India, US hold Commercial Dialogue, sign MoU on critical minerals supply chains

Taking forward the semi-conductor-making capacities, India and the US have completed a ‘readiness assessment’ of each other’s capacities, available resources and supply chains.

Separately, an MoU was inked on Thursday on supply chain of ‘critical minerals’.

The US Semiconductor Industry Association and the India Electronics Semiconductor Association have completed their private sector readiness assessment, said a statement made by the US Commerce ministry on Thursday.

The two sides had convened the 6th ministerial-level India-US Commercial Dialogue in the US which was led Indian Minister of Commerce and Industry Piyush Goyal and US Secretary of Commerce Gina Raimondo, respectively.

Goyal and Raimondo praised the continuing efforts to facilitate resilient, secure and sustainable semiconductor supply chains. The two sides have signed an MoU on establishing semiconductor supply chain and innovation partnership under the framework of the US-India commercial dialogue.

“The US Semiconductor Industry Association and the India Electronics Semiconductor Association have completed their private sector readiness assessment,” the US statement said.

This is part of the India-US initiative on Critical and Emerging Technology (iCET) to identify near-term industry opportunities and facilitate longer-term strategic development of complementary semiconductor ecosystems.

Goyal and Raimondo reviewed joint efforts under the India-US strategic trade dialogue. Among the issues in focus are critical minerals.

On Thursday, India and the US signed an MoU to ‘expand and diversify critical minerals supply chains’.

The US statement said, “Priority areas of focus include identifying equipment, services, policies, and best practices to facilitate the mutually beneficial commercial development of the US and Indian critical minerals exploration, extraction, processing and refining, recycling and recovery.”