The prime ministers of Australia and Japan have committed to enhanced co-operation regarding energy and critical minerals as escalating conflict in the Middle East continues to hamper international commerce.
During a meeting in Canberra, Australian Prime Minister Anthony Albanese noted that both countries are “taking action to protect our economies from future economic shocks and uncertainty”, reports Al Jazeera.
The talks come as the effective closure of the Strait of Hormuz creates a significant impact across the Indo-Pacific region.
Japanese Prime Minister Sanae Takaichi informed journalists that the two governments would maintain close contact to address the situation with “a sense of urgency”.
The new agreements seek to improve the autonomy and resilience of both nations to ensure reliable energy supplies. Currently, Australia serves as Japan’s primary source of liquefied natural gas, while Japan supplies approximately 7 percent of the diesel used in Australia.
The strategic importance of the corridor is highlighted by the fact that nearly 20 percent of the world’s oil supply typically traverses the Strait of Hormuz. However, shipping has been restricted by Iran following military actions by the United States and Israel.
