Union Minister of Commerce and Industry, Piyush Goyal, and the US Secretary of Commerce, Gina Raimondo, signed a Memorandum of Understanding (MoU) following the Commercial Dialogue 2023 held on Friday. During the event, they discussed cooperation for facilitating new trade and investment opportunities between the nations.
The MoU lays the foundation for developing a partnership for semiconductor supply chain and innovation under the Indo-American Commercial Dialogue guidelines framework. It aims to build a mechanism for collaboration between the two nations on Semiconductor Supply chain strength and diversification with regard to India’s Semiconductor Mission and the US’s CHIPS and Science Act.
The two nations plan to utilise each other’s strengths, promote commercial opportunities, and build semiconductor innovation ecosystems. Moreover, the MoU focuses on mutually beneficial R&D and the requisite talent and skill development.