India and European Union Ink MoU on Semiconductors By CIOTechOutlook Team

India and European Union Ink MoU on Semiconductors

CIOTechOutlook Team | Saturday, 25 November 2023, 02:36 IST

As per the Ministry of External Affairs, an India-EU Memorandum of Understanding (MoU) on semiconductors was signed, ahead of the Trade and Technology Council meeting in New Delhi. The Memorandum of Understanding was signed by Ashwini Vaishnaw, Minister of Electronics, Information Technology, and Communications, and Thierry Breton, European Commissioner for Internal Markets.

The MoU aims at increasing the resilience of the semiconductor value chain in India and the EU and covers cooperation in wide areas covering research and innovation, talent development, partnerships and exchange of market information. The MoU symbolizes the strong commitment between India and the EU to work towards building robust semiconductor supply chains and work together on innovation, as per ANI.

Meanwhile, the India-EU Trade and Technology Council (TTC) met virtually in New Delhi. The Indian delegation was led by External Affairs Minister S Jaishankar, Commerce and Industry Minister Piyush Goyal, and Electronics and Information Technology Minister Ashwini Vaishnaw.

Executive Vice-President Valdis Dombrovskis and Vice-President Vera Jourova led the EU delegation. The TTC was inaugurated by Prime Minister Narendra Modi and European Commission President Ursula von der Leyen during the latter's April 2022 visit to India.

TTC's inaugural ministerial meeting was held on May 16, 2023, in Brussels, where all three working groups established their cooperation on a wide range of issues, including semiconductors, high-performance computing, digital public infrastructures, clean energy technologies, supply chain resilience, and trade issues.

During the virtual meeting, the co-chairs reviewed the progress made in the working groups since the first ministerial meeting and addressed the working groups' upcoming action plans.