"Unfair Exclusion of Korean Electric Vehicles from US Subsidies... Cold Water on Economic Security Alliance"

Martial Arts, '2022 International Trade Commission' Held... Industry Opinions Delivered to Government, etc.

On the 31st, the "2022 International Trade Committee" hosted by the Korea International Trade Association is taking place at the InterContinental COEX Hotel in Samseong-dong, Seoul.
[Photo by Korea International Trade Association]

[Asia Economy Reporter Han Yeju] Criticism has been raised that the United States' Inflation Reduction Act (IRA) is unfair.

The Korea International Trade Association (KITA) held the '2022 International Trade Committee' on the 31st at the InterContinental COEX Hotel in Samseong-dong, Seoul, to hear industry opinions on the IRA.

The meeting was attended by 12 members, including Chairman Lee Hwiryung, CEO of SeAH Steel, Kim Yunsik, Chairman of Shindong Enercom, and Seo Wonsu, President of Wonil Metal.

The committee members stated that the revision of electric vehicle subsidies included in the IRA, which provides tax credit benefits only to electric vehicles produced within the United States, is "an unfair discrimination," adding, "This dampens the strengthened economic security alliance following the Korea-US summit."

They continued, "Since Korean companies play a key role in strengthening the supply chains of the US's future strategic industries such as automobiles, batteries, and semiconductors, active government-level responses are necessary to ensure that our companies, as supply chain cooperation partners, do not suffer damage."

In response, Kim Hyuncheol, Head of Global Cooperation at the Trade Association, stated, "We will convey the trade industry's opinions not only to our government but also to key members of the US Congress in both the House and Senate through various methods such as door-knocking."

This content was produced with the assistance of AI translation services.