Japan, U.S. Eye Multilateral Trade Pact on Critical Minerals

Washington, March 19 (Jiji Press)--The Japanese and U.S. governments Thursday announced an action plan for a proposed multilateral trade agreement to ensure stable supplies of critical minerals.

The two sides also signed a memorandum of cooperation on rare earth development in waters around Minamitorishima, a Japanese remote island in the Pacific.

In addition, they announced projects worth up to 73 billion dollars, including the construction of small nuclear power plants, as the second batch of investments and loans Japan promised to implement in the United States under a bilateral tariff deal.

The two governments expressed their intention to support 13 projects involving Japanese and U.S. companies, including Mitsubishi Materials Corp. and Sumitomo Metal Mining Co., to strengthen supply chains of critical minerals.

At a meeting in Washington on Thursday, Japanese Prime Minister Sanae Takaichi and U.S. President Donald Trump agreed to oppose measures, such as export controls, that threaten the stable supplies of important minerals, apparently with China in mind.

[Copyright The Jiji Press, Ltd.]