National Assembly Industry Committee Adopts Resolution to Correct Discrimination Against Korean Electric Vehicles in US IRA Law

[Image source=Yonhap News]

[Asia Economy Reporter Naju-seok] On the 30th, the National Assembly's Industry, Trade, Energy, Small and Medium Enterprises Committee adopted a resolution expressing concern over the enactment of the "Inflation Reduction Act (IRA)," which contains discriminatory tax benefits for Korean-made electric vehicles. The National Assembly plans to merge this resolution with the "Resolution Urging U.S. Tax Support for Korean-made Electric Vehicles Based on the Korea-U.S. Free Trade Agreement (FTA)," which previously passed the Foreign Affairs and Unification Committee, and adopt the combined resolution.

The resolution passed by the Industry Committee on this day states the need for Korea and the international community to actively cooperate in responding to climate change and includes calls for ▲ the U.S. IRA's tax benefits on imported electric vehicles and batteries to be implemented in a manner that does not violate international trade norms, and urges the Korean government to actively negotiate with the U.S. government to ensure that Korean companies do not lose competitiveness due to discriminatory treatment when exporting electric vehicles and batteries.

Furthermore, it calls for ▲ the Korean government to analyze the overall impact of the U.S. IRA on various industries and establish industry-specific response strategies and measures, and ▲ for the Republic of Korea to fulfill its role as a leading country in responding to the climate crisis.

The resolution will be combined with the resolution passed by the Foreign Affairs and Unification Committee earlier that morning and will proceed to the plenary session of the National Assembly for adoption.

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