Lee Jae-myung: "US Passing Over Korean Electric Cars Is an Economic Failure Stemming from Diplomatic Failure... President Yoon Must Correct This During US Visit"

"North Korea's 'Nuclear Force Law' Deeply Regrettable for Threatening Peace on the Korean Peninsula"

[Image source=Yonhap News]

[Asia Economy Reporters Naju-seok and Park Joon-yi] Lee Jae-myung, leader of the Democratic Party of Korea, on the 14th called on the Yoon Suk-yeol administration to shift the focus of diplomacy and security to economic diplomacy. He urged President Yoon, ahead of his visit to the United States, to come up with a solution to the issue of the U.S. bypassing Korean electric vehicles.

At the Supreme Council meeting held at the National Assembly that day, Lee said, "The international trade order is rapidly changing," adding, "The U.S. has begun enforcing executive orders to expand and support domestic industries not only in semiconductors and electric vehicles but now also in the bio-industry."

He stated, "A global supply chain restructuring centered on the U.S. is taking place across future core industries," and emphasized, "South Korea's economy and industries, which rely on trade, must proactively respond and prepare rather than be dragged along by these major changes to survive." Lee added, "We need to turn this crisis into an opportunity by drastically restructuring South Korea's industries and economy around future industries, and especially implement special support policies to ensure domestic companies do not suffer losses within the international order."

He requested, "I ask our government to recognize that the center of diplomacy and security is now shifting from military to economic," emphasizing, "It is time to focus on economic security and economic diplomacy."

Regarding the U.S. Inflation Reduction Act (IRA) and the fact that Korean electric vehicles did not receive subsidies, he said, "It is a well-known fact that we have suffered tremendous damage in the U.S. market and that our international competitiveness has been seriously impaired." Lee described this as "a representative case of economic failure stemming from diplomatic failure," and said, "Foreign media report that bypassing Nancy Pelosi, a key U.S. figure and Speaker of the House, led to the bypassing of electric vehicles. We must prevent such incidents from happening again and turn diplomatic opportunities into achievements in economic diplomacy."

He said, "I heard that President Yoon will visit the U.S.," and urged, "Please approach the relationship with the U.S. from the perspective of pragmatic diplomacy centered on national interests and bring back results that correct the Korean electric vehicle bypass issue caused by previous mistakes." He emphasized, "Is there anything more important than that?"

Regarding North Korea’s ‘Nuclear Force Law,’ he stated, "It is shocking and serious because it is judged to reveal an intention to use nuclear weapons not only for defense but also for preemptive strikes," and expressed, "We deeply regret North Korea’s actions that threaten peace on the Korean Peninsula."

He called on North Korea to refrain from further provocations. He said, "We urge the North Korean authorities to stop all forms of additional provocations to increase peace on the Korean Peninsula and mutual benefits between the North and South, and at the same time, to return to the dialogue and negotiation table," adding, "(President Yoon) also needs to present bold solutions to bold initiatives. In fact, while economic aspects are important, military and diplomatic aspects are even more crucial."

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