[2022 National Audit] Criticism of IRA's 'Delayed Response'... Lee Chang-yang Says "Korea Was the Fastest"

Minister Lee Chang-yang of the Ministry of Trade, Industry and Energy responding
(Seoul=Yonhap News) Reporter Ha Sa-heon = Minister Lee Chang-yang of the Ministry of Trade, Industry and Energy is answering questions from lawmakers at the National Assembly’s Trade, Industry, Energy, Small and Medium Enterprises and Startups Committee hearing held at the National Assembly in Yeouido, Seoul on the morning of October 4, 2022. 2022.10.4 [Photo by the National Assembly Press Photographers Group]
toadboy@yna.co.kr
(End)


＜Copyright(c) Yonhap News Agency, unauthorized reproduction and redistribution prohibited＞

[Asia Economy Sejong=Reporter Lee Junhyung] Lee Chang-yang, Minister of Trade, Industry and Energy, stated that South Korea was "the fastest" in responding to the U.S. Inflation Reduction Act (IRA), addressing criticisms of a 'delayed response.'

Minister Lee made these remarks on the 4th during the National Assembly's Trade, Industry, and Small and Medium Venture Business Committee’s audit. He said, "Looking at countries in a similar position such as Japan and Germany, South Korea is generally ahead in terms of recognition timing and the intensity and level of response," adding, "Foreign media also say the same."

Minister Lee emphasized that they recognized the IRA bill immediately after its draft was released. He stated, "The bill was made public on July 28, and on the 29th, the embassy in the U.S. reported the introduction of the IRA. At the embassy level, we consulted with the industry about the impact of this law and also requested a review from a legal advisory firm."

There were also opinions that the opportunity for Nancy Pelosi, Speaker of the U.S. House of Representatives, to visit Korea was missed. Speaker Pelosi visited Korea in early August and spoke with President Yoon Suk-yeol, but there was no mention of the IRA. Minister Lee also responded that he did not separately report to President Yoon on the IRA or other current issues during Pelosi’s visit. He said, "The presidential office staff may have reported, but I have never reported as a minister."

Criticism was also raised regarding the Raw Materials Act (RMA) being promoted by the European Union (EU). Hong Jung-min, a member of the Democratic Party of Korea, said, "I inquired about the Ministry of Trade, Industry and Energy’s response plan to the RMA, and received an answer that response would be possible after the draft bill was made public," adding, "I think this answer clearly shows the ministry’s trade response capability." Hong also added, "Shouldn’t efforts be made to reflect Korea’s position before the draft is prepared?"

In response, Minister Lee said, "The European trade and diplomatic organizations are monitoring the situation," and "We are making efforts to approach the bill."

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