Monday, December 11, 2023

Biden’s Semiconductor Summit: Strengthening US-India Ties for Robust Supply Chain Alliance

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US President Joe Biden, during remarks at the APEC CEO Summit, reaffirmed the United States’ commitment to bolster the semiconductor supply chain, with a special focus on collaborative efforts with key nations, including India. Emphasizing the significance of working with India, Japan, the Republic of Korea, and Singapore to fortify the critical semiconductor industry, Biden highlighted the launch of new initiatives aimed at shaping technologies and standards for the sector’s transformative future. The strengthened partnership with India reflects a shared dedication to technological advancement, positioning India as a pivotal player in the global technology landscape. In March, India and the US signed a Memorandum of Understanding on the semiconductor supply chain and innovation partnership, marking a strategic re-launch of the India-USA Commercial Dialogue after a three-year hiatus. The collaboration includes significant investments by companies like Micron Technology and Applied Materials to enhance semiconductor supply chain diversification in India. The bilateral trade and investment relationship between the US and India, as outlined by the Ministry of Commerce and Industry, demonstrates the growing economic ties between the two nations. Notably, the US Commerce Secretary’s visit is expected to contribute significantly to advancing trade and commercial relations. The APEC Leadership Summit, currently chaired by President Biden, brings together leaders from member nations, excluding India, to discuss economic cooperation and global trade.

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