The Netherlands has announced that it will return control of chipmaker Nexperia to its Chinese parent company, a step towards resolving a standoff between The Hague and Beijing that upended automotive supply chains.

Dutch Economic Affairs Minister Vincent Karremans said on Wednesday that he had suspended an order to effectively seize control of the chipmaker following “constructive” talks with Chinese officials and consultations with European and international partners.

“We are positive about the measures already taken by the Chinese authorities to ensure the supply of chips to Europe and the rest of the world,” Karremans said in a statement.

“We see this as a show of goodwill. We will continue to engage in constructive dialogue with the Chinese authorities in the period ahead.”

China’

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