US-Korea High-Level Economic Talks, "Constructive Discussions on IRA Continue"

Lee Do-hoon, Deputy Minister of Foreign Affairs, Meets with Jose Fernandez, U.S. Deputy Secretary of State for Economic Affairs
U.S. Deputy Secretary of State for Economic Affairs: "Serious About South Korea's IRA Concerns, Reviewing from All Angles"

[Asia Economy Reporter Yoo In-ho] On the 12th (local time), South Korea and the United States agreed to continue constructive consultations to discuss South Korea's concerns and opinions regarding the Inflation Reduction Act (IRA).

On the same day, the two countries adopted a joint statement containing this content at the 7th High-Level Economic Consultation held at the U.S. Department of State in Washington DC, chaired by Lee Do-hoon, Vice Minister of Foreign Affairs of Korea, and Jose Fernandez, Deputy Secretary for Economic Affairs of the U.S. Department of State.

In the joint statement, both countries stated, "The United States recognized that South Korea's increased investment in the U.S. for electric vehicles and electric vehicle battery production contributes to the shared economic and national security and clean energy goals of both countries."

Regarding this, Vice Minister Lee explained the Korean government's position on the IRA during the meeting and requested cooperation to ensure that Korea's position is reflected as much as possible in the Treasury Department's subordinate regulations.

In response, Deputy Secretary Fernandez said, "We have taken Korea's concerns very seriously from the beginning and are examining them from all angles," and added, "Let's continue to consult frequently."

Both sides emphasized the need for cooperation to strengthen a mutually beneficial supply chain ecosystem encompassing semiconductors, batteries, and critical minerals during the talks.

They also agreed on the importance of prior consultations when implementing policies and decided to closely coordinate in the future to minimize unnecessary concerns and unintended side effects.

The two countries also shared opinions on launching a new information-sharing mechanism through linking early warning systems of overseas diplomatic missions to respond to supply chain disruptions, promoting cooperation between the two countries utilizing the U.S. Semiconductor Support Act, and pursuing the amendment and extension protocol of the Korea-U.S. Science and Technology Cooperation Agreement.

Additionally, supply chains, health, export controls, and foreign investment reviews were also discussed.

Regarding this, the U.S. side stated, "The Bioeconomy Executive Order does not discriminate between domestic and overseas manufacturing nor exclude overseas partners," and added, "We are preparing an international cooperation plan and there will be processes for gathering opinions. We welcome the opinions of the Korean government and industry."

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