Japan, EU agree to protect supply chains

Officials from Japan and the European Union have met and discussed economic security. They agreed on the need to avoid the overreliance on some countries and regions for procuring semiconductors and other goods.

Japan's Foreign Minister Kamikawa Yoko and Economy, Trade and Industry Minister Saito Ken met in Paris on Thursday with European Commission Executive Vice-President Valdis Dombrovskis.

They expressed concerns about depending on countries such as China for what they call "strategic goods," including semiconductors and critical minerals.

They have also seen some firms flood markets with inexpensive products, so they want to lessen the focus on prices. They plan to work toward other considerations, such as protecting the environment and defending against cyberattacks.

Saito said, "Japan and the EU agreed to promote the building and enhancing of transparent, resilient and sustainable supply chains, and to work to expand them to like-minded nations."

In April, Japanese and US leaders reconfirmed their commitment to shoring up supply chains for critical minerals. They plan to work with their counterparts in the EU on a set of shared principles for their economic security.