Seoul, 6 September 2022 (TDI): The Foreign Minister of the Republic of Korea (ROK), Park Jin met the US House Representatives on Monday. During the meeting, the 8 key lawmakers of the US House of Representatives discussed a number of issues with the Foreign Minister of ROK.

The delegation from the US House included Stephanie Murphy, Joe Wilson, Scott Franklin, Kat Cammack, Andy Barr, Kai Kahele, Claudia Tenney, and Darrell Issa.

Both sides highlighted the strengthening relations between ROK and the US. Moreover, they also shared their opinions on possible cooperation opportunities between both countries.

On the occasion, Minister Jin emphasized ongoing cooperation on a number of issues at regional and global levels. Moreover, he highlighted that both countries are working together for their common cause of freedom, democracy, and human rights.

Correspondingly, the delegation expressed that relations between the US and ROK have strengthened since the new government came into power.

The new government in ROK took their respective offices in May 2022. It is under the Presidentship of Yoon Suk-Yeol and the governance of Prime Minister, Han Duck-soo.

Concerns about US Inflation Reduction Act

On the occasion, the Foreign Minister of ROK expressed his concerns over the recently announce Inflation Reduction Act under the administration of President Joe Biden.

The Inflation Reduction Act is a US federal law that aims at making a historic down payment on deficit reduction to fight inflation. Moreover, it aims to invest in domestic energy production and manufacturing, and reduce carbon emissions by roughly 40 per cent by 2030.

Under the Inflation Reduction Act, medicare benefits will be expanded and energy bills will be cut by $500 to $1,000 per year. Moreover, it lower health care costs and create manufacturing jobs. Additionally, the Act will also work for the protection of the environment as well as close tax loopholes used by the wealthy. A 15% corporate minimum tax and a 1% fee on stock buybacks will be applied to the ultra-wealthy and corporations.

Also Read: President of US supports Inflation Reduction Act

The Foreign Minister of ROK pointed out the discriminatory elements of the reorganization of the electric vehicle tax credit under the Act.

Therefore, he requested the US delegation to address these issues as they harm Korean interests and violates Korea-US FTA (KORUS). It is noteworthy that KORUS signed in 2007 eliminates tariffs and other barriers to trade between both countries. This helps in promoting the growth of economic ties between ROK and the US.

As a response, the key lawmakers assured the Foreign Minister of the ROK that they will help in addressing these Korean concerns.

Consequently, Minister Jin expressed his gratitude to Congress for their role in strengthening the Korea-US alliance. Moreover, he thanked Congress for supporting ROK in securing visa quotas for Korean professionals in the US.

Republic of Korea-United States Relations

The United States established diplomatic relations with South Korea as soon as the Korean Peninsula was divided into two nations along the 38th parallel. Furthermore, the US has helped South Korea during its challenging times. Moreover, it sided with South Korea during North Korea’s invasion too.

Both countries signed a Mutual Defense Treaty which served as the foundation of a comprehensive alliance. Furthermore, both countries enjoy partnerships in a number of domains.

During the pandemic, the United States shared 1,412,800 effective COVID-19 vaccine doses with ROK, free of cost. Both countries also look forward to strengthening these ties in the future.