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EU Chips Act To Be Approved In One Week

 |  April 6, 2023

Sources indicate that the member states are anticipated to come to an agreement in the near future regarding the EU Chips Act, which involves a multibillion-euro semiconductor revitalization plan.

On April 18, representatives and officials from various countries will convene at the European Parliament’s monthly session in Strasbourg to discuss and negotiate the financing details of the act, according to sources with direct knowledge who spoke to Reuters.

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In February of last year, the European Commission introduced the Chips Act to decrease the EU’s reliance on semiconductors from the US and Asia due to the global chip shortage that had negative effects on local businesses.

Discussions have focused on a funding gap of EUR 400 million, and the EU executive has provided the majority of the necessary funds, based on sources.