Japan, South Korea agree to boost energy cooperation amid Mideast war

Tokyo and Seoul have agreed to strengthen cooperation on securing energy supplies, Japanese Prime Minister Sanae Takaichi said during a visit to South Korea on Tuesday, as both nations grapple with the fallout of the Middle East war.

A view of South Korean and Japanese national flags in Tokyo, Japan, March 16, 2023

Takaichi said she and South Korean President Lee Jae Myung outlined a framework to bolster energy stockpiles in the Asia Pacific and would work towards "enhancing energy security for both Japan and South Korea".

"Given the current international situation, cooperation between Japan and South Korea on supply chains, including those for critical minerals, is important," Takaichi told a joint news conference after meeting with Lee.

Japan depends on the Middle East for about 95% of its oil imports, while South Korea gets about 70% of its crude from the region.

Iran's effective closure of the vital Strait of Hormuz in retaliation for U.S.-Israeli strikes on Tehran has rattled global energy markets.

The two leaders met in Lee's hometown of Andong four months after Takaichi hosted Lee in her own hometown of Nara in January.

Lee said they also discussed cooperation on technology related to space exploration and biohealth, among other issues.

He said he outlined South Korea's vision "of building a peaceful Korean Peninsula" as both countries face challenges from nuclear-armed North Korea.

"Going forward, the possibilities for Korea-Japan partnership are limitless," Lee said at the news conference.