Against the backdrop of global energy supply chain instability caused by the U.S.-Israel-Iran conflict, South Korea and Japan’s industry ministries have recently reached an agreement to establish a regular communication channel to jointly address the energy supply chain crisis.
According to the agreement, the two countries will prioritize cooperation in the liquefied natural gas (LNG) sector, including establishing emergency meeting mechanisms, LNG swap arrangements, and joint exploration of critical minerals. This cooperation framework aims to enhance mutual coordination capabilities during supply chain crises.
South Korea’s Ministry of Trade, Industry and Energy stated: ‘This agreement is significant as it establishes a cooperative foundation for both countries to jointly respond to LNG supply crises in the future.’ The two sides also signed the Korea-Japan Supply Chain Partnership Agreement (SCPA) to strengthen mutual coordination during supply chain crises.
Cooperation includes:
1. Joint exploration and investment in critical mineral resources
2. Sharing global market monitoring information
3. Expanding cooperation in the energy sector, including LNG supply chain stability and eco-friendly technology development
4. Establishing regular ministerial-level dialogue mechanisms
This cooperation marks a new phase in supply chain security collaboration between South Korea and Japan, particularly important in the current geopolitical tensions to ensure energy and critical mineral supply security.
