Australia-Japan deal on energy and key minerals

The Middle East war has had a major impact on global trade. In such a situation, Australia and Japan have agreed to increase cooperation in the field of energy and key minerals. After meeting with Japanese Prime Minister Sanae Takaichi in Canberra, Australian Prime Minister Anthony Albanese said that the two countries are working together and will continue to do so in the future to deal with future economic shocks and uncertainties.
On the other hand, the Japanese Prime Minister said that the virtual closure of the Strait of Hormuz is having a major impact on the Indo-Pacific region. He also said that the two countries will maintain close communication on an urgent basis to deal with this situation. Australia is the largest supplier of liquefied natural gas to Japan. On the other hand, about 7 percent of Australia’s total diesel supply comes from Japan.
The two countries want to increase their capacity and ability to deal with crises to ensure stable energy supplies. According to the International Energy Agency, about one-fifth of the total oil supplied in the world is usually transported through the Strait of Hormuz. About 80 percent of it goes to Asian countries. Iran has imposed strict restrictions on shipping through the strait since the US and Israeli attacks.