Ministry of Industry, Auto and Battery Discusses Countermeasures for Subsidy for US Electrical Cars

Deok-geun Ahn, head of the Trade Negotiations Headquarters, “Asks the US to simplicity subsidy necessities”

The Ministry of Trade, Marketplace and Electrical power, chaired by Deok-geun Ahn, Head of the Trade Negotiations Headquarters, to talk about strategies to respond to the electrical car subsidy laws of the ‘Inflation Reduction Act’ lately handed by the US Senate, Hyundai Motor and 3 domestic battery corporations (LG Electrical power Option, SK On, and Samsung SDI) It was declared on the 11th that a non-public conference was held with

The Inflation Reduction Act, which is about to be voted on by the US Dwelling of Reps, states that only for electrical cars that have not only acquired crucial elements for batteries from the United States or nations that have signed for no subsidies will be paid out. trade agreements with the United States, but also produces and assembles battery areas in North America. .

In reaction, officials from the auto and battery industry who attended the conference instructed that the government offer lively support to assure that domestic electric powered vehicles are not disadvantaged in competitiveness in the US industry because of to the inflation reduction legislation.

Director Ahn reported he has asked US trade authorities to rest the requirement that subsidies be paid only to electric powered cars that have finished production and assembly of battery elements and final assembly of electrical autos in North America.

He also discussed that he had expressed considerations to the United States that the invoice could violate trade policies these as the Korea-US Totally free Trade Agreement (FTA) and the Environment Trade Business (WTO) settlement.

The Ministry of Marketplace is intently monitoring the pattern of the inflation reduction invoice, while continuing to talk with Korean industry and continuing to seek advice from with the US governing administration.

Hello Reporter Jinhee Kim |

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