India, US sign pact on semiconductor supply chain
1 min read . Updated: 10 Mar 2023, 01:08 PM IST
PremiumThe India-US Commercial Dialogue was re-launched today to discuss cooperation for unlocking new trade and investment opportunities between the two countries.
New Delhi: India and the US on Friday signed a Memorandum of Understanding (MoU) on semiconductor supply chain and innovation partnership to promote cooperation in the segment.
US Secretary of Commerce Gina M. Raimondo and India’s Commerce & Industry minister Piyush Goyal signed the pact during India-US Commercial Dialogue in Delhi.
The India-US Commercial Dialogue was re-launched today to discuss cooperation for unlocking new trade and investment opportunities between the two countries.
The MoU seeks to establish a collaborative mechanism between the two governments on Semiconductor Supply chain resiliency and diversification in view of US’s CHIPS and Science Act and India’s Semiconductor Mission.
It aims to leverage complementary strengths of both countries and facilitate commercial opportunities and development of semiconductor innovation ecosystems through discussions on various aspects of semiconductor value chain. The MoU envisages mutually beneficial R&D, talent and skill development.
The US commerce secretary had on Thursday said the India-US MoU on cooperation in semiconductors will help the Indian side play a greater role in diversified supply chains.
Raimondo is on a four-day visit to India for India-US Commercial Dialogue and India-US CEO Forum meeting on 10 March.
The India-USA Commercial Dialogue is a cooperative undertaking encompassing regular government-to-government meetings to be held in conjunction with private sector meetings, with an aim to facilitate trade, and maximize investment opportunities across a broad range of economic sectors.