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.



Asian Stocks Gain after China Teases US Tariff Talks

Asian markets largely rose Friday, tracking Wall Street gains and as China said it was considering a US offer to negotiate steep tariffs. JADE GAO / AFP/File
Asian markets largely rose Friday, tracking Wall Street gains and as China said it was considering a US offer to negotiate steep tariffs. JADE GAO / AFP/File
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Asian Stocks Gain after China Teases US Tariff Talks

Asian markets largely rose Friday, tracking Wall Street gains and as China said it was considering a US offer to negotiate steep tariffs. JADE GAO / AFP/File
Asian markets largely rose Friday, tracking Wall Street gains and as China said it was considering a US offer to negotiate steep tariffs. JADE GAO / AFP/File

Asian markets largely rose Friday, tracking Wall Street gains, as China said it was considering a US offer to negotiate steep tariffs.

US markets forged higher Thursday following strong results from tech giants Microsoft and Meta that helped offset lingering economic worries.

Apple reported first-quarter profit above expectations but warned that US tariffs could cost the company and were disrupting its supply chain.

And Amazon reported a nine percent rise in first-quarter revenue, but its outlook fell as potential impact from the US-China trade war rattled investors.

Washington's punishing levies reached 145 percent on many Chinese products in April, while Beijing has responded with fresh 125 percent duties on imports from the United States.

On Friday, China's commerce ministry said it was evaluating a US offer for negotiations on tariffs, but wanted Washington to show "sincerity" and be ready to scrap levies that have roiled global markets and supply chains.

US President Donald Trump has repeatedly claimed that China has reached out for talks on the tariffs, and this week said he believed there was a "very good chance we're going to make a deal".

Dozens of countries face a 90-day deadline expiring in July to strike an agreement with Washington and avoid higher, country-specific rates.

Stephen Innes of SPI Asset Management said Beijing and Washington were now "waving detente flags" in their spiraling trade war.

Beijing's demand for sincerity was an apparent call to ditch the 145 percent rate, before holding serious talks, Innes said in a note Friday.

"But dig a layer deeper, and the path is still littered with landmines," he added.

In Asia trading Friday, Hong Kong's Hang Seng Index was up more than one percent in the morning, while Japan's main Nikkei index gained about 0.6 percent.

Japan's envoy for US tariff talks said in Washington on Thursday that a second round of negotiations between the two countries had been "frank and constructive".

Japan, a key US ally and its biggest investor, is subject to the same 10 percent baseline tariffs imposed on most nations plus steeper levies on cars, steel and aluminium.

The Bank of Japan warned earlier that tariffs were fueling global economic uncertainty and revised down its growth forecasts while keeping its key interest rate steady.

Traders are looking ahead Friday to US jobs data for April for indications of the US central bank's path for interest rates.