Government "Submitted Our Position on US Inflation Reduction Act"

Ministry of Foreign Affairs Regular Briefing, Position on US Treasury Secretary's Remarks
Committed to Rectifying Discriminatory Elements

[Asia Economy Reporter Yoo In-ho] The government plans to submit its position regarding the U.S. Treasury Department's Inflation Reduction Act (IRA) public consultation process, which is ongoing until the 4th of next month.

At a regular briefing on the same day, Foreign Ministry spokesperson Lim Soo-seok stated that in response to the U.S. Treasury Secretary's remark that the IRA will be "implemented as written," the government is currently preparing to submit its opinions while communicating with relevant industries.

According to Bloomberg News, U.S. Treasury Secretary Janet Yellen said on the 24th (local time) that while considering the positions of Korea and Europe, "the law is written that way. We have to implement the law as it is written."

The government judges that Secretary Yellen's remarks are not significantly different from the U.S. administration's previous stance, but it intends to do its utmost until the end to ensure that discriminatory elements are corrected.

Spokesperson Lim emphasized, "So far, our government has conveyed concerns regarding the restructuring of the electric vehicle tax credit under the U.S. IRA based on consultations among related ministries and has been continuously negotiating to resolve discriminatory measures against our companies."

He added, "The deadline for submitting opinions has not yet passed. We will continue to consult with the U.S. administration and Congress."

The U.S. Treasury Department has initiated procedures to establish detailed regulations related to IRA subsidies, which exclude Korean-made electric vehicles from subsidy eligibility, and announced that it will collect opinions from stakeholders until the 4th of next month.

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