▲ South Korean Finance Minister Choo Kyung-ho (R) poses for a photo with U.S. Treasury Secretary Janet Yellen as they meet on the sidelines of a meeting of finance ministers and central bank governors from the Group of 20 major economies in Gandhinagar, India, on July 17, 2023, in this photo provided by Choo's office. (PHOTO NOT FOR SALE) (Yonhap)
▲ South Korean Finance Minister Choo Kyung-ho (L) poses for a photo with Chinese Finance Minister Liu Kun as they meet on the sidelines of a meeting of finance ministers and central bank governors from the Group of 20 major economies in Gandhinagar, India, on July 17, 2023, in this photo provided by Choo's office. (PHOTO NOT FOR SALE) (Yonhap)

S Korea-US-finance chiefs

S. Korea's finance chief meets U.S., Chinese counterparts to discuss economic ties

SEOUL, July 18 (Yonhap) -- South Korea's Finance Minster Choo Kyung-ho has met with his U.S. and Chinese counterparts in India and discussed ways to enhance economic cooperation with the respective nation, his office said Tuesday.

Finance Minister Choo Kyung-ho held separate talks with U.S. Treasury Secretary Janet Yellen and China's finance chief, Liu Kun, on Monday in Gandhinagar, India, on the sidelines of the G20 Finance Ministers and Central Bank Governors Meeting, according to the Ministry of Economy and Finance.

During his meeting with Yellen, Choo delivered concerns among South Korean businesses over the U.S.' Inflation Reduction Act (IRA) and Chips and Science Act.

Choo requested Yellen continue to pay attention to related issues, citing lingering uncertainties surrounding the acts, though he expressed gratitude for Washington's continued effort for consultations on the issues.

The IRA offers tax credits of up to US$7,500 to each buyer of a new electric vehicle assembled in North America and with batteries made of a certain amount of critical minerals produced in the region, causing concerns over discrimination against foreign manufacturers.

Under the Chips Act, foreign chipmakers can receive subsidies totaling US$52.7 billion and tax incentives for setting up production facilities in the U.S., though the act came with strings attached.

The two sides also discussed Yellen's recent visit to China, the ministry said, without elaboration.

Earlier this month, Yellen made a four-day trip to China aimed at stabilizing their relations amid the intensifying rivalry of the world's two largest economies.

"Speaking of the improvement in the relations between Seoul and Tokyo, Choo said the recent thaw will contribute to the expansion of the trilateral economic cooperation among South Korea, the U.S. and Japan," the ministry said in a release.

"The two sides also agreed to continue consultations with the U.S. regarding sanctions against Russia," it added.

With his Chinese counterpart, Choo discussed ways to work together on supply chains, personnel exchanges and other issues of mutual concerns, the ministry said.

It was the first face-to-face meeting between top finance officials of the two nations since 2019.

Choo stressed that South Korea and China are key partners in terms of trade and investment and voiced hope for maintaining "mature" economic relations "based on mutual respect, reciprocity and shared interests," the ministry said in a release.

Choo also proposed the expansion of communications and cooperation via various channels between the two sides, the ministry said.

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