India and the European Union have signed a Memorandum of Understanding on semiconductors that covers cooperation in areas such as research and innovation, talent development, partnerships and exchange of market information, the External Affairs Ministry said Friday.
The MoU was signed ahead of the IndiaEU Trade and Technology Council that was held in the virtual format on Friday.
Click here to follow our WhatsApp channel
The Trade and Technology Council meeting was co-chaired on the Indian side by External Affairs Minister S Jaishankar, Minister of Commerce and Industry Piyush Goyal and Minister of Electronics and Information Technology Ashwini Vaishnaw.
Executive Vice-President Valdis Dombrovskis and Vice-President Vera Jourova chaired the meeting from the European side.
The Trade and Technology Council (TTC) was launched by Prime Minister Narendra Modi and President of the European Commission Ursula von der Leyen during the latter's visit to India in April 2022.
The inaugural ministerial meeting of TTC was held in Brussels on May 16, where all three working groups under TTC set out their cooperation on a wide range of issues including semiconductors, high-performance computing, digital public infrastructures, clean energy technologies, supply chain resilience and trade issues.
During the virtual meeting, the co-chairs reviewed the progress achieved in the working groups since the first ministerial meeting and also discussed the future action plans of these working groups, the MEA said in its statement.
The co-chairs provided strategic guidance to the Working Groups on strategic technologies and digital connectivity, clean and green energy technologies, and trade, investment and resilient supply chains towards achieving the objectives set out for TTC during its establishment at the highest levels, the MEA said.
They expressed satisfaction at the progress achieved in the working groups to date, particularly in the areas of semiconductors, high-performance computing, digital public infrastructures, EV batteries and their recycling, waste to energy, resilient supply chains and FDI screening, it said.
The cochairs stressed on taking the collaboration through research and innovation to the next phase of implementation in terms of practical outcomes/projects, through more intensive stakeholder consultations before the next TTC meeting and IndiaEU Summit.
Also Read
India must emerge as trusted partner in semiconductor sector: Chandrasekhar
It's now or never for India to take lead in semiconductor sector: SEMI CEO
India will soon become global player in semiconductor industry: Gujarat CM
Memory chip giant SK Hynix considering setting up packaging plant in India
Centre to approve several chip fabrication plant proposals soon: MoS IT
NRIs likely to get bigger play in local equities through GIFT City FPIs
RBI slaps penalty on Citibank, Bank of Baroda, IOB for violating norms
Crude oil refining output rose less than 1% in October to 20.6 MMT
India and European Union likely to resolve ICT dispute by December
Rupee closes at new low of 83.38 vs $; most Asian currencies weaken
The MoU on semiconductors was signed by Ashwini Vaishnaw and Thierry Breton, European Commissioner for Internal Markets.
According to the statement, "The MoU aims at increasing resilience of semiconductors value chain in India and EU and covers cooperation in wide areas covering research and innovation, talent development, partnerships and exchange of market information."
The MoU symbolises the strong commitment between India and the EU to work towards building robust semiconductor supply chains and work together on innovation, it said.
In a post on X, Jaishankar said, "Co-chaired the India-EU Trade and Technology Council virtually along with my colleagues PiyushGoyal and Ashwini Vaishnaw. Thank our EU counterparts @VDombrovskis & @VeraJourova for their partnership.
"Noted the progress since our first meeting in May 2023 in digital and strategic technologies; clean energy and green technologies; and trade and investment and resilient value chains. Committed to promoting more engagements, bringing in practical initiatives and ensuring economic security," Jaishankar said.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)