KITA hosts International Trade Committee meeting
The Committee expressed concerns over the exclusion of Korean-made EVs from subsidies
The Korea International Trade Association (Chairman: Christopher Koo) hosted the first 2022 meeting of the International Trade Committee on August 31 at COEX Intercontinental Hotel in Samseong-dong, Seoul. This meeting was held to collect opinions on the U.S. Inflation Reductions Act (IRA) from Korean companies that are affected by the Act.
The meeting was attended by 12 officials, including the chairperson of the Committee Whee-ryeong Lee, who is also the CEO of SeAH Steel, Yoon-sik Kim, the Chairman of Shindong Enercom and Won-soo Seo, the CEO of Wonil Metal.
Members of the Committee raised an issue on the section in the IRA that includes the revised scheme of offering EV subsidies. They argued, “Offering tax breaks for EVs exclusively produced in the U.S. is an unfair treatment” and also mentioned, “This is an action on par with throwing a wet blanket on the newly elevated economic security alliance established after the Korea ？ U.S. summit meeting.”
They also highlighted, “Korea plays a crucial role in strengthening the supply chains of America’s future strategic industries including automobile, battery and semiconductor industries” and added, “Considering Korea’s contribution, an aggressive response at the government level is required to ensure Korean companies are not negatively affected since they are America’s invaluable partners in strengthening supply chains through close cooperation.”
In response to the issues raised by members of the Committee, Hyeon-chol Kim, the Head of the International Affairs Groups at KITA, said, “We will relay the issues raised by Korean companies engaged in the trading business to the government and will also make use of various means at our disposal, including door knocks, to reach out to key figures in the U.S. House of Representatives and the Senate.”
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