Asia-US deals worth $57 billion signal industry positivity amid a challenging time for supplies
US Interior Secretary Doug Burgum revealed Asia-Pacific allies inked 22 agreements, totalling $57 billion, with American companies during the conference, held in Tokyo, 14-15 March. The investments figure was revised up by $1 billion following a post-event agreement, Burgum confirmed in a US television interview. He also suggested Japan was interested in purchasing more US oil.
The IPEM outcome signals industry positivity amid uncertainty due to the Israel-US war with Iran. An earlier report by Bloomberg had suggested Japan and other Asia-Pacific nations were set to unveil deals worth $30 billion-plus with US companies. The invitation-only event convening ministers, CEOs and senior leaders, was co-hosted by the Ministry of Economy, Trade and Industry of Japan and the National Energy Dominance Council of the United States. Trump administration officials were expected to press for more collaboration with regional allies on energy and critical minerals.
Burgum said the forum underscored a need by the US to “sell energy to our friends and allies so they are not forced to rely on adversaries”. En route to Tokyo, he told reporters: “That policy is more important than ever.” He also noted Japan’s role in leading a coalition of nations to put more oil supply in the market.
He said: “From a Japan standpoint, when they’re dependent on oil coming out of the Strait, that’s a great indication of their partnership with the United States and a great indication of their leadership on the world stage to jump in and say they’re going to release a significant portion of their reserves.”
Prior to the gathering, White House officials said deals signed at the first US-sponsored IPEM would comprise purchase commitments and other transactions spanning a range of products and sectors, including coal, oil, LNG and nuclear power. The forum convened as the US seeks to diversify its supply chains for critical minerals required for products such as mobile phones, batteries, and jet engines, while also making a case for more countries to buy from the US.
A dozen-plus representatives from at least five cabinet-level departments, the White House, its National Energy Dominance Council, the USTDA and the US Export-Import Bank, were expected in Tokyo, alongside 18 nations.
The Middle East war has brought energy-related disruptions and promoted diversification of critical supplies over the risk of depending on one region — something highlighted by the suspension of LNG exports by Qatar’s state-owned energy company. The issue was set to galvanise IPEM activities, including closed-door discussions around a view that dependable energy supplies developed in partnership with trusted allies are essential for regional stability, economic growth and competition in an AI-fuelled environment.
Talks in Tokyo between US and Japanese ministers came ahead of Japanese Prime Minister Sanae Takaichi’s visit to Washington on 19 March.
