UAE, Japan Launch Talks to Reach Comprehensive Economic Partnership Agreement

This handout picture provided by the UAE Presidential Court shows UAE President Sheikh Mohamed bin Zayed  Al Nahyan bidding farewell to the Egyptian foreign minister after their meeting during the latter's visit, at Shati Palace in Abu Dhabi on September 8, 2024. (Photo by Ryan CARTER / UAE PRESIDENTIAL COURT / AFP)
This handout picture provided by the UAE Presidential Court shows UAE President Sheikh Mohamed bin Zayed Al Nahyan bidding farewell to the Egyptian foreign minister after their meeting during the latter's visit, at Shati Palace in Abu Dhabi on September 8, 2024. (Photo by Ryan CARTER / UAE PRESIDENTIAL COURT / AFP)
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UAE, Japan Launch Talks to Reach Comprehensive Economic Partnership Agreement

This handout picture provided by the UAE Presidential Court shows UAE President Sheikh Mohamed bin Zayed  Al Nahyan bidding farewell to the Egyptian foreign minister after their meeting during the latter's visit, at Shati Palace in Abu Dhabi on September 8, 2024. (Photo by Ryan CARTER / UAE PRESIDENTIAL COURT / AFP)
This handout picture provided by the UAE Presidential Court shows UAE President Sheikh Mohamed bin Zayed Al Nahyan bidding farewell to the Egyptian foreign minister after their meeting during the latter's visit, at Shati Palace in Abu Dhabi on September 8, 2024. (Photo by Ryan CARTER / UAE PRESIDENTIAL COURT / AFP)

UAE President Sheikh Mohamed bin Zayed Al Nahyan said Wednesday that relations between the UAE and Japan are built on a long history of strategic cooperation across various fields.

He expressed hope that these ties will be further bolstered by the launch of talks towards a Comprehensive Economic Partnership Agreement, which will foster new avenues for collaboration and support the sustainable economic growth of both nations and their people.

The launch of the talks reflects a mutual commitment to elevate the two countries’ relationship to new levels of cooperation, said the President. He noted that, by facilitating investment and supporting innovation, the agreement will play an important role in the nation’s economic diversification efforts, while also providing more opportunities for collaboration between the business communities of both countries.

In a post on his X account, Japanese Prime Minister Fumio Kishida highlighted the significance of the commencement of CEPA negotiations

“I expect that the conclusion of an ambitious, balanced, and comprehensive Economic Partnership Agreement between Japan and the UAE, in addition to the Japan-GCC Free Trade Agreement, whose negotiations will proceed in parallel with the Japan-UAE negotiations, will contribute to the strengthening of economic relations and other fields between the two countries,” he said.



Gold Falls to One-week Low as Dollar Firms after Tariff Deadline Extension

FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo
FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo
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Gold Falls to One-week Low as Dollar Firms after Tariff Deadline Extension

FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo
FILE PHOTO: An employee places ingots of 99.99 percent pure gold in a workroom at the Novosibirsk precious metals refining and manufacturing plant in the Siberian city of Novosibirsk, Russia, September 15, 2023. REUTERS/Alexander Manzyuk/File Photo

Gold prices retreated to a one-week low on Monday as the dollar firmed and traders digested US President Donald Trump's extension of his July 9 tariff deadline to August 1 and assertion that the US is close to several trade deals.

Spot gold was down 0.8% at $3,307.87 an ounce at 1302 GMT after hitting its lowest since June 30 at $3,296.09. US gold futures lost 0.7% to $3,318.

The stronger dollar, up 0.2% against a basket of other major currencies, makes dollar-priced gold more expensive for buyers with other currencies, Reuters reported.

"The market volumes remain quiet at this moment, and price action is probably still just reflecting the latest piece of economic data, but also starting to look forward to the potential for trade deals to be announced," said Daniel Ghali, commodity strategist at TD Securities.

Last week's stronger than expected US payroll data cemented expectations that the Federal Reserve is unlikely to cut interest rates as early as previously expected.

Minutes of the Fed's latest policy meeting and speeches by several Fed officials are due this week for further insights into the central bank's policy path.

Elsewhere, China's central bank added gold to its reserves in June for an eighth consecutive month, official data from the People's Bank of China (PBOC) showed on Monday.

"The PBoC in particular has been diversifying foreign exchange reserves substantially and an uptick in uncertainty and geopolitical risk may speed up the process," said Zain Vawda, analyst at MarketPulse by OANDA.

In other precious metals, spot silver fell 1.6% to $36.32 an ounce, platinum shed 2.9% to $1,350.97 and palladium lost 3% to $1,100.65.