S. Korea, U.S. agree to continue consultations over Inflation Reduction Act
SEOUL, Oct. 20 (Yonhap) -- South Korea and the United States have agreed to continue close consultations to seek solutions regarding a new U.S. law that excludes electric vehicles assembled outside of North America from tax incentives, Seoul's trade ministry said Thursday.
The consensus was reached during telephone talks between Trade Minister Ahn Duk-geun and U.S. Trade Representative (USTR) Katherine Tai the previous day, according to the Ministry of Trade, Industry and Energy.
The IRA, signed by U.S. President Joe Biden in August, has caused concerns that Hyundai Motor Co. and Kia Corp. will lose ground in the U.S. market as they make EVs at domestic plants for export to the U.S.
"During the meeting, the two sides vowed to continue consultations for various solutions regarding tax benefit issues for EVs through their working-level communication channel," the ministry said in a release, noting that Seoul and Washington held working-level talks three times in October alone.
"The two sides also agreed to close cooperation over the course of the U.S. Treasury Department's devising of related guidance," it added.
Earlier this month, Washington began to seek public comment on the implementation of the act.
The top trade officials plan to continue talks next month on the sidelines of the Asia-Pacific Economic Cooperation (APEC) meeting in Bangkok, the ministry said.

South Korea's Trade Minister Ahn Duk-geun (R) shakes hands with U.S. Trade Representative Katherine Tai ahead of their talks in Washington on Sept. 8, 2022. (PHOTO NOT FOR SALE) (Yonhap)
graceoh@yna.co.kr
(END)
-
(LEAD) Family of 5 found dead in 3 separate locations
-
Allies vow stern measures against Russia-N. Korea arms deal
-
(LEAD) Opposition party leader ends 24-day hunger strike for treatment
-
(4th LD) Xi says he will seriously consider visit to South Korea: official
-
Family of 5 found dead in 3 separate locations
-
5 years after signing, future of inter-Korean military accord unclear
-
In desperation, N. Korea, Russia turn to one another for mutual assistance rivaling U.S.-S. Korea cooperation
-
Yoon seeks to carve out bigger role for S. Korea in Indo-Pacific, world
-
Despite gov't assurance, seafood safety woes spread in S. Korea over Japan's Fukushima plan
-
S. Korea-U.S.-Japan summit outcomes herald deeper, consistent security cooperation against N. Korean, other challenges: analysts