Deputy Foreign Minister Bang Migil Ascends, Holds Close Consultations on 'IRA' with US Administration

Deputy Minister for Economic Diplomacy Lee Do-hoon Departs for New York, USA on Evening of 18th
Meets with Deputy Minister Fernandez to Discuss Inflation Reduction Act

[Asia Economy Reporter Yoo In-ho] Lee Do-hoon, the 2nd Vice Minister of Foreign Affairs, will engage in close consultations with senior officials of the U.S. administration regarding the U.S. Inflation Reduction Act (IRA).

[Image source=Yonhap News]

According to the Ministry of Foreign Affairs on the 19th, Vice Minister Lee, who oversees economic diplomacy, departed for New York the previous evening to discuss Korea-U.S. economic issues.

Before departing through Incheon Airport, Vice Minister Lee stated, “During this visit to the U.S., I plan to meet with officials from the State Department, the National Security Council (NSC), and key members of Congress to discuss major Korea-U.S. economic issues, including the Inflation Reduction Act.”

He emphasized, “Since our citizens have great interest and concerns regarding the Inflation Reduction Act, we have been responding in close cooperation with relevant ministries. We plan to reiterate our concerns and discuss possible solutions.”

During his visit to the U.S., Vice Minister Lee is expected to meet with Jose Fernandez, U.S. Deputy Secretary of State for Economic Growth, Energy, and the Environment, to stress the U.S. administration’s efforts to resolve discrimination against Korean-made electric vehicles caused by the IRA.

Vice Minister Lee and Deputy Secretary Fernandez serve as the chief representatives of the Korea-U.S. Senior Economic Dialogue (SED).

He said, “Recently, the U.S. administration has issued several executive orders. To anticipate potential impacts on our companies and prepare countermeasures, we also plan to discuss issues related to the Bioeconomy Initiative and the executive order on foreign investment review.”

On the 12th, U.S. President Joe Biden signed the executive order on the “National Biotechnology and Biomanufacturing Initiative,” emphasizing strengthening domestic production in the bio sector.

Following President Biden’s signing of the Bioeconomy Initiative, the domestic bio industry is on high alert, particularly contract manufacturing organizations (CMOs) for biopharmaceuticals, fearing possible business disruptions.

The Ministry of Foreign Affairs is actively working to reduce discrimination against Korean-made electric vehicles caused by the IRA through consecutive visits to the U.S. by the 1st and 2nd Vice Ministers this month.

Earlier, on the 15th (local time), Cho Hyun-dong, the 1st Vice Minister, visited Washington, D.C. to attend the Extended Deterrence Strategy and Consultation Group (EDSCG) and conveyed Korea’s concerns about the IRA to Wendy Sherman, U.S. Deputy Secretary of State.

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