New Delhi [India], November 24 (ANI): India and the European Union (EU) have signed a Memorandum of Understanding (MoU) on semiconductors, highlighting their commitment to strengthening the semiconductor value chain and fostering innovation. The MoU was signed by Minister of Electronics, IT and Communications Ashwini Vaishnaw and the European Commissioner for Internal Markets Thierry Breton ahead of the Trade and Technology Council meeting in New Delhi, according to a press release from the Ministry of External Affairs.
Under the MoU, India and the EU will collaborate in several areas including research and innovation, talent development, partnerships, and the exchange of market information. The agreement aims to enhance the resilience of the semiconductor value chain in both regions.
The signing of this MoU signifies the strong partnership between India and the EU in building robust semiconductor supply chains and promoting innovation. It reinforces their commitment to working together towards common goals.
In addition to the MoU, a virtual meeting of the India-EU Trade and Technology Council (TTC) was held in New Delhi. The Indian delegation was led by External Affairs Minister S Jaishankar, Minister of Commerce and Industry Piyush Goyal, and Minister of Electronics and Information Technology Ashwini Vaishnaw. The EU delegation was led by Executive Vice-President Valdis Dombrovskis and Vice-President Vera Jourova.
The TTC was launched in April 2022 during the visit of President of the European Commission Ursula von der Leyen to India. Since then, the working groups under the TTC have made significant progress in areas such as 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 achieved by these working groups and discussed future action plans. They emphasized the importance of strategic technologies, digital connectivity, clean and green energy technologies, and trade and investment in building resilient supply chains. The co-chairs expressed satisfaction with the progress made so far and stressed the need to further collaborate through research and innovation.
Both sides agreed to hold the next meeting of the TTC in India in early next year, in conjunction with the India-EU Summit.
External Affairs Minister S Jaishankar expressed his satisfaction with the progress and highlighted the commitment to promoting more engagements and practical initiatives for economic security.
The EU Ambassador to India, Herve Delphin, referred to the signing of the MoU as an important accomplishment for the EU-India Trade and Technology Council.
Union Commerce Minister Piyush Goyal also discussed the progress of the India-EU Free Trade Agreement negotiations with the European Commission’s Executive Vice President Valdis Dombrovskis, further promoting trade and economic ties between the two entities.
The signing of the MoU on semiconductors between India and the EU marks a significant milestone in their cooperation. It sets the stage for further collaboration in key areas of mutual interest, strengthening their partnership in the rapidly evolving semiconductor industry. This cooperation will contribute to the development of robust semiconductor supply chains and promote innovation, ultimately benefiting both India and the EU.
The next meeting of the India-EU Trade and Technology Council, scheduled for next year, will provide an opportunity to review progress and discuss new initiatives to further enhance bilateral cooperation and address emerging challenges.
