Senior US State Department official due in Seoul to discuss supply chain, IRA issue

The Korea Times

The Korea Times

National

Tue, November 28, 2023 | 19:22

Foreign Affairs

Senior US State Department official due in Seoul to discuss supply chain, IRA issue

Posted : 2023-01-09 10:54

Updated : 2023-01-09 18:05

U.S. Under Secretary for Economic Affairs Jose Fernandez, left, speaks with Korea's Second Vice Foreign Minister Lee Do-hoon at the Department of State in Washington, D.C., in this Dec. 12, 2022 file photo provided by the foreign ministry in Seoul. Yonhap

Jose Fernandez, the U.S. under secretary of state for economic growth, energy and the environment, is scheduled to arrive in Korea on Monday for consultations on a range of bilateral economic issues.

Fernandez is the first senior U.S. official to visit Seoul this year, which marks the 70th anniversary of the Korea-U.S. alliance.

He plans to meet Lee Do-hoon, Seoul's second vice foreign minister, on Tuesday to discuss ways to boost bilateral cooperation.

The two sides are expected to discuss economic security issues, such as strengthening supply chain resilience, as well the easing of discriminatory provisions for Korean-made electric vehicles in the U.S. Inflation Reduction Act (IRA). They plan to hold a joint press conference following their meeting.

The IRA, signed into law by U.S. President Joe Biden in August, gives up to US$7,500 in tax credits to buyers of electric vehicles assembled only in North America, sparking concerns that Hyundai Motor and Kia could lose ground in the U.S. market.

At the 7th Senior Economic Dialogue last month, Lee and Fernandez signed a joint statement reaffirming their commitment to continue constructive discussions to address Seoul's concerns on the impact of the IRA.

Fernandez will also meet officials from U.S. and Korean companies, and hold a roundtable on women in business with the American Chamber of Commerce. (Yonhap)