Wang Yi in New Delhi to consolidate Sino-Indian rapprochement
Today's news: The Washington summit with Trump and European leaders leads to openings for a meeting between Putin and Zelensky to end the war in Ukraine. Hamas is willing to accept a ceasefire proposal, while Israel is moving forward with its offensive in Gaza City. Philippine Senate starts investigation into corruption in flood control procurement. Singapore and Thailand reach agreement on carbon credits.
CHINA – INDIA
Chinese Foreign Minister Wang Yi met with his Indian counterpart Subrahmanyam Jaishankar in New Delhi in a face-to-face meeting that epitomises the rapprochement between the two Asian giants, which has accelerated in recent weeks in response to US tariffs on India. Wang Yi and Jaishankar discussed border peace, trade issues, and bilateral trade, including the strategic issue of rare earths. Chinese sources also mentioned India's commitment to recognising Taiwan as part of China, but New Delhi maintains that its position on the issue has not changed. Indian Prime Minister Modi, who is meeting Wang Yi today, will travel to Tianjin on 31 August for the Shanghai Cooperation Organisation (SCO) summit, his first trip to China in seven years.
RUSSIA – UKRAINE – UNITED STATES – EUROPEAN UNION
During the White House summit with Volodymyr Zelensky and European leaders on the war in Ukraine, US President Donald Trump held further discussions with Russian President Vladimir Putin to arrange a meeting between the Russian and Ukrainian presidents by the end of August. Zelensky stated that he was ready for a tête-à-tête with Putin – or a meeting that included Trump. The summit focused primarily on security guarantees for Ukraine within the framework of a peace agreement, which should be provided by European countries in coordination with the United States.
RUSSIA
Prices of Ai-92 gasoline on the St Petersburg Stock Exchange reached a record high of 71,309 rubles per tonne (almost US$ 890), up 1.28 per cent in a month, after previously topping 80,000 rubles. Diesel prices also rose to 60,000 rubles per tonne, following a proposal by Deputy Prime Minister Alexander Novak to extend the export ban.
GAZA - ISRAEL
Hamas informed Qatari and Egyptian mediators yesterday that it has accepted a proposed ceasefire agreement and the release of hostages in Gaza. The agreement, which mirrors the one presented last month by US envoy Steve Witkoff at negotiations in Doha that stalled, would entail a 60-day truce and the release of half of the 50 hostages, including 10 of the 20 believed to be alive, in exchange for 150 Palestinian prisoners. Prime Minister Netanyahu attributed Hamas's move to "immense pressure" from Israel, but his government appears intent on moving forward with its military plans to occupy Gaza City. According to Palestinian sources, 25 more people were killed in bombings this morning.
PHILIPPINES
The Philippine Senate has set up a commission to investigate corruption in flood control projects. The Senate investigation comes after President Ferdinand Marcos Jr., in his latest State of the Nation address, denounced public officials and companies involved in such activities. Marcos also launched a website allowing the public to report problems related to flood control projects. An investigation by Rappler, a Philippine online news website, revealed that six of the 15 companies that received major contracts for these projects had received negative evaluations on previous government projects.
SINGAPORE – THAILAND
Singapore and Thailand have signed an agreement allowing Singapore to purchase carbon credits from Thailand. This agreement, Singapore's eighth, helps both countries achieve the climate goals of the Paris Agreement by directing funds to projects in Thailand. The deal boosts regional carbon markets, with Singapore aiming to offset 2.5 million tonnes of emissions annually through carbon credits.
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