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Trade Minister, USTR Discuss IRA in Bangkok

Written: 2022-11-19 13:33:43Updated: 2022-11-19 14:42:19

Trade Minister, USTR Discuss IRA in Bangkok

Photo : YONHAP News

Trade minister Ahn Duk-geun discussed the U.S. Inflation Reduction Act with U.S. Trade Representative Katherine Tai on the sidelines of the Asia Pacific Economic Cooperation summit in Bangkok Friday, according to a press release by the USTR.

The two officials last held phone talks a month ago on October 19.

Working-level talks continue between the two countries regarding the IRA, which excludes electric vehicles assembled outside North America from tax subsidies.  

The USTR said that Ambassador Tai acknowledged Korea’s concerns and the two sides reviewed the technical-level discussions within the ongoing engagement channel as the Treasury Department continues to develop guidance and implement all aspects of the law.

The press release said the two officials also discussed close cooperation under the Indo-Pacific Economic Framework and agreed that a comprehensive framework would contribute significantly to addressing current challenges and realizing new opportunities. The U.S.-led IPEF was launched in May as a way to check Chinese economic influence in the Indo-Pacific.

The press release also said that during the meeting, Ambassador Tai previewed America's priority themes of sustainable and inclusive trade for 2023 and asked for Korea’s continued close cooperation at APEC.

The ministers also reiterated their common interest in addressing global challenges related to climate change, supply chains and strengthening their bilateral relationship.

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