India and the US today signed an agreement to establish a partnership in the field of semiconductor (chip) supply chain and innovation. The agreement has been signed under the India-US Commercial Dialogue programme, which has been revived after a gap of three years.
The collaboration initiative for semiconductors comes at a time when chip shortages have severely affected vehicle and electronics supplies in both countries following the outbreak of COVID-19.
US Commerce Secretary Gina Raymondo told reporters at the joint talks, “America wants India to fulfill its dream of playing a bigger role in the electronics supply chain.” This Memorandum of Understanding (MoU) has been designed to help achieve that goal. We have already started working on this MoU. The Indian and US semiconductor industries have been asked to identify where the supply chain is lacking and where it is not strong. This will help us in taking the work forward.
Raymondo, who came to India on Tuesday on a four-day visit, was in Delhi today. He had earlier said that the two sides have talked about cooperation in the semiconductor industry on a level playing field of demand and supply. It has tried to find out where joint ventures or partnerships can be done for technology sharing, employment, training, research and development etc.
Co-chaired by Commerce and Industry Minister Piyush Goyal and US Secretary Raymondo, the commercial dialogue is part of efforts to strengthen the India-US Comprehensive Global Strategic Partnership. The commercial dialogue will focus on resilient and secure supply chains, cooperation in climate and clean technology, inclusive digital growth, talent development including skills, economic growth especially for MSMEs and Startups after the pandemic, and cooperation on quality standards. was focused.
Raymondo brought a high level business delegation of US CEOs for the India-US CEO Forum. It aims to focus on the shared strategic priorities of both sides.
Goyal said that both the countries have also started the Standard and Conformance Cooperation Program. It focuses on the collaboration and partnership between the American National Standards Institute (ANSI) of the US and the Bureau of Indian Standards (BIS) of India.
The US is India’s largest exporter and trading partner, while India is the ninth largest trading partner of the US. Bilateral trade between the two countries stood at $108.43 billion during April to January. Both the countries aim to increase it to $500 billion by 2025.
The US is also the third largest source of FDI in India. It is among the top five investment destinations for India.
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