What’s New
Speaker meets with US House of Representatives delegation
- Oct 14, 2022
- 8543
Speaker Kim Jin-pyo meets with US House of Representatives delegation
- Requests guarantee of most favored nation status for Korea and underlines the need to amend and supplement the Inflation Reduction Act to prevent possible harm to Korean EV companies.
- Seeks support for Busan as venue for World Expo 2030 and proposes regular exchanges between the military and foreign affairs committees of the two countries’ legislatures
- US Congresswoman Stephanie Murphy expresses wish to bolster bilateral relations in diverse sector ranging from national security to supply chains and investment.
Speaker of the Republic of Korea’s National Assembly Kim Jin-pyo met with a delegation of the US House of Representatives on September 5 at the National Assembly’s reception room.
The Speaker requested measures to prevent damage to Korean electric vehicle (EV) companies in connection with the Inflation Reduction Act. He also proposed regular exchanges between the military and foreign affairs committees of the two countries’ legislatures, while seeking support for Busan as the venue to host World Expo 2030.
This bipartisan Congressional Delegation (CODEL) is the third US parliamentarian delegation to be officially received by Speaker Kim, which included one led by Speaker Nancy Pelosi.
- Request to prevent damage to Korean EV companies
Speaker Kim requested the House of Representatives’ support to protect Korean EV companies from possible harm resulting from the Inflation Reduction Act signed by President Joe Biden on August 16.
The Speaker said, “If stock prices of Korean corporations such as Hyundai Motor Company fall drastically due to the failure to receive subsidies, large-scale investments in the US, which were promised to President Biden at the US-Korea summit, are likely to be delayed. Pursuant to the US-Korea Free Trade Agreement, our two countries are bound to offer the most-favored-nation treatment to each other. Amendment and supplementation of the Act is required to build a value-based alliance.”
*Inflation Reduction Act:
Up to USD 7,500 (with tax credits) of EV incentives is offered when:
1) the EV has been assembled in North America (US, Canada, Mexico);
2) a certain percentage of minerals contained in the EV battery is sourced from North America or countries that have signed an FTA with the US;
3) and a certain percentage of parts comprising the EV battery is sourced from North America.
Currently, Hyundai Motor Company and Kia have no EV production plants in North America and thus are not eligible for the subsidies specified in the Act until their plants, under construction in Georgia, open in 2025. This is expected to contribute to annual losses of KRW 600 billion.
- Regular exchanges between the military and diplomatic affairs committees
Speaker Kim proposed opening a channel for regular exchanges between members of the military and diplomatic affairs committees of the two nations’ legislatures. He said, “As security conditions continue to change, especially in relation to North Korea, Russia, and China, it will be helpful to operate a channel through which parliamentarians of the military and diplomatic affairs committees can regularly communicate.”
- Request to support Busan as venue for World Expo 2030
Speaker Kim asked for the House of Representatives’ support for Busan’s bid for World Expo 2030. He said, “Busan’s theme for the bid is ‘The Environment, Sharing, Co-prosperity and Technologies for the Future.’ This aligns well with [US state of] Minnesota’s theme in its bid for Specialized Expo 2027/28 ‘Healthy People, Healthy Planet.’ Your support is needed to encourage the US government to advocate for Busan’s bid.”
The Speaker added, “The US-Korea alliance has played the role of axis of world peace and prosperity during the past 70 years and is now being elevated to that of a global comprehensive strategic alliance that encompasses the economy, science, and technology. In early August, Speaker Pelosi and I discussed parliament-level cooperation measures to drive the development of the US-Korea alliance into a global comprehensive strategic alliance and agreed to jointly adopt the Resolution in Celebration of the 70th Anniversary of the US-Korea Alliance.”
Representative Murphy, head of the US delegation, responded, “Such a powerful and historical alliance as the US-Korea alliance is rarely heard of. We must strive to reinforce our relations across diverse areas including security, supply chains, and investment.”
From the US side, the meeting attendees included the delegation members (Stephanie Murphy, Scott Franklin, Kaiali’i Kahele, Joe Wilson, Andy Barr, Darrell Issa, Claudia Tenney, and Kat Cammack) as well as US Ambassador to Korea Philip Goldberg. The attendees from the Korean side included Chairman of the Foreign Affairs and Unification Committee Yun Jae-ok; Chairman of the National Defense Committee Lee Hun-seung; Chairman of the Culture, Sports, and Tourism Committee Hong Ihk-pyo; National Assembly Members Hwang Hee, Shin Won-sik, and Kim Byung-joo; Secretary General of the National Assembly Lee Kwang-jae; Chief Secretary for the Speaker Park Kyeong-mee; Senior Secretary for Public Communication Koh Jae-hak; Director General for Public Communication Jeong Hwan-cheol; and Head of the National Assembly’s International Affairs Bureau Hwang Seung-gi.
- Requests guarantee of most favored nation status for Korea and underlines the need to amend and supplement the Inflation Reduction Act to prevent possible harm to Korean EV companies.
- Seeks support for Busan as venue for World Expo 2030 and proposes regular exchanges between the military and foreign affairs committees of the two countries’ legislatures
- US Congresswoman Stephanie Murphy expresses wish to bolster bilateral relations in diverse sector ranging from national security to supply chains and investment.
Speaker of the Republic of Korea’s National Assembly Kim Jin-pyo met with a delegation of the US House of Representatives on September 5 at the National Assembly’s reception room.
The Speaker requested measures to prevent damage to Korean electric vehicle (EV) companies in connection with the Inflation Reduction Act. He also proposed regular exchanges between the military and foreign affairs committees of the two countries’ legislatures, while seeking support for Busan as the venue to host World Expo 2030.
This bipartisan Congressional Delegation (CODEL) is the third US parliamentarian delegation to be officially received by Speaker Kim, which included one led by Speaker Nancy Pelosi.
- Request to prevent damage to Korean EV companies
Speaker Kim requested the House of Representatives’ support to protect Korean EV companies from possible harm resulting from the Inflation Reduction Act signed by President Joe Biden on August 16.
The Speaker said, “If stock prices of Korean corporations such as Hyundai Motor Company fall drastically due to the failure to receive subsidies, large-scale investments in the US, which were promised to President Biden at the US-Korea summit, are likely to be delayed. Pursuant to the US-Korea Free Trade Agreement, our two countries are bound to offer the most-favored-nation treatment to each other. Amendment and supplementation of the Act is required to build a value-based alliance.”
*Inflation Reduction Act:
Up to USD 7,500 (with tax credits) of EV incentives is offered when:
1) the EV has been assembled in North America (US, Canada, Mexico);
2) a certain percentage of minerals contained in the EV battery is sourced from North America or countries that have signed an FTA with the US;
3) and a certain percentage of parts comprising the EV battery is sourced from North America.
Currently, Hyundai Motor Company and Kia have no EV production plants in North America and thus are not eligible for the subsidies specified in the Act until their plants, under construction in Georgia, open in 2025. This is expected to contribute to annual losses of KRW 600 billion.
- Regular exchanges between the military and diplomatic affairs committees
Speaker Kim proposed opening a channel for regular exchanges between members of the military and diplomatic affairs committees of the two nations’ legislatures. He said, “As security conditions continue to change, especially in relation to North Korea, Russia, and China, it will be helpful to operate a channel through which parliamentarians of the military and diplomatic affairs committees can regularly communicate.”
- Request to support Busan as venue for World Expo 2030
Speaker Kim asked for the House of Representatives’ support for Busan’s bid for World Expo 2030. He said, “Busan’s theme for the bid is ‘The Environment, Sharing, Co-prosperity and Technologies for the Future.’ This aligns well with [US state of] Minnesota’s theme in its bid for Specialized Expo 2027/28 ‘Healthy People, Healthy Planet.’ Your support is needed to encourage the US government to advocate for Busan’s bid.”
The Speaker added, “The US-Korea alliance has played the role of axis of world peace and prosperity during the past 70 years and is now being elevated to that of a global comprehensive strategic alliance that encompasses the economy, science, and technology. In early August, Speaker Pelosi and I discussed parliament-level cooperation measures to drive the development of the US-Korea alliance into a global comprehensive strategic alliance and agreed to jointly adopt the Resolution in Celebration of the 70th Anniversary of the US-Korea Alliance.”
Representative Murphy, head of the US delegation, responded, “Such a powerful and historical alliance as the US-Korea alliance is rarely heard of. We must strive to reinforce our relations across diverse areas including security, supply chains, and investment.”
From the US side, the meeting attendees included the delegation members (Stephanie Murphy, Scott Franklin, Kaiali’i Kahele, Joe Wilson, Andy Barr, Darrell Issa, Claudia Tenney, and Kat Cammack) as well as US Ambassador to Korea Philip Goldberg. The attendees from the Korean side included Chairman of the Foreign Affairs and Unification Committee Yun Jae-ok; Chairman of the National Defense Committee Lee Hun-seung; Chairman of the Culture, Sports, and Tourism Committee Hong Ihk-pyo; National Assembly Members Hwang Hee, Shin Won-sik, and Kim Byung-joo; Secretary General of the National Assembly Lee Kwang-jae; Chief Secretary for the Speaker Park Kyeong-mee; Senior Secretary for Public Communication Koh Jae-hak; Director General for Public Communication Jeong Hwan-cheol; and Head of the National Assembly’s International Affairs Bureau Hwang Seung-gi.
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