Update to Economic Security Promotion Act: Designation of supported materials (specified critical materials) in relation to supply chain resilience

In May 2022, the Japanese Diet approved the “Act on the Promotion of National Security through Integrated Economic Measures” (the “ESPA”). August 1, 2022, saw the enforcement of Chapters 4 and 2 of the ESPA, respectively concerning (i) policy supporting the development of cutting-edge critical technologies, and (ii) “Specified Critical Materials.” In November of this year, after the government’s supply chain survey and economic security expert discussion, the latter were clarified by a “Draft Cabinet Order” containing the designation of 11 materials eligible for government assistance. In addition, an outline of the draft action policies for ensuring stable supply, which the competent Minister will establish to ensure the supply of each Specified Critical Material under the Act (Article 8, paragraph...To read the full article, please see the PDF file

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