During the discussions, the pivotal settlement was signed by Union Minister Vaishnaw and Thierry Breton, Commissioner for Internal Market, outlining a strategic roadmap for collaborative efforts between India and the EU. (X)
The major focus of this settlement will likely be establishing resilient semiconductor provide chains and fostering joint innovation endeavours
India and the European Commission have signed a Memorandum of Understanding (MoU) on semiconductors, setting a pivotal milestone of their burgeoning technological alliance.
EU’s Executive Vice-President Valdis Dombrovskis and Vice-President Věra Jourová, alongside with Minister of External Affairs S Jaishankar, Minister for Electronics and IT Ashwini Vaishnaw, and Minister of Commerce Piyush Goyal, convened to evaluate the progress achieved underneath the EU-India Trade and Technology Council (TTC) and set the groundwork for upcoming Ministerial discussions.
During the discussions, the pivotal settlement was signed by Union Minister Vaishnaw and Thierry Breton, Commissioner for Internal Market, outlining a strategic roadmap for collaborative efforts between India and the EU. The major focus of this settlement will likely be establishing resilient semiconductor provide chains and fostering joint innovation endeavours.
MoU signed between India and EU to deepen cooperation on semiconductor ecosystem and improve resilience in semiconductor provide chain. pic.twitter.com/9w8hq6s2Q5— Ashwini Vaishnaw (@AshwiniVaishnaw) November 24, 2023
Outlined inside the settlement are key goals that sign a shared dedication between India and the EU:
- Exchange of insights, finest practices, and data concerning respective semiconductor ecosystems.
- Identification of collaborative analysis, improvement, and innovation alternatives amongst universities, analysis organizations, and companies.
- Promotion of talent improvement, expertise acquisition, and workforce enhancement inside the semiconductor business by way of workshops, partnerships, and direct investments.
- Ensuring honest competitors inside the sector by sharing data on allotted public subsidies.
It is known that this settlement propels each events to take care of common dialogues and current updates underneath the TTC framework. The subsequent TTC Ministerial Meeting, slated for early 2024 in India, anticipates additional developments of their collaborative endeavours.
During the Commercial Dialogue held in New Delhi in March India and the US inked an MoU centered on forging a semiconductor provide chain and innovation partnership.
Signed by Union Minister Goyal and US Secretary of Commerce Gina Raimondo, the MoU units up a collaborative mechanism between each governments, geared toward bolstering semiconductor provide chain resilience and diversification. This initiative additionally aligns with the US’s CHIPS and Science Act and India’s Semiconductor Mission.
Similarly in July, Union Minister Vaishnaw signed one other settlement with Japan’s Minister of Economy, Trade and Industry Nishimura Yasutoshi, to develop a semiconductor ecosystem, focusing on manufacturing, design, analysis, expertise and provide chain developments.
