India, EU Sign MoU on Semiconductors
On Friday, a significant step toward enhancing collaboration between India and the European Union (EU) in the semiconductor sector was taken with the signing of a Memorandum of Understanding (MoU). The agreement, inked ahead of the Trade and Technology Council meeting in New Delhi, was announced through a press release by the Ministry of External Affairs.
Minister of Electronics, IT, and Communications Ashwini Vaishnaw represented India, while the European Commissioner for Internal Markets, Thierry Breton, signed on behalf of the EU. The primary objective of the MoU is to strengthen the resilience of the semiconductor value chain in both India and the EU. It encompasses a broad spectrum of cooperation areas, including research and innovation, talent development, partnerships, and the exchange of market information.
This MoU signifies a robust commitment from both India and the EU to collaboratively build resilient semiconductor supply chains and foster innovation.
Simultaneously, a virtual meeting of the India-EU Trade and Technology Council (TTC) took place in New Delhi on the same day. The Indian delegation, led by External Affairs Minister S Jaishankar, Minister of Commerce and Industry Piyush Goyal, and Minister of Electronics and Information Technology Ashwini Vaishnaw, engaged with the EU delegation headed by Executive Vice-President Valdis Dombrovskis and Vice-President Vera Jourova.
The TTC, inaugurated by Prime Minister Narendra Modi and President of the European Commission Ursula von der Leyen in April 2022, had its first ministerial meeting in Brussels on May 16, 2023. During this virtual meeting, the co-chairs reviewed the progress made by the working groups and discussed future action plans. The working groups cover diverse areas such as semiconductors, high-performance computing, digital public infrastructures, clean energy technologies, supply chain resilience, and trade issues.
Strategic guidance was provided to the working groups on areas like strategic technologies and digital connectivity, clean and green energy technologies, and trade, investment, and resilient supply chains. The co-chairs expressed satisfaction with progress made, particularly in semiconductors, high-performance computing, digital public infrastructure, EV batteries and recycling, waste to energy, resilient supply chains, and FDI screening.
The meeting emphasized taking collaboration through research and innovation to the next phase of implementation, involving more intensive stakeholder consultations before the next TTC meeting and the India-EU Summit.
Both sides agreed to convene the next TTC meeting in India, back-to-back with the India-EU Summit, at a mutually convenient date early next year.
External Affairs Minister Jaishankar, who co-chaired the virtual meeting, expressed gratitude to his EU counterparts and highlighted the progress made since the first meeting in May 2023. He underscored the commitment to promote more engagements, initiate practical initiatives, and ensure economic security.
EU Ambassador to India Herve Delphin celebrated the signing of the MoU on Semiconductors as a crucial milestone, paving the way for closer cooperation in this strategic sector.
Furthermore, Union Commerce Minister Piyush Goyal engaged in discussions on the progress of India-EU Free Trade Agreement negotiations with the European Commission Executive Vice President Valdis Dombrovskis on Sunday, indicating ongoing efforts to strengthen economic ties between the two entities.
