Japan and the Netherlands, home to key suppliers of semiconductor manufacturing equipment, are close to joining a Biden administration-led effort to restrict exports of the technology to China and hobble its push into the chips industry.

The Japanese and Dutch export controls may be agreed to and finalized as soon as the end of January, according to people familiar with the matter. Prime Minister Fumio Kishida, and Netherlands leader Mark Rutte, discussed their plans with U.S. President Joe Biden at the White House earlier this month.

"I’m fairly confident that we will get there,” Rutte said Thursday in an interview with Bloomberg News on the sidelines of the World Economic Forum in Davos, Switzerland.