India, EU collaborate on semiconductor supply, innovation: Key takeaways
The Indian government and the European Union (EU) have inked a memorandum of understanding (MoU) to boost collaboration in the semiconductor ecosystem. Union Electronics and Information Technology Minister Ashwini Vaishnaw and EU Commissioner for Internal Market Thierry Breton signed the agreement, aiming to improve resilience in the semiconductor supply chain and foster joint innovation endeavors. Vaishnaw has shared the news on X, saying it would "deepen cooperation on semiconductor ecosystem and enhance resilience in semiconductor supply chain."
Part of ongoing collaboration under EU-India TTC
As per the EU's statement, the co-chairs of EU-India Trade and Technology Council (TTC), Executive Vice-President Valdis Dombrovskis, Vice-President Věra Jourová, held a stock-taking call with External Affairs Minister S Jaishankar, Vaishnaw, and Commerce Minister Piyush Goyal. Both parties provided updates on the progress made under the EU-India TTC, and also welcomed the agreement between the EU and India on a MoU on semiconductors.
What are the objectives of the MoU
The MoU sets several goals for India and the EU to cooperate on, such as exchanging experiences, best practices, and information about their respective semiconductor ecosystems. They will also pinpoint areas for collaboration in research, development, and innovation among universities, research organizations, and businesses. Moreover, both parties will promote skills, talent, and workforce development in the semiconductor space and ensure a level playing field by sharing information on granted public subsidies.
Next EU-India TTC Ministerial Meeting in early 2024
The inaugural TTC Ministerial Meeting occurred in Brussels on May 16 after its official launch on February 6 this year. European Commission President Ursula von der Leyen and Prime Minister Narendra Modi announced the same on April 25, 2022, in New Delhi. The next TTC Ministerial Meeting is scheduled for early 2024 in India. Both parties will continue to meet regularly and report developments under the TTC framework.
India has semiconductor agreements with other countries too
India has previously signed similar agreements with the United States and Japan, focusing on semiconductor supply chain and innovation partnerships. In March, Goyal and US Secretary of Commerce Gina Raimondo signed an MoU to strengthen semiconductor supply chain resilience and diversification. In July, Vaishnaw signed another agreement with Japan's Minister of Economy, Trade, and Industry, Nishimura Yasutoshi, for a semiconductor ecosystem, including manufacturing, design, research, talent, and supply chain developments.
