The Semiconductor Industry Association in the United States (SIA) and the European Semiconductor Industry Association (ESIA) recognize the importance of developing technical standardization for semiconductors through industry-led, consensus-based standards development organizations. The US and the EU should promote private industry's active participation in SDOs, safeguard international standards, and promote well-aligned regional markets and complementary standards where international standards are out of reach. International standards are becoming increasingly important given the complexity of emerging technologies such as AI, cybersecurity, IoT, 5G, next-generation security, and their implications on privacy and identity. International standardization in the semiconductor industry is also critical to ensure the best use of scarce technical resources and enable broader interoperability of mass marketed semiconductor-enabled products, providing a key benefit for the worldwide marketplace.