The Yomiuri Shimbun

Japan and India will promote bilateral cooperation in five key sectors including semiconductors, critical minerals and clean energy, The Yomiuri Shimbun has learned from a draft joint declaration on economic security cooperation. The draft will be issued in conjunction with the summit scheduled for Thursday between Japanese Prime Minister Sanae Takaichi and Indian Prime Minister Narendra Modi in New Delhi.

In light of China pressuring other countries through its export restrictions on rare earth elements, the draft declaration also raises concerns about economic coercion.

Takaichi will visit India on Wednesday — her first visit to the country since taking office — and will meet with Modi in the capital the following day.

Both leaders attach importance to building supply chains that are not dependent on specific countries, such as China, and economic security cooperation is expected to be a major agenda item during the talks.

The five key sectors for economic security are semiconductors, critical minerals centered on rare earths, clean energy such as ammonia, information and communication technology such as undersea cables, and pharmaceuticals.

In the semiconductor sector, the two countries will deepen cooperation in human resource development, research and development, and technical assistance. They will also encourage greater participation of Japanese companies in semiconductor projects led by the Indian government.

In the critical mineral sector, the Japan Organization for Metals and Energy Security, an independent administrative agency, and the Geological Survey of India plan to sign a memorandum to establish a framework for technical cooperation and to promote dialogue on mineral exploration. The two governments will also sign a memorandum of cooperation to strengthen battery supply chains.

To institutionalize economic security cooperation, discussions will be held using existing frameworks such as the Japan-India Economic Security Dialogue.

A new framework of public-private dialogue involving the government, industry and academia will also be established to monitor progress on projects agreed upon by both countries.

The draft expressed concerns regarding "economic coercion and non-market policies and practices, including arbitrary export restrictions," and emphasized the importance of building highly reliable supply chains with like-minded nations. Both points reflect a strong awareness of China's behavior.

During her visit to India, Takaichi plans to promote her updated version of the free and open Indo-Pacific vision. Last year, Modi also put forward a cooperative vision regarding the Indo-Pacific and other regions.

Consequently, the draft emphasizes that "the synergy" between the two visions "provides both sides the required impetus to furthering economic security cooperation."

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This article is from The Yomiuri Shimbun. Neither Dow Jones Newswires, MarketWatch, Barron's nor The Wall Street Journal were involved in the creation of this content.

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