On Monday, President Trump formalized a pact with Japan aimed at enhancing collaboration on the processing of essential minerals and rare earth elements, marking a central focus of his visit to Asia.

In a joint effort, Trump and Japanese Prime Minister Sanae Takaichi agreed on the accord, which highlights their commitment to bolstering efforts to speed up the processing of these critical resources.

According to the agreement, both nations will extend financial backing for mining initiatives within a six-month timeframe. These crucial minerals play a vital role in the production of electronics and everyday items.

Additionally, the leaders endorsed an agreement pledging to foster what they described as “a new golden era for the U.S.-Japan alliance.”

This collaboration with Japan on critical minerals comes shortly after the U.S. established similar agreements with Thailand, Cambodia, and Malaysia, focusing on the processing and export of these essential materials.

Access to critical minerals has re-entered the spotlight after China earlier this month said it was tightening controls on exports of the materials. The issue is expected to come up later this week when Trump meets with Chinese President Xi Jinping in South Korea.