Final Draft of French Version IRA Released… Government "Will Strive to Minimize Burden on Korean Companies Before Implementation"
On the 20th (local time), the French government announced the final version of the electric vehicle subsidy reform plan through publication in the official gazette. The Ministry of Trade, Industry and Energy plans to hold consultations with the French side to minimize the burden on our companies until the reform plan takes effect on January 1st of next year.
The French side disclosed the draft reform plan on July 28th and, after a public consultation process, released the final version this time. In this regard, our government and industry submitted a statement on the 25th of last month regarding the draft reform plan, which included clarifications on the calculation basis of the carbon emission coefficient, issues of discrimination against imported electric vehicles in the maritime transport coefficient, and the need to comply with trade norms such as those of the World Trade Organization (WTO).
According to the Ministry of Trade, Industry and Energy, the French side reflected our statement and practical consultation contents in the final plan, allowing companies to raise objections if they dispute the calculation of coefficients by sector, including maritime transport coefficients and steel. In case of objections, the French government will review and decide within two months. However, the maritime transport coefficient, which our side pointed out as a discriminatory factor against imported electric vehicles, was maintained the same as in the draft.
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The Ministry is concerned that the French electric vehicle subsidy reform plan may hinder the export of electric vehicles by our companies. The Ministry plans to closely analyze the detailed contents of the final plan, which will be implemented on January 1st next year, and its impact on our companies, and based on this, continue practical and high-level consultations with the French side to minimize the burden on our companies, including adjustments to the carbon emission coefficient.
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