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SOUTH KOREA MAY FILE WTO COMPLAINT OVER U.S. INFLATION ACT

South Korea will review whether to file a complaint with the World Trade Organization (WTO) over the U.S. Inflation Reduction Act signed last week as the new law may violate bilateral free trade deal rules, The Korea Times reported on Tuesday.

The Inflation Reduction Act of 2022, which U.S. President Joe Biden signed into law on August 16, includes key provision to make electric vehicles (EVs) more mainstream and calls for the expansion of tax subsidies for EV buyers, but only for EVs assembled in North America.

National flags of the U.S. and South Korea.


Major South Korean automakers, including Hyundai Motor Co. and Kia Corp., however, are concerned by the new legislation since they produce their flagship EVs at domestic plants and then export to overseas markets.

“We will actively review whether to bring the case to the WTO. We are very much concerned about the act, and we have conveyed our message to the U.S. Trade Representative that the law would violate WTO and bilateral free trade deal rules,” South Korean Industry Minister Lee Chang-yang told a parliamentary session, according to the news report.

South Korean officials said that the new U.S. law may have violated the terms of the South Korea-U.S. free trade agreement, and the WTO’s “most-favored-nation treatment” principle.

Meanwhile, South Korean Trade Minister Ahn Duk-geun is planning to discuss the matter with U.S. officials during his trip to Washington next week, Lee reportedly said.



Published By Odoh Dominic Chukwuemeka

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