Lee Do-hoon, 2nd Vice Minister, "Confirming Milestones in Korea-US Economic Security Cooperation This Year"
[Asia Economy Reporter Koo Chae-eun] On the 10th, the Korea-US deputy ministers agreed through bilateral consultations to continue joint efforts to ease discriminatory measures against Korean companies related to the Inflation Reduction Act (IRA).
Earlier, the two sides held the 7th Korea-US High-Level Economic Dialogue (SED) in Washington DC, USA, on December 12 last year (local time), and this consultation was held as a follow-up to that meeting.
Lee Do-hoon, Deputy Minister of Foreign Affairs, and Jose Fernandez, Deputy Secretary of State of the U.S. Department of State, are speaking at a press conference held after bilateral talks at the Ministry of Foreign Affairs in Jongno-gu, Seoul, on the morning of the 10th. (Source: Yonhap News)
Following the bilateral consultation with Jose Fernandez, US Deputy Secretary of State for Economic Affairs, on the morning of the same day, Lee Do-hoon, the 2nd Vice Minister of Foreign Affairs, held a brief joint press conference and said, “Korea and the US have agreed to work together to overcome various crises such as supply chain disruptions, the pandemic, climate change, and energy and food crises, and to strengthen economic security jointly and prepare new growth engines.”
Reaffirming Both Countries’ Commitment to Efforts on the Inflation Reduction Act
During the consultation, both sides reaffirmed their position to work together regarding the issue of discrimination against Korean-made electric vehicles under the Inflation Reduction Act (IRA). Vice Minister Lee stated, “Based on the consultations conducted between Korea and the US regarding the IRA, we evaluated the preparation status of the US Treasury Department’s subordinate regulations,” and added, “We reaffirmed our position to continue joint efforts to ease discriminatory measures against our companies and to build a mutually beneficial supply chain ecosystem.”
Deputy Secretary Fernandez also said, “Climate change is a serious global challenge, and it is a task that we must successfully address by cooperating with all partners,” adding, “This is what the IRA intends.” He continued, “The IRA is designed to enable the US to play a role in addressing the climate crisis both domestically and globally,” and “It helps enhance supply chain resilience and promote inclusive economic growth.”
He further stated, “We take Korea’s concerns about this law seriously and will continue to do so,” and “We will continue to cooperate with Korea and other allies during the implementation process of the legislation.”
"The Indo-Pacific Strategy Will Provide a Good Framework, Serving as a Milestone to Confirm Economic Security"
There was also mention of the Indo-Pacific strategy recently announced by our government. Vice Minister Lee said, “I believe that our recently announced Indo-Pacific strategy and the US Indo-Pacific strategy provide a good framework for cooperation.” He then evaluated the consultation by saying, “This consultation served as an opportunity to confirm the direction of the cooperation that Korea and the US will jointly pursue this year as an economic security and technology alliance.”
During this consultation, the two sides reviewed progress on additional cooperation centered on linking early warning systems for economic security between the two countries and supply chain cooperation in semiconductors, critical minerals, and other areas. They also explained that they will continue consultations at various levels to discover specific cooperation measures and achievements that the peoples of both countries can feel, in commemoration of the 70th anniversary of the Korea-US alliance this year. Vice Minister Lee assessed, “President Yoon Suk-yeol also emphasized in his New Year’s address that all diplomacy will focus on the economy,” adding, “Therefore, Deputy Secretary Fernandez’s visit to Korea is very timely.”
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