India Signed MoU on Semiconductors With European Commission

India signed a Memorandum of Understanding on semiconductors with the European Commission in a rapidly growing technological alliance in the semiconductors industry. Earlier India signed such agreements with the US and Japan.

India signs MoU with EU on Semiconductors [Credit-HT Tech]

External Affairs Minister S Jaishankar, Minister for Electronics and IT, and Minister of Commerce Ashwini Vaishnaw along with EU's Executive Vice-President Valdis Dombrovskis and Vice-President Vera Jourova convened the meeting.

The meeting convened to assess the progress achieved under the EU-India Trade and Technology Council [TTC]. The [TTC] Council set the groundwork for upcoming Ministerial discussions.

India Signed Semiconductors MoU With The European Commission:

At the TTC meeting, the pivotal agreement was signed. Indian Union Minister Ashwini Vaishnaw and Thierry Breton, Commissioner for Internal Market, focused on outlining a strategic roadmap for collaborative efforts between the EU and India.

 

India signs MoU with EU on Semiconductors

However, the primary focus of this agreement will be establishing resilient semiconductor supply chains and fostering joint innovation endeavors. The following are key objectives that signal a shared commitment.

• Both parties will exchange insights, best practices, and information regarding semiconductor ecosystems.

• Will identify collaborative research, development, and innovation opportunities among universities, research organizations, and businesses.

• Will promote skill development, talent acquisition, and workforce enhancement within the semiconductor industry through workshops, partnerships, and direct investments.

• It will ensure fair competition within the sector by sharing information on allocated public subsidies.

The agreement shows that both parties maintain regular dialogues and present updates under the TTC framework. There will be another TTC Ministerial meeting likely in early 2024 in India anticipates the importance and further advancements in their collaborative efforts.

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India Signed MoUs With America and Japan Earlier:

In March 2023, during a commercial dialogue held in New Delhi, India inked an MoU with the US to focus on forging a semiconductor supply chain and innovation partnership. The MoU was signed by Union Minister Piyush Goyal and US Secretary of Commerce Gina Raimondo.

The aim of the agreement is to bolster semiconductor supply chain resilience and diversification. This initiative also aligns with India's Semiconductor Mission and the US's CHIPS and Science Act.

India signs MoU with Japan on Semiconductor [Credit-HT]

In a similar step in July 2023, Union Minister Ashwini Vaishaw signed an agreement with Japan's Minister of Economy, Trade and Industry Nishimura Yasutoshi. The agreement aims to develop a semiconductor ecosystem, focusing on manufacturing, design, research, talent, and supply chain developments.

India is growing as a trusted partner among developed as well as developing countries. The current trend of semiconductor industry agreements shows that the Indian market will be more integrated with the world in the future.

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