Government and National Assembly Joint Delegation Visits the US to Discuss "US IRA"

Ahn Deok-geun, Chief Negotiator for Trade, Meets with USTR Representative
(Washington=Yonhap News) On September 7th (local time), Ahn Deok-geun, Chief Negotiator for Trade, responded to reporters' questions after meeting with Katherine Tai, United States Trade Representative (USTR), in Washington DC. 2022.9.8 [Washington Correspondent Joint Coverage Team]
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[Asia Economy Sejong=Reporter Lee Jun-hyung] The government and the National Assembly visited the United States to respond to the Inflation Reduction Act (IRA).

The Ministry of Trade, Industry and Energy announced on the 4th that a joint delegation from the government and the National Assembly will visit Washington DC, USA, from the 5th to the 9th local time to discuss amendments to the IRA with the U.S. administration and Congress. The joint delegation consists of Ahn Deok-geun, Director General for Trade Negotiations at the Ministry of Trade, Industry and Energy, Yoon Kwan-seok, Chairman of the National Assembly’s Industry, Trade, Energy, Small and Medium Business Committee, Kim Han-jung, a member of the Democratic Party, and Choi Hyung-doo, a member of the People Power Party.

The joint delegation plans to first meet with offices of members of the U.S. Senate Finance Committee and the House Ways and Means Committee. Currently, bills proposing a three-year grace period for the electric vehicle tax credit requirements under the IRA have been introduced in both the Senate and the House. The joint delegation intends to urge the local Congress to amend the IRA, focusing on the bills introduced in both chambers.

Discussions with the U.S. administration will also take place. Director General Ahn plans to hold consecutive meetings with senior U.S. administration officials, including Katherine Tai, U.S. Trade Representative (USTR), and John Podesta, Senior Advisor to the White House, to discuss the establishment of IRA sub-regulations.

The government has consistently emphasized the need to amend the IRA to the United States. Previously, the government submitted opinion letters to the U.S. administration twice from last month to this month regarding tax credits for eco-friendly vehicles and the energy sector under the IRA. The letters requested easing the final assembly requirements among the IRA tax credit conditions and specifying requirements for batteries, minerals, and components.

The government intends to continuously consult with the U.S. side to ensure that domestic companies’ opinions are reflected in the process of establishing IRA sub-regulations. A Ministry of Trade, Industry and Energy official said, "In the upcoming discussions with the U.S. administration, we will discuss measures to address domestic concerns about the IRA based on the opinion letters submitted by our government," adding, "We plan to request that the U.S. fully incorporate the opinions of the Korean government and companies in the process of establishing sub-regulations so that Korean companies investing in the U.S. can secure maximum benefits under the IRA."

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