During the Asia-Pacific Economic Cooperation CEO summit in San Francisco, President Joe Biden reiterated the United States’ dedication to fortifying the semiconductor supply chain, emphasizing collaborative efforts with pivotal nations such as India.
In his address, President Biden underscored the significance of working in tandem with India, along with Japan, the Republic of Korea, and Singapore, to bolster the critical semiconductor industry. He announced the launch of new initiatives designed to shape technologies and standards, driving transformative advancements in the semiconductor sector.
The commitment to strengthen collaboration with India had earlier materialized in March of this year when both nations signed a Memorandum of Understanding (MoU) on the semiconductor supply chain and innovation partnership. The agreement was formalized during the India-USA Commercial Dialogue, which was re-launched with a strategic outlook, focusing on supply chain resiliency, diversification, and emerging areas. This marked a crucial step forward in fostering technological cooperation between the two countries.
India holds the position of the ninth largest trading partner for the United States, while reciprocally, the U.S. is India’s largest trading partner and the primary destination for exports, as highlighted by the Ministry of Commerce and Industry. This reaffirms the strength and significance of the economic ties between the two nations.
The emphasis on collaborative efforts with key nations aligns with the global recognition of the critical role semiconductors play in various technological domains. By fostering partnerships and driving initiatives, the United States, alongside India and other strategic allies, aims to fortify the semiconductor industry, ensuring resilience, innovation, and shared advancements in this vital sector. As the semiconductor landscape continues to evolve, these collaborative measures are poised to shape the future of technology on a global scale.