Apple CEO attends Beijing's CDF, highlighting China's weight in global supply chains

Apple CEO Tim Cook was among the prominent attendees of Beijing's two-day China Development Forum (CDF), underscoring the country's crucial position in global industry and supply chains.

At the forum that concluded on Monday, leading Chinese officials reaffirmed their commitment to further opening up and integrating foreign-funded enterprises into the Chinese market.

During his attendance, Cook engaged in discussions on Sunday with Ren Hongbin, chairman of China Council for the Promotion of International Trade, focusing on China's policy direction to stimulate consumption this year, a meaningful move for Apple given the country's status as its largest overseas market.

Recognizing China's strategic importance, Cook also met with Chinese Commerce Minister Wang Wentao on Monday, underlining Apple's continued interest in the Chinese market.

Cook has made frequent trips to China over the last couple of years, emphasizing the company's commitment to China's market and supply chain dynamics. He attended the second China International Supply Chain Expo in Beijing in November 2023 and the opening of a new Apple store in Shanghai in March 2024,

Beyond Cook's engagements, his presence signifies China's enduring significance in the global market and industrial supply chain landscape, a sentiment echoed by top executives at the forum.

Renee Wang, executive vice president of the German technology manufacturing company ZF Group and president of ZF China and Operation Asia Pacific, told reporters, "We are in the auto industry. In the last 20 years, China has already developed a very mature and comprehensive supply chain and industry chain for the whole industry."

"The resilience of the supply chain is critical for us. And as we look at suppliers from all around China, we can have the opportunity to pick from the best, source the best, have the highest quality products," said Joe Bao, executive vice president of Finland-based elevator giant KONE Corporation.

The China Development Forum brought together 86 official delegates from multinational companies across 21 countries - a record high, with American firms accounting for the largest share, totaling 27 enterprises.

Apple CEO attends Beijing's CDF, highlighting China's weight in global supply chains

Russia and the United States have agreed to ensure the implementation of the Black Sea Initiative, provided that sanctions were eased on Russia's agricultural and food trade, the Kremlin said Tuesday.

The Kremlin said the agreement includes ensuring the safety of navigation in the Black Sea, the non-use of force, and preventing commercial ships from being used for military purposes, with inspections in place to enforce this.

It also added that the United States will help in restoring Russia's access to global markets for agricultural and fertilizer exports, lowering shipping insurance costs, and improving access to ports and international payment systems.

The agreement will enter into force after a series of sanctions and restrictions related to its agricultural and food trade were lifted, the Kremlin noted.

The move would include lifting Western sanctions on the Russian Agricultural Bank, which services agricultural businesses, and reconnecting the bank to the SWIFT international messaging system.

Russia has also listed in the conditions the removal of restrictions on its food and fertilizer producers and exporters, on the servicing of related Russian-flagged vessels in ports, and on the related agricultural machinery supplies to Russia.

The Kremlin statement came after Russian and U.S. representatives wrapped up their Monday's talks in Riyadh, capital of Saudi Arabia, where both sides sought arrangements for the safety of navigation in the Black Sea.

Russia and Ukraine signed separately with Türkiye and the United Nations the Black Sea Grain Initiative in Istanbul in July 2022, which secured the export of Ukrainian grain and other agricultural products from Black Sea ports.

As a parallel agreement, Russia and the UN signed a memorandum of understanding on the facilitation of Russian food and fertilizer exports.

On July 17, 2023, Russia suspended its participation in the Black Sea deal, citing unfulfilled commitments to the Russian part.

Kremlin says Russia, U.S. agree to ensure implementing Black Sea initiative