The United States and European Union (EU) held their first summit in seven years on Tuesday as US President Joe Biden was on his first overseas journey since taking office to revamp the transatlantic ties.

During the summit in Brussels, Biden met European Council President Charles Michel and European Commission President Ursula von der Leyen, and the leaders agreed to cooperate more on trade, investment and preparation for future global health challenges, as per reports.

The European Union and the US agreed on a truce in their long-standing conflict over aircraft subsidies. The dispute over subsidies for US planemaker Boeing and its European rival Airbus has resulted in parallel cases filed at the World Trade Organization (WTO) since 2004.

Both sides had agreed in March to a four-month suspension of tariffs on $11.5 billion of goods from EU wine to US tobacco and spirits, which they had imposed during the dispute. During the summit, they jointly agreed to remove the tariffs for five years until they continue discussions on an overarching deal on the subsidies.

They also agreed to establish an EU-US Trade and Technology Council with a view to expand bilateral trade and investments and discuss how to avoid new unjustified technical barriers and how to cooperate in areas with high potential from both economies.

Israel Defense Forces strikes Gaza Strip after incendiary balloon fires

Bangladesh re-elected as a deputy member of the governing body of the ILO

Philippines extends travel ban on India, Six other countries until June 30