The agreement comes as New Delhi moves to diversify export markets to offset the impact of steep tariffs imposed by the United States and instability in shipping and energy routes due to the Iran war.
Macron underscored the need for France and South Korea to cooperate to help reopen the strait and deescalate Middle East animosities, affirming their resolve to secure the safe shipping route in the Strait of Hormuz.
The upgrade places the EU on the same diplomatic footing as the United States, China and Russia and was announced during a visit to Hanoi by European Council President António Costa. "At a moment when the international rules-based order is under threat from multiple sides, we need to stand side by side as reliable and predictable partners," Costa said, adding that the partnership is about "developing spheres of shared prosperity."
Under the deal, Taiwan will eliminate or reduce 99 percent of tariff barriers and provide preferential market access to numerous US goods, including auto parts, chemicals, machinery, health products, dairy products and pork, the office of the US trade envoy said in a statement. The US will, in turn, exempt a large range of Taiwanese goods from tariffs, including chalk, castor oil, pineapples and ginseng.
The United States is reportedly in discussions with Russia on a range of high-stakes infrastructure and trade projects, including a nuclear-powered datacenter and a tunnel under the Bering Strait, according to The Economist. Sources close to the talks indicate that associates within the orbit of former President Donald Trump are exploring potential stakes in Russian energy assets. In addition, negotiations are reportedly ongoing over rare-earth metals, oil, and gas projects in the Arctic region.
