Making deals. The deal that enabled Ukrainian grain to be exported through the Black Sea will be extended by 120 days, according to the president of Turkey, who helped mediate the agreement. He thanked U.N., Ukrainian and Russian leaders for negotiating the extension. Meanwhile, French President Emmanuel Macron said on Wednesday that Russian fertilizer deliveries to Africa via a special corridor through Europe will begin in the coming weeks. The arrangement seems to be a Western concession to Moscow, which had earlier indicated that an extension of the grain deal would be conditioned on fertilizer deliveries.
Russia-Japan trade. Russia and Japan continue to trade in substantial volumes despite sanctions on Moscow over its invasion of Ukraine. Although trade turnover between the two countries in October decreased by 9.5 percent compared to the same period last year, Japanese exports to Russia of certain goods increased markedly. Exports of medical products rose by more than 800 percent and computer parts by 340 percent. There was also a slight increase in Japanese car and engine deliveries. These are all products that Russia still doesn’t produce at home in sufficient quality or quantity.
East Asian cooperation. Chinese President Xi Jinping held talks with his Indonesian counterpart, Joko Widodo, in Bali. The two leaders agreed to boost infrastructure and maritime cooperation and strengthen “strategic coordination” in regional affairs. They also observed a trial run of the Jakarta-Bandung high-speed railway, which is expected to start operating in June 2023.
Meanwhile, in Thailand… Xi also attended the Asia-Pacific Economic Cooperation summit in Bangkok, where he met with Japanese Prime Minister Fumio Kishida for the first time since Kishida took office last year. The two leaders expressed their willingness to improve relations.
Talking tough. North Korean Foreign Minister Choe Son-hui warned that the country will take a tougher military response if the U.S. and its allies strengthen their “extended deterrence,” pointing to a trilateral summit between the U.S., South Korea and Japan over the weekend. A few hours after the warning, Pyongyang fired a short-range ballistic missile.
Help for Pakistan. The U.S. and Pakistan are launching a new bilateral trade initiative to encourage U.S. investment in Pakistan, the U.S. ambassador to Islamabad announced on Friday. The U.S. also announced that $135 million had been raised through the Global Fertilizer Challenge to tackle food insecurity and fertilizer shortages in Pakistan.
Seoul summit. A meeting of the Korea-Saudi Business Council took place in Seoul on Thursday. Business leaders from South Korea and Saudi Arabia discussed ways to deepen their economic partnership, enhance business ties and cooperate on future projects.
Source: Geopoliticalfutures.com
