Japan's Takaichi proposes 'joint stockpiling cooperation initiative' for critical minerals at G7 summit

Japanese Prime Minister Sanae Takaichi proposed a "joint stockpiling cooperation initiative" among G7 nations to strengthen reserves of critical minerals and urged the group's leaders to ensure free navigation through the Strait of Hormuz during a working dinner at the G7 summit in France, according to an official statement on Tuesday.

The discussion, held Monday evening in the lakeside city of Evian, focused on major international challenges, including the situations in the Middle East, Ukraine and the Indo-Pacific, as well as strengthening supply chain resilience, said the statement issued by her office.

Takaichi welcomed the recently announced memorandum of understanding between the US and Iran, describing it as a significant step toward reducing regional tensions.

She praised Washington's diplomatic efforts and said it is essential to implement the agreement fully, ensure safe passage through the Strait of Hormuz, and reach a final arrangement preventing Iran from acquiring nuclear weapons.

The Japanese leader also called for the swift transit of vessels stranded in the Gulf and said the safety and well-being of their crews should be treated as a top priority.

Highlighting lessons from the recent Hormuz crisis, Takaichi proposed a "joint stockpiling cooperation initiative" among G7 nations to strengthen reserves of critical minerals and improve supply chain resilience.

She stressed the need to diversify supply sources through cooperation with like-minded partners and support resource-rich countries through international financial institutions.

Takaichi also reaffirmed Japan's commitment to the complete denuclearization of North Korea, expressing concern over Pyongyang's nuclear and missile programs, military buildup, and alleged cryptocurrency theft.

The annual G7 summit, hosted by French President Emmanuel Macron, has brought together leaders from the world's major advanced economies to address global security and economic and geopolitical challenges.