Presidential Office "Mentioned Positive Role of Korean Companies... Expressed Willingness to Be Considerate"
[Asia Economy Reporter Baek Kyunghwan] U.S. President Joe Biden sent a letter to President Yoon Suk-yeol expressing his willingness to discuss the U.S. Inflation Reduction Act (IRA).
The Blue House stated on the 5th, "In the letter, President Biden emphasized that he is well aware of President Yoon Suk-yeol's concerns regarding the IRA and that he will continue discussions with honesty and openness between the two countries."
A senior official from the Blue House explained, "The letter was drafted based on multiple meetings between the two leaders last month in London and New York regarding the IRA," adding, "In particular, through the letter personally signed by President Biden, he reiterated his understanding of our concerns. He also clearly mentioned the positive role of Korean companies, which is evaluated as expressing his intention to consider Korean companies in the future to President Yoon."
Earlier, during his visit to the United Nations General Assembly in New York last month, President Yoon met with President Biden to discuss cooperation on financial stabilization and extended deterrence, including the IRA. During three meetings held on the 21st of last month (local time) in New York, including the 7th replenishment conference of the Global Fund and a reception hosted by President Biden, President Yoon explained the concerns of our industry regarding the IRA and requested close cooperation to resolve these concerns during the U.S. administration’s implementation of the IRA. In response, President Biden reportedly said, "I am well aware of Korea's concerns," and "Let us continue serious discussions between Korea and the U.S."
On the 29th, President Yoon also met with U.S. Vice President Kamala Harris to discuss the IRA. At that time, President Yoon said, "I hope the two countries will closely cooperate to reach a mutually satisfactory agreement based on the spirit of the Korea-U.S. FTA (Free Trade Agreement)." Vice President Harris also responded, "I am well aware of Korea's concerns," and "I will make sure that measures are put in place to address Korea's concerns during the law enforcement process."
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