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EU and India ink agreement on semiconductors
The two sides have agreed to work on promoting skills, talent and workforce development for the semiconductors industry
Representative image / Image - Observer Research Foundation
The European Union (EU) signed a Memorandum of Understanding on semiconductors with India under the framework of EU-India Trade and Technology Council ( (TTC). The agreement aims to build robust semiconductor supply chains and promote collaboration on innovation.
Signed by Thierry Breton, EU Commissioner for Internal market, and Ashwini Vaishnaw, Indian Minister for Railways, Communications, Electronics and Information Technology, the agreement states that the two sides will work towards promoting skills, talent and workforce development for the semiconductors industry by organising workshops, building partnerships and promoting direct investments in the industry.
The agreement was signed between the nations during a stock taking call with Executive Vice-President Valdis Dombrovskis and Vice-President Věra Jourová representing the European Union and their counter parts Subrahmanyam Jaishankar, Minister of External Affairs, Ashwini Vaishnaw Minister for Railways, and Minister of Commerce Piyush Goyal.
Commenting on the partnership, Věra Jourová, Vice-President for Values and Transparency of the European Union, said, “Semiconductors power the green and digital transition. They are also crucial to our economic security and the competitiveness of EU industry and its economy more broadly. Signing this agreement with India, a trusted and dynamic partner with complementary strengths, will foster innovation in this important are!.”
“Chips are vital for our economies, and we are strengthening our resilience in the new geopolitics of semiconductor supply chains. I am glad we will continue to cooperate with India, a key partner, on trade and technology issues to overcome supply chain challenges. In the longer term, our cooperation on research and skills will be essential to strengthen our resilience,” Breton noted.
The EU and India launched a Trade and Technology Council (TTC) in February 2023 to deepen strategic engagement on trade and technology. Its first meeting was held on 16 May 2023 in Brussels, the second is scheduled to take place in early 2024 in India.
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