India and the US have signed a memorandum of understanding (MoU) to build up cooperation in the semiconductor sector. The MoU aims at establishing collaboration between the two governments on semiconductor supply chain resiliency and diversification in view of the US’s CHIPS and Science Act, and India’s Semiconductor Mission.

The MoU also envisages mutually beneficial research and development, skill development, a resilient supply chain, cooperation on startups, small and medium-sized enterprises, entrepreneurship etc.

Further, the travel and tourism working groups have been re-launched to address new challenges and opportunities in order to create a strong travel and tourism sector. The two countries have also launched standards and conformance cooperation programme (Phase III) which is to be carried out in partnership with the American National Standard Institute and Bureau of Indian Standards for their respective countries. The US also plans on sending a senior government official-led clean energy and environmental technology business development mission to India in 2024.