Chips act, EU trade policy and semiconductor

On 25 July 2023 the European Council approved the regulation to strengthen Europe’s semiconductor ecosystem, better known as the ‘Chips Act’ which aims to:

• create the conditions for the development of a European industrial base in the field of semiconductors;
• attract investment;
• promote research and innovation;
• prepare European Union for any future chip supply crisis.

From a customs perspective, the chips generate consequenses on:

• value;
• origin;
• classification;
• compliance.