Ministry of Trade, Industry and Energy of the Republic of Korea

12/01/2023 | Press release | Distributed by Public on 11/30/2023 18:41

Trade minister discusses IRA issues with U.S.' NSC Deputy National Security Advisor

Minister for Trade Dukgeun Ahn met with Mike Pyle, the Deputy National Security Advisor for International Economic Affairs at the U.S.' National Security Council (NSC), on November 30 in Seoul and discussed bilateral trade issues between Korea and the U.S., including the Inflation Reduction Act (IRA), CHIPS Act subsidies, and Section 232 steel tariffs.

The two sides shared the view that the Korea-U.S. alliance, based on the bilateral summit in April and the Korea-U.S-Japan trilateral summit in August, has been progressing from a traditional alliance on security to one on advanced technology, industries and supply chain, and agreed to bolster cooperation in mutually beneficial directions.

Trade Minister Ahn emphasized that the guidance on the IRA's Foreign Entities of Concern (FEOC), likely to be announced within this year, should factor in the issue of stability of the global supply chain for critical minerals and battery parts, and asked that the Korean government's official opinions submitted to the U.S. in June be amply considered.

Moreover, Trade Minister Ahn asked for the White House's interest and support in giving consideration to Korean companies investing in the U.S. when executing the CHIPS Act subsidies, and in revising the Section 232 steel tariffs, for resolving trade issues and facilitating Korean firms' investment in the U.S.

In addition, Korea's trade chief explained that the Partner with Korea Act, a bill for expanding the quota on highly skilled work visas for Korean nationals with specialized education and expertise, is currently pending in the U.S. Congress and urged for the Biden administration's interest and support so that the bill can be swiftly passed in view of Korean companies' rapidly increasing investment in the U.S. as of late.