The US and India are signing a semiconductor collaboration settlement and discussing the very best methods to coordinate their incentive plans and keep away from over-subsidization for his or her industries, President Joe Biden’s commerce chief mentioned.

The memorandum of understanding is concentrated on information-sharing and coverage dialogue, Commerce Secretary Gina Raimondo instructed reporters Thursday. While she mentioned there have been no particular funding commitments by US companies to announce, Raimondo touted the advantages from better collaboration on chips between the 2 governments, and mentioned US companies are optimistic about the way forward for ties with India.