SIA - Semiconductor Industry Association
05/26/2022 | Press release | Distributed by Public on 05/26/2022 08:50
SIA Applauds Launch of Indo-Pacific Economic Framework Press Release: 05/26/22
Thursday, May 26, 2022, 10:30am
by Semiconductor Industry Association
WASHINGTON-May 26, 2022-The Semiconductor Industry Association (SIA) today released the following statement from President and CEO John Neuffer regarding President Biden's recent announcement that he is launching the administration's Indo-Pacific Economic Framework (IPEF). IPEF aims to define shared objectives around trade facilitation, standards for the digital economy and technology, supply chain resiliency, decarbonization and clean energy, infrastructure, and other areas.
"We applaud the Biden administration's decision to take forward the Indo-Pacific Economic Framework. The importance of the Indo-Pacific region for U.S. semiconductor manufacturing and supply chains cannot be overstated. In fact, U.S. semiconductor exports to the region totaled $13.5 billion in 2021, accounting for 23% of total U.S. semiconductor exports, and a whopping $90 billion in sales.
"SIA looks forward to working closely with the Commerce Department and USTR to finalize an IPEF that unites the Indo-Pacific's key economies around a strong set of rules and disciplines that boost America's supply chain resiliency."
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About SIAThe Semiconductor Industry Association (SIA) is the voice of the semiconductor industry, one of America's top export industries and a key driver of America's economic strength, national security, and global competitiveness. SIA represents 99% of the U.S. semiconductor industry by revenue and nearly two-thirds of non-U.S. chip firms. Through this coalition, SIA seeks to strengthen leadership of semiconductor manufacturing, design, and research by working with Congress, the Administration, and key industry stakeholders around the world to encourage policies that fuel innovation, propel business, and drive international competition. Learn more at www.semiconductors.org.