critical supply chains by bolstering supply and creating demand. These actions will be pursued individually and collectively with like-minded partners, including those from developing countries. The efforts will align with the Principles on Resilient and Reliable Supply Chains outlined in the recent G7 Leaders’ Statement.
Additionally, Raimondo and Saito discussed other areas for collaboration between their respective departments, particularly focusing on export controls. They expressed a mutual desire to strengthen cooperation in securing supplies of gallium, germanium, and graphite.
