Japan and Australia have signed a series of bilateral agreements on energy security, defense and critical minerals, as the two nations look to address the ongoing impacts of the Iran war.

According to the Australian Broadcasting Corporation, the countries signed four separate deals on May 3. That included a declaration to share information and consult on "economic contingencies" in response to geopolitical events, a pledge to cooperate on a series of rare earth mineral projects to diversify their supply chains, a statement to align on national defense strategies, and an agreement to engage on energy security.

"Our friendship has never been closer, and in these uncertain times, friendships matter more than ever," Australian Prime Minister Anthony Albanese said.

As part of the agreements, Australia would provide 1.3 billion Australian dollars ($930 million) for critical minerals projects with Japan, with the countries identifying minerals as a "core pillar of our economic security relationship." The move is aimed at reducing both countries’ reliance on dominant suppliers like China, which controls the vast majority of global rare earths processing capacity.

The deals also come as both countries are looking to shore up energy supplies in response to disruptions to global oil supplies brought on by the Iran war. Japan relies on the Middle East for roughly 95% of its oil imports, while much of Australia's imported fuel comes from refining hubs in countries like Singapore and South Korea, which depend heavily on crude oil supplies that move through the Strait of Hormuz. 

Albanese noted that his hope is that by working with Japan to consult on energy security, the two countries could "navigate the current energy crisis together, and maintain open trade flows of essential energy goods." That could include Australia ramping up shipments of liquefied natural gas to Japan to offset potential shortfalls in Middle Eastern energy supplies, with Australia accounting for roughly 40% of Japan’s LNG imports and about one-third of its overall energy supply.