SEOUL– Second Vice Foreign Minister Lee Do-hoon left for Washington on Sunday for talks on the Inflation Reduction Act (IRA) and other economic issues.
Lee plans to hold a session of the Senior Economic Dialogue (SED) with his U.S. counterpart, Under Secretary of State for Economic Growth Jose Fernandez, and meet with other U.S. administration and congressional officials.
“The IRA will be dealt with as the most important issue,” Lee said before departure.
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 electric vehicles (EVs) assembled only in North America, sparking concerns that Hyundai Motor and Kia Corp. could lose ground in the U.S. market, as the two South Korean carmakers assemble their EVs at domestic plants for export to the U.S.
The SED is a regular consultation channel on economic cooperation between the South Korean foreign ministry and the U.S. State Department. It has taken place six times since its establishment was agreed upon at a summit in October 2015.
Lee plans to return home on Wednesday.
Source: Yonhap News Agency