Australia and Japan signed a memorandum of cooperation establishing an annual Finance Ministerial Dialogue aimed at strengthening economic security and resilience in the Indo-Pacific.

The non-binding pact covers cooperation on macroeconomic policy, energy and fuel security, supply chains, critical minerals and foreign investment screening, according to a Monday statement.

The two countries will also explore using public finance institutions, including Export Finance Australia and the Japan Bank for International Cooperation, to support shared investment priorities and coordinate projects across the Indo-Pacific.

The dialogue, co-chaired by Australia's Treasurer and Japan's Finance Minister, will be held annually in principle. The agreement will initially run for five years.