Assembly speaker discusses Inflation Reduction Act with U.S. congressional delegation

SEOUL, Sept. 5 (Yonhap) -- National Assembly Speaker Kim Jin-pyo met with a U.S. congressional delegation Monday and raised South Korea's concerns about the Inflation Reduction Act (IRA), his office said.

In a meeting with the U.S. delegation, led by Rep. Stephanie Murphy (D-FL), Kim called for an amendment of the IRA, to prevent it from hurting South Korean automobile companies, in accordance with the free trade agreement between the two countries.

Kim also said South Korea's investment plan in the U.S. may be delayed if Korean carmakers, such as Hyundai Motor Co., suffer a steep fall in their stock prices due to the IRA.

The IRA, signed by U.S. President Joe Biden in August, gives tax credits to buyers of EVs assembled only in North America, sparking concerns that carmakers here will lose ground in the U.S. market as they make EVs at domestic plants for export.

According to Kim's office, the two countries have agreed to endorse a parliamentary resolution celebrating the 70th anniversary of the Seoul-Washington alliance.

Murphy was quoted as saying the alliance between the two countries is one of the most powerful alliances in history and the two countries should work to strengthen cooperation in security, investment and other areas.

nyway@yna.co.kr
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