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India and the US on Friday inked an agreement for establishing semiconductor supply chain and innovation partnership under the framework of India - US Commercial Dialogue.

The agreement was signed between Commerce Minister Piyush Goyal and the visiting US commerce secretary Gina Raimondo.

The agreement seeks to establish a collaborative mechanism between the two governments on semiconductor supply chain resiliency and diversification in view of US CHIPS and Science Act and India's Semiconductor Mission.

It aims to leverage complementary strengths of both countries and facilitate commercial opportunities and development of semiconductor innovation ecosystems through discussions on various aspects of semiconductor value chain.

The MoU envisages mutually beneficial research and development as well as talent and skill development.

During Raimondo's visit, the India-US Commercial Dialogue was re-launched to discuss cooperation for unlocking new trade and investment opportunities between the two countries.