EU countries back billion-euro chip plan ahead of talks with lawmakers

EU countries agreed to a 45-billion-euro ($46.6 billion) plan to fund the production of chips, putting the 27-country bloc a step closer to its goal of reducing its reliance on US and Asian manufacturers.

EU envoys unanimously backed an amended version of the European Commission’s proposal, the Czech Republic which holds the rotating EU presidency said.

European Union ministers will meet on December 1 to rubber stamp the chip plan that will still need to be debated with the European Parliament next year before it can become law.