The United States, Japan and South Korea vowed strategic cooperation to build more resilient supply chains

The commerce and trade ministers of the United States, Japan and South Korea pledged to work together on strategic issues such as artificial intelligence security, export controls, clean energy and semiconductor supply chains to build more resilient supply chains.

The three countries will work to identify potential weaknesses in global supplies that are vital to their economies, US Commerce Secretary Gina Raimondo said at the start of the trilateral meeting in Washington on Wednesday. "As our three countries lead in manufacturing, services, technology and innovation, we must work together not only for the good of our countries but also for the security of the world."

Japan's Minister of Economy, Trade and Industry Ken Saito and South Korea's Minister of Industry, Trade and Resources Undergun also attended the first trilateral meeting. The meeting was decided by world leaders at the Camp David summit in August.

A statement released by the three ministers after the meeting said they would "focus on working together in a range of strategic areas aimed at enhancing the security and prosperity of our people and the Indo-Pacific region." Our goal is to prioritize collaboration on strengthening the resilience of supply chains in key industries such as semiconductors and batteries, "and to set standards in AI security, critical minerals, cybersecurity and technology.

Saito said the three countries "agreed to work with like-minded countries to design a market that fairly evaluates factors other than price and to build a strong and reliable supply chain for strategic materials."

The three countries will promote the development of rare earth element technology, a field that China currently dominates. These countries have recently expressed concerns about "non-market measures" in the sector.

Ahead of the trilateral meeting, European Union Competition Commissioner Margrethe Vestager joined representatives of the three countries for an online discussion on strengthening supply chains for key technologies.

Saito said at a news conference in Washington that they are closely watching China's investment in its domestic semiconductor industry. In particular, he pointed to the rapid expansion of China's production capacity in traditional chips, old-generation semiconductors that are widely used in automobiles and other key industries.

"Through discussions with the United States, South Korea and the European Union, I feel that China's overproduction in areas such as traditional chip manufacturing is of great concern," Saito said.