Japanese Economy Minister Ken Saito, US Commerce Secretary Gina Raimondo and South Korean Trade Minister Ahn Duk-geun during the inaugural Trilateral Commerce and Industry Ministerial Meeting in Washington on June 26.
The three countries said they will work to identify potential vulnerabilities in global supplies that are essential to their economies and address weaknesses in strategic sectors. They highlighted semiconductors, clean energy, critical minerals, cyber security and artificial intelligence as vital areas.
In one example, the three countries aim to promote the development of rare earth element technologies, where China now plays a dominant role. The nations expressed concern over “non-market measures” in the sector recently. Mr Saito said in a press conference in Washington that the allied countries are paying close attention to China’s investments in its domestic semiconductor industry. In particular, he noted the rapid expansion of Chinese capacity in legacy chips, older generations of semiconductors that are widely used in automobiles and other key industries.