Finance Minister Choo Kyung-ho met with United States Treasury Secretary Janet Yellen in India and asked for Washington's attention and cooperation in addressing Seoul's concerns related to the U.S. Inflation Reduction Act (IRA).

According to Seoul's Finance Ministry on Sunday, Choo met with Yellen on Saturday in Bengaluru, India on the sidelines of the G20 Finance Ministers and Central Bank Governors meeting.

The IRA offers U.S. government tax credits to buyers of electric vehicles (EVs) assembled in North America and EVs with batteries made of a certain amount of critical minerals produced in the region.

The United States is set to announce next month its guidance for qualifying EV tax credits.

Choo reportedly said that he expects the new guidance will provide more accurate information for South Korean companies, while asking Yellen to continue to pay attention to the matter.

The two sides reportedly agreed to continue close cooperation regarding the matter.