SEOUL-- South Korean Finance Minister Choo Kyung-ho has called for U.S. cooperation to reflect Seoul's request in the upcoming U.S. guidance on critical minerals and battery component requirements of the Inflation Reduction Act (IRA), the finance ministry said Sunday.

Choo made the request in a meeting with U.S. Treasury Secretary Janet Yellen in India on Saturday (local time), noting the upcoming guidance will provide clear information on the critical mineral and battery component requirements to South Korean carmakers and battery companies.

South Korea has been working to persuade the United States to include Indonesia and Argentina, among other countries, as countries of origin for critical minerals in electric vehicle (EV) batteries in order for South Korean companies to meet the IRA requirements.

South Korean companies have been purchasing critical minerals for their EVs from Indonesia, Argentina and some other countries.

The IRA, signed into law by U.S. President Joe Biden in August, gives up to US$7,500 in tax credits to buyers of EVs assembled only in North America, sparking concerns that Hyundai Motor and its smaller affiliate Kia Corp. could lose ground in the U.S. market, as they make their EVs at domestic plants for export to the U.S.

Choo visited India for the Group of 20 Finance Ministers and Central Bank Governors meeting in the southern Indian city of Bengaluru on Friday and Saturday.

Source: Yonhap News Agency