Tokyo [Japan], April 29 : Several agreements will be soon made between Japan and the European Union to ensure better cooperation on economic security, including strengthening supply chain resilience for semiconductors and other critical materials, Japanese news organization Kyodo News stated quoting its government sources on Sunday.
The initiative is being pursued as a way to reduce dependency on countries like China. According to local sources quoted in the Kyodo News report the leaders of Japan and the 27-nation bloc are working toward issuing a joint statement promoting the establishment of transparent, resilient, and sustainable supply chains at a Japan-EU High-level Economic Dialogue to be held in Paris in early May.
Japan has been trying to strengthen its partnerships with its political allies for the development of supply chains for critical times like geopolitical and economic security risks, such as Russia's war on Ukraine and increasing tensions with China.
The economic dialogue is scheduled to be attended by Japanese Foreign Minister Yoko Kamikawa and Industry Minister Ken Saito, while the EU is expected to be represented by Valdis Dombrovskis, executive vice president of the European Commission for an Economy that Works for People the Kyodo News report mentioned.
The move is being considered to counter China's growing market size with inexpensive semiconductors, electric vehicles and solar panels. Earlier this month, Japanese Prime Minister Fumio Kishida and US President Joe Biden also reaffirmed their commitment to deepening cooperation in supply chain resilience and other areas in the face of China's ambitions.
Previously, the United States' defence commitments to Japan and the Philippines are "ironclad," US President Joe Biden said on Thursday as he hosted the first-ever trilateral summit between the three countries, welcoming Filipino President Ferdinand Marcos Jr to the White House a day after the official visit of Japanese Prime Minister Fumio Kishida.
The US-Japan-Philippines trilateral comes after the creation of groupings in the Indo-Pacific, starting with the Quad, comprising India, the US, Australia and Japan, and the AUKUS, consisting of Australia, the US and the UK, amid increasing concerns over China's military muscle-flexing in the region.
Meanwhile, China asserts sovereignty over the shoal, located within the Philippines' exclusive economic zone, as part of its broader claims in the South China Sea, disregarding an international arbitration ruling.
Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor