Yoon: "Biden Also Understands Korea on IRA Issue... Discussions at Minister and NSC Levels" (Update)

President Yoon: "We will consult to ensure no separate disadvantages for our companies"
On Korea-Japan relations: "This is not a relationship that can be satisfied at once... We will strongly pursue normalization"

[Image source=Yonhap News]

[Asia Economy Reporter Ki-min Lee] On the 26th, President Yoon Suk-yeol stated regarding the U.S. Inflation Reduction Act (IRA), "We decided to discuss it through the ministers of both countries and the National Security Council (NSC), and only make the final confirmation with U.S. President Joe Biden."

On the morning of the 26th, as President Yoon arrived at the Yongsan Presidential Office, he made opening remarks about the achievements of his recent visits to the UK, Canada, and the U.S. during a 7-minute doorstepping (brief Q&A on the way to work) that lasted about 6 minutes.

President Yoon said, "When I attended the Buckingham reception, there were more than 100 countries gathered, and it was really difficult for the U.S. President to spend a long time doing anything there. Even at the NATO (North Atlantic Treaty Organization) summit, there were about 30 countries," adding, "So I told my aides, 'It will be difficult to secure a long meeting with the U.S. President, so don't push it too hard. Instead, let's discuss the IRA issue more quickly and in detail based on the ministers of both countries and the National Security Councils (NSC), and only make the final confirmation with President Biden.'"

He continued, "Through this, I confirmed that President Biden fully understands South Korea's position on the IRA issue. In any case, we agreed to negotiate in a positive direction so that no separate disadvantages will be imposed on our companies."

Earlier, during this trip, President Yoon had conversations with President Biden at the reception hosted by King Charles III of the UK, the 7th replenishment conference of the Global Fund held in New York, and the reception hosted by President Biden.

Regarding the summit with Japanese Prime Minister Fumio Kishida, he said, "This was the third summit with Prime Minister Kishida. At NATO, we held a trilateral summit with the four Asia-Pacific partners (AP4) and the U.S., and this time it was a bilateral meeting," emphasizing, "The Korea-Japan relationship is not something that can be fully restored at once," highlighting the importance of continuous dialogue for normalization.

He added, "During the previous administration, the Korea-Japan relationship deteriorated significantly, so we need to carefully consider public opinion in Japan, our own citizens, and the thoughts of both peoples to normalize relations without forcing it," and said, "Above all, companies in Korea and Japan earnestly desire normalization between the two countries."

Furthermore, he stated, "If the Korea-Japan relationship is normalized, mutual investment between companies of both countries will likely increase jobs in both Japan and Korea and contribute to the growth of both countries," and added, "No matter what difficulties arise in the future, I intend to strongly pursue the normalization of Korea-Japan relations."

President Yoon described the most important schedule during his 5-night, 7-day trip as his keynote speech at the United Nations General Assembly, saying, "As a country pursuing universal values such as freedom, human rights, peace, and the rule of law, we informed the world that we will fulfill our responsibilities befitting our national dignity and strongly pursue international solidarity."

He continued, "I want to emphasize the significance of declaring, as the President of South Korea, that our country, foreign companies wishing to cooperate internationally and invest in Korea, and Korean citizens and companies active in the international community will receive proper evaluation and treatment."

Regarding his visits to New York, U.S., and Toronto, Canada, he also explained a request to multinational companies. President Yoon mentioned, "You are coming to our country because there are advantages here, and we will also align government services with international standards so that you can conduct your business properly," he said.