Finance Minister Satsuki Katayama and Australian Treasurer Jim Chalmers established a new dialogue framework to enhance economic security cooperation.

The two nations will share information on investment trends in their respective countries and discuss supply chains, including those in the defense industry, according to a memorandum of understanding signed by Katayama and Chalmers in Tokyo on Monday.

“Japan will further strengthen its partnership with Australia and contribute to stable economic growth in the Indo-Pacific region and around the world,” Katayama said.

Cooperation on energy security and critical minerals would make both countries stronger and spur economic growth, Chalmers said.

Under the new framework, the two sides plan to meet annually. Japan established similar finance ministry-level dialogues with South Korea and China in 2006. The dialogue with China hasn’t taken place since August 2018.

The meeting between the Japanese and Australian finance chiefs comes as the two nations face similar challenges stemming from China, whose tight export controls on rare earths have raised concerns about supply chains and whose military activities have heightened security concerns among its neighbors. Australia is a major supplier of energy to Japan, including liquefied natural gas.

Japan has cultivated ties with Australia’s Lynas Rare Earths Ltd. as it seeks to reduce its reliance on China for supplies of the critical minerals. Australia has also decided to buy advanced warships from Japan, underscoring growing security cooperation between the two countries.