The US and Japan have unveiled a new critical minerals action plan aimed at strengthening supply chain resilience, with a key focus on advancing cooperation in deep-sea mining.

Announced on Thursday, the agreement sets out a framework for closer coordination on trade policy, supply chain security and the development of alternative sources of critical minerals, as both countries seek to reduce reliance on constrained global supply.

US Trade Representative Ambassador Jamieson Greer said the initiative was a step towards diversifying supply.

“The United States and Japan are taking an important step to expand the production and diversity of critical minerals, laying the foundation for a binding plurilateral agreement supported by price floors and other measures,” he said.

A central component of the agreement is a new memorandum of cooperation to accelerate joint research and development into commercially viable deep-sea mineral extraction, including rare-earth-rich seabed resources.

The two countries will focus in part on deposits near Japan’s Minamitorishima Island, where rare-earth muds are believed to hold significant long-term supply potential for industrial applications.

The action plan also includes measures to develop strategic trade policies and potential border mechanisms designed to mitigate supply disruptions and protect downstream industries reliant on imported critical minerals.

The initiative builds on broader regional efforts to strengthen energy and resource security, with leaders noting the outcomes of the Indo-Pacific Energy Security Ministerial and Business Forum, which highlighted more than $50-billion in projects and investments across the region.

Both countries said the agreement would support the development of “trusted supply chains” for critical minerals essential to key sectors such as energy, advanced manufacturing and infrastructure, while reinforcing cooperation within the Indo-Pacific alliance network.