Ministry of Foreign Affairs Holds Meeting on Countermeasures Against US IRA

Evaluation of Joint Delegation's Visit to the US Led by 2nd Vice Minister Lee Do-hoon
Persuading US Administration and Congress through High-Level Visit

[Asia Economy Reporter Yoo In-ho] On the 2nd, the Ministry of Foreign Affairs held a countermeasure meeting to respond to the US Inflation Reduction Act (IRA), which contains discriminatory measures against Korean electric vehicles.

At the meeting, presided over by Second Vice Minister Lee Do-hoon, they discussed future response plans based on the results and evaluations of consultations with the US, including the government joint delegation's visit to the US from the 29th to the 31st of last month.

Measures to protect the domestic industry and approaches to contact the US Congress were discussed.

The government delegation, composed of Ahn Seong-il, Director General of the New Trade Order Strategy Office at the Ministry of Trade, Industry and Energy, Son Woong-gi, Head of the Trade Issues Task Force at the Ministry of Economy and Finance, and Lee Mi-yeon, Director of the Bilateral Economic Diplomacy Bureau at the Ministry of Foreign Affairs, met with the US Trade Representative (USTR) and the Department of Commerce during their visit to the US to formally begin discussions on the electric vehicle subsidy issue.

Following this, through a series of high-level visits including Trade Negotiations Chief Ahn Deok-geun’s visit to the US next week and Vice Minister Lee’s visit to Washington DC later this month, they plan to actively engage in consultations with the US administration and persuade the US Congress.

The Ministry of Foreign Affairs stated, “We will continue to closely communicate with related ministries and industries to develop solutions so that our companies receive non-discriminatory treatment, and will work closely with the US side.”