Cabinet okays pact with EU on chip technology
The MoU signed on Nov 21, 2023, intends to strengthen cooperation between India and EU towards enhancement of semiconductor technologies
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New Delhi: The Union Cabinet has approved a Memorandum of Understanding (MoU) signed between the Centre and the European Commission on Working Arrangements on Semiconductors Ecosystems, its supply chain and innovation under the framework of EU-India Trade and Technology Council (TTC).
The MoU, signed on November 21, 2023, intends to strengthen cooperation between India and European Union (EU) towards enhancement of semiconductor technology for the advancement of Industries and digital technologies, according to an official statement. “This is another step towards mutually beneficial semiconductor related business opportunities and partnerships between India and EU,” the official statement said.
The MoU comes into effect from the date of signature and may continue until both sides confirm that the objectives of this instrument have been achieved or until one side discontinues its participation in this instrument.
The agreement covers both G2G (government to government) and B2B (business to business) bilateral cooperation to boost the resilience of the semiconductor supply chains and leverage complementary strengths to promote collaboration in the field of semiconductors.
