Japan and the EU cooperate to improve the rare earth supply chain

Japan and the European Union (EU) plan to launch a consultation mechanism “Economic Version 2+2” attended by foreign and economic ministers. The two sides will discuss the development of public-private cooperation around the procurement of important minerals such as rare earths in order to get rid of dependence on China.

Recently, the two sides have reached an agreement at the level of affairs and will include relevant content in the draft outcome document released in conjunction with the summit meeting on July 23. The two sides will establish a “competitiveness alliance” relationship and jointly promote the improvement of the supply chain of important minerals.

The two sides have previously issued a consultation framework involving the Japanese Minister of Economy, Trade and Industry, the Minister of Foreign Affairs, and the European Commission Commissioner in charge of trade affairs, Šefčović. This time, the European Commission Executive Vice President Serjou, who is in charge of industrial strategy, will be added to this.

Serjou is responsible for the EU’s stable procurement plan for important minerals and is looking for development opportunities in Greenland and Africa. The two sides will discuss whether Japanese companies can participate in EU projects and summarize specific cooperation projects after the summer of 2025.