New Delhi, Jan 19 (KNN) The Union Cabinet has been informed about the approval of a Memorandum of Understanding (MoU) between the Government of the Republic of India and the European Commission.

This MoU focuses on working arrangements concerning Semiconductors Ecosystems, including their supply chain and innovation, within the framework of the EU-India Trade and Technology Council (TTC).

The agreement, signed on November 21, 2023, aims to enhance the resilience of the semiconductor value chain in both India and the EU.

The scope of cooperation outlined in the statement encompasses various areas such as research, innovation, talent development, partnerships, and the exchange of market information.

The MoU will be effective from the date of signature and will remain in force until both parties confirm the achievement of its objectives or until one side discontinues its participation.

In its commitment to fostering a favourable environment for electronics manufacturing, India's Ministry of Electronics and Information Technology (MeitY) has actively engaged in international collaboration.

MeitY has entered into multiple MoUs and agreements to strengthen bilateral cooperation, facilitate the exchange of information, and bolster supply chain resilience.

The initial agreement on semiconductors was signed by Ashwini Vaishnaw, Minister for Electronics and Information Technology and Thierry Breton, the European Commissioner for Internal Markets.

(KNN Bureau)