Japan plans to propose the establishment of an Asian version of the International Energy Agency at AZEC.

Japanese Prime Minister Sanae Takaichi has finalized the relevant policy and will submit a proposal to establish an "Asian version of the International Energy Agency" at the Asian Zero Emission Community (AZEC) summit held in Manila, Philippines, on the 17th. This agency will serve as a cooperative framework for oil procurement in times of crisis. At the same time, Japan is preparing to launch a new initiative to reserve oil for Southeast Asian countries within Japan, charging corresponding usage fees. The proposed institution will share experiences related to oil markets and reserves, carry out data collection and analysis necessary for market stability, and take the lead in formulating rules for oil releases in emergencies and oil allocation among member states.