The Trade and Technology Council (TTC) was unveiled following talks between European commissioner Margrethe Vestager and US President Joe Biden.
The group will also seek to set common standards for new technologies such as artificial intelligence.
Both sides are concerned by the rise of China as a technology superpower.
A statement on the summit, includes a pledge to build “an EU-US partnership on the rebalancing of global supply chains in semiconductors”.
The pandemic has led to global chip shortages and exposed weaknesses in supply chains, causing shortages of consumer electronics, such as gaming consoles, as well as slowing down production of cars.
Last month, IBM president Jim Whitehurst said the shortage could last for another two years.
The EU wants to increase its share of the global chip-manufacturing market from 10% to 20% and has promised $150bn (£100bn) towards the effort.
Meanwhile, the US has allocated $52bn to domestic chip manufacturing.
The TTC will also include working groups on:
- the internet of things
- green technology
- information and communications technology security
As well as looking at cooperation and standards, the groups will also assess the “misuse of technology threatening security and human rights”.
The partnership will also see working groups looking at emerging technologies such as AI.
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Chip shortage addressed by US-EU tech alliance