Discuss detailed IRA regulations

U.S. Undersecretary of State for Economic Affairs: Discuss detailed IRA regulations and supply chain cooperation.

Jose W. Fernandez Discussed detailed IRA regulations and supply chain cooperation.

Jose Fernandez visited Korea on the 9th. He is the first high-ranking US official to visit Korea this year.

The Deputy Minister plans to stay in Korea for three days. Starting today, meet with government officials and business people to exchange opinions on major pending issues. The two countries meet to cooperate in the supply chain sector.

Vice Minister Fernandez is scheduled to hold a bilateral meeting with Vice Minister of Foreign Affairs Lee Do-hoon.

the US side listened to the concerns of the Korean government and industry about the country’s “Inflation Reduction Act” (IRA).

In the IRA, a point of contention between Korea and the United States has been the content of granting tax credits of up to $7,500 only to electric vehicles finally assembled in North America.

the IRA requires that more than half of electric vehicle battery parts manufactured and assembled in North America be used. Those core minerals are also mined and processed in the United States or in countries that have signed free trade agreements (FTA) with the United States over 40% to benefit from tax credits.

The Korean government is currently persuading the US to include key minerals from Indonesia and Argentina.

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