India and the European Union (EU) signed a Memorandum of Understanding (MoU) on semiconductors on November 24, which will allow the EU and India to collaborate on semiconductor supply and innovation.
The initial agreement was signed by Thierry Breton, European Internal Market Commissioner, and Ashwini Vaishnaw, India's Minister of Railways, Communications, Electronics, and Information Technology.
As per the European Commission's statement, the EU and India intend to do the following under this Memorandum:
- Share different semiconductor ecosystems' experiences, best practices, and information.
- Identify opportunities for research, development, and innovation partnership among universities, research institutions, and enterprises.
- Promote the semiconductor industry's skills, talent, and workforce development, as well as collaboration, through the organisation of workshops, collaborations, and the promotion of direct investments.
- Maintain a level playing field in the sector, especially by exchanging information on governmental subsidies awarded.
Vaishnaw also posted on X on the agreement, saying that this will enhance resilience in semiconductor supply chain.
Both partners will continue to meet on a regular basis and report to the Trade and Technology Council (TTC). The next TTC Ministerial Meeting will be held in India in early 2024.
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