Riyadh and Tokyo to Launch Coordination Framework to Boost Cooperation

Saudi Ambassador to Japan Dr. Ghazi Binzagr. (Asharq Al-Awsat)
Saudi Ambassador to Japan Dr. Ghazi Binzagr. (Asharq Al-Awsat)
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Riyadh and Tokyo to Launch Coordination Framework to Boost Cooperation

Saudi Ambassador to Japan Dr. Ghazi Binzagr. (Asharq Al-Awsat)
Saudi Ambassador to Japan Dr. Ghazi Binzagr. (Asharq Al-Awsat)

Saudi Arabia and Japan are close to unveiling a higher partnership council that will be headed by the countries’ leaderships in line with efforts to build a partnership that bolsters the technical transformation and joint research in clean energy, communications and other areas, revealed Saudi Ambassador to Japan Dr. Ghazi Binzagr.

He told Asharq Al-Awsat that the two countries will soon open a new chapter in their sophisticated strategic partnership.

The new council will be chaired by Prince Mohammed bin Salman, Saudi Crown Prince and Prime Minister, and Japanese Prime Minister Shigeru Ishiba to push forward the Saudi-Japan Vision 2030, he added.

The council will elevate cooperation between the countries and pave the way for broader dialogue and consultations in various fields to bolster political, defense, economic, cultural and sports cooperation, he explained.

The two parties will work on critical technological partnerships that will focus on assessing and developing technologies to benefit from them, Binzagr said. They will also focus on the economy these technologies can create and in turn, the new jobs they will generate.

These jobs can be inside Saudi Arabia or abroad and provide employers with the opportunity to develop the sectors they are specialized in, he added.

Binzagr said Saudi Arabia and Japan will mark 70s years of relations in 2025, coinciding with the launch of Expo 2025 in Osaka in which the Kingdom will have a major presence.

Relations have been based on energy security and trade exchange with Japan’s need for oil. Now, according to Saudi Vision 2030, they can be based on renewable energy and the post-oil phase, remarked the ambassador.

Several opportunities are available in both countries in the cultural, sports and technical fields, he noted.

Both sides agree that improving clean energy and a sustainable environment cannot take place at the expense of a strong economy or quality of life, but through partnership between their countries to influence the global economy, he explained.

"For the next phase, we are keen on consolidating the concept of sustainable partnerships between the two countries in various fields so that this partnership can last for generations,” Binzagr stressed.

“I believe these old partnerships will last for decades and centuries to come,” he remarked.

Moreover, he noted that the oil sector was the cornerstone of the partnership and it will now shift to petrochemicals and the development of the petrochemical industry.



Dollar Extends Falls after Weaker-than-expected US Producer Prices

US Dollar banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/File Photo/File Photo
US Dollar banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/File Photo/File Photo
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Dollar Extends Falls after Weaker-than-expected US Producer Prices

US Dollar banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/File Photo/File Photo
US Dollar banknotes are seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/File Photo/File Photo

The US dollar extended losses against the euro and yen on Thursday after yet another data showing softer-than-expected inflation in the world's largest economy, suggesting the Federal Reserve could increase the pace of its easing cycle.

The dollar dropped 0.95% against the yen to 143.29 yen , while the euro surged more than 1% to $1.1624 .

US producer prices last month rose just 0.1%, less than the expected 0.2% rise.

According to Reuters, the dollar has sunk to its lowest in three years as rapidly changing US trade policy unsettles markets and expectations build for Federal Reserve rate cuts, fuelling outflows from the world's biggest economy.
With the dollar down almost 10% against a basket of major currencies this year, other countries around the globe are grappling with unanticipated FX moves that are having a knock-on impact on economic growth and inflation.