Latest news with #strategic cooperation
Reuters
2 days ago
- Business
- Reuters
South Korea, Vietnam leaders to pledge deeper ties amid trade challenges
SEOUL, Aug 11 (Reuters) - South Korea and Vietnam will pledge deeper economic and strategic cooperation when their leaders hold a summit on Monday as the former Cold War-era foes seek to leverage their business ties to navigate a challenging global trading environment. South Korean President Lee Jae Myung hosts Vietnamese leader Lam To as his first state guest since taking office on June 4 and will discuss promoting trade and investment in the Southeast Asian country, Lee's office said. Lam, who is the Vietnamese Communist Party general secretary, leads a delegation of industry, trade, foreign and technology ministers and senior party and parliament members on the four-day state visit. The countries plan to sign at least 10 memoranda of understanding at the summit meeting, pledging cooperation in nuclear and renewable energy, monetary and financial policies, and science and technology, Lee's office said. The rare visit by the Vietnamese leader is expected to contribute to a favourable condition for South Korean businesses to invest in major infrastructure and nuclear energy projects planned in Vietnam, it said. A number of major South Korean companies including Samsung Electronics have used Vietnam as an export hub, benefiting for years from lower labour costs, generous tax incentives and Hanoi's numerous free trade pacts with dozens of countries. But the trade policy of U.S. President Donald Trump, who imposed sweeping new tariffs on the Asian countries in recent weeks, has increased uncertainty over future business commitments, with Vietnamese official data showing a slowdown in new investment. South Korean companies have been cited as potential investors in Vietnam's planned nuclear energy, LNG power plants and high-speed rail projects. Trump has imposed a tariff rate of 15% for South Korean goods and 20% for imports from Vietnam.
Times of Oman
4 days ago
- Business
- Times of Oman
India's NSA Doval meets Russia's First Deputy PM, discusses defence and strategic projects
Moscow: Russia's First Deputy Prime Minister Denis Manturov held a meeting with India's National Security Advisor Ajit Kumar Doval, focusing on defence and strategic cooperation between the two countries, the Russian embassy said on Friday. According to the embassy, the talks covered a wide range of issues under the bilateral military-technical cooperation framework. Both sides also reviewed the progress of joint projects in other strategic sectors, including civil aircraft manufacturing, metallurgy, and the chemical industry. "The parties discussed topical issues of #RussiaIndia military-technical cooperation, as well as the implementation of joint projects in other strategic sectors, including civil aircraft manufacturing, metallurgy, and the chemical industry," the embassy posted on X (formerly twitter). A day before the meeting with Manturov, NSA Doval had held talks with President Putin and Russia's Security Council Secretary Sergey Shoigu on August 7. On August 8, Prime Minister Narendra Modi and Russian President Vladimir Putin held a telephonic conversation, during which they discussed trade, economic, and investment cooperation. PM Modi later described the call as "very good and detailed," adding that he had thanked President Putin for briefing him on the latest developments in Ukraine. "Had a very good and detailed conversation with my friend President Putin. I thanked him for sharing the latest developments on Ukraine. We also reviewed the progress in our bilateral agenda, and reaffirmed our commitment to further deepen the India-Russia Special and Privileged Strategic Partnership. I look forward to hosting President Putin in India later this year." PM Modi said in a statement on X. The development comes amid ongoing tensions following the imposition of tariffs on India for buying Russian oil. During their call, President Putin briefed PM on the latest developments concerning Ukraine, as per a statement by the External Affairs Ministry. The two leaders also reviewed progress in the bilateral agenda, and reaffirmed their commitment to further deepen the Special and Privileged Strategic Partnership between India and Russia.
Arabian Business
5 days ago
- Business
- Arabian Business
UAE President Sheikh Mohamed bin Zayed arrives in Moscow for talks with Putin
United Arab Emirates President Sheikh Mohamed bin Zayed Al Nahyan arrived in Moscow on Thursday for an official visit aimed at deepening economic and strategic ties with Russia, amid growing cooperation between the two countries. Sheikh Mohamed was welcomed with full ceremonial honours at Vnukovo Airport, where the national anthems of both nations were played and a military honour guard stood in attendance. The UAE president is accompanied by a high-level delegation of senior officials. He is expected to hold talks with Russian President Vladimir Putin focusing on bilateral cooperation in trade, investment, energy, and other areas of mutual interest. The visit follows a series of diplomatic engagements between the two countries, including a phone call between Sheikh Mohamed and Putin in June that addressed de-escalation efforts in the Middle East. Shortly after, Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed met the Russian leader in Minsk on the sidelines of the Supreme Eurasian Economic Council. According to official data, bilateral trade between Russia and the UAE reached $9.5 billion in 2024, with Russia exporting gold, diamonds, and refined petroleum, while the UAE sends goods such as broadcasting equipment and computers to the Russian market. This marks Sheikh Mohamed's first visit to Russia since October 2024, when he attended the BRICS summit in Kazan and met with Putin.
The National
6 days ago
- Business
- The National
Secondary tariffs still expected after meeting between Putin and Witkoff, US State Department says
Washington expects to impose secondary tariffs on Moscow's trading partners on Friday, the State Department said on Wednesday, following a meeting between US special envoy Steve Witkoff and Russian President Vladimir Putin on ending the Ukraine war. US President Donald Trump in July set a 50-day deadline for Moscow to stop hostilities, threatening to impose secondary tariffs on trading partners importing Russian fuel. Mr Witkoff's visit is viewed as a last-ditch effort to end the conflict ahead of a deadline on Friday. A senior administration official told The National that 'the Russians are eager to continue engaging with the United States'. Mr Putin's foreign affairs adviser said that the two men had a 'useful and constructive conversation' that focused on Ukraine as well as 'prospects for possible development of strategic co-operation between the US and Russia '. Mr Trump, who campaigned on ending the war that has raged since early 2022, has become increasingly frustrated with his counterpart as Moscow's forces advance in Ukraine and its bomb and missile strikes killed hundreds of civilians. Overnight on Tuesday, Russian forces hit a recreational centre in Ukraine's southern Zaporizhzhia region, killing two people and injuring 12, including two children, according to local authorities. On entering office, Mr Trump attempted a more conciliatory tone with his Russian counterpart, in contrast to his predecessor Joe Biden, who enacted punishing sanctions against Moscow over the conflict. But relations frayed following a series of meetings with Ukrainian and Russian officials that failed to bring the war to a halt.
