The countries will agree to share information on shipments of semiconductors, critical minerals, storage batteries and other key industry items, the report said. A special mechanism will be set up to provide early warning of possible disruptions, allowing countries to exchange data in case of a commodity shortage, develop measures and neutralize the negative impact on supply chains, the newspaper added.
In July, the Japanese government discussed the establishment of a similar mechanism with the European Union. A mechanism involving Japan, the US and South Korea will expand the network of stable semiconductor supplies.
The US-South Korea-Japan summit on Friday will be the first time the leaders of the three countries have met outside of a multilateral event. US President Joe Biden will host South Korean President Yoon Suk-yeol and Japanese leader Fumio Kishida at Camp David, the US presidential retreat located about 60 miles from Washington, D.C.
Critical minerals are mineral resources that are vital to the economic well-being of the world’s economies. They include cobalt, lithium, manganese, zinc, chromium, and several others.