THE HAGUE, March 17 (Xinhua) -- Dutch Finance Minister Eelco Heinen announced on Tuesday that the Netherlands, the United Kingdom, and Finland will jointly finance and procure defense equipment.

"In the interest of European security, we must act together. That is why the Netherlands, the United Kingdom, and Finland are taking the lead in advancing joint procurement and coordinated tendering of defense equipment," the minister wrote on social media platform X.

In a joint statement, the three countries said they are exploring the creation of a new financing mechanism by 2027, in cooperation with other partners. The initiative aims to aggregate demand, streamline procurement, accelerate defense investment, and increase the availability of critical capabilities, particularly munitions.

The statement added that the proposed mechanism is intended to strengthen collective deterrence, expand defense industrial capacity, and enhance military capabilities through more integrated procurement efforts. ■