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The National Assembly Futures Institute publishes reports that predict and analyze the changes in the future environment based on a comprehensive perspective, and derive mid- to long-term national development strategies in consideration of the preferences of the citizens
(23-08 Research Report) Parliamentary Diplomacy for Economic Security

Date : 2023-12-31 item : 23-08 Research Report P.I : Park Sung-jun

(23-08 Research Report) Parliamentary  Diplomacy  for  Economic  Security

The United States and the European Union are actively engaged in industrial policy and green transition. The U.S. is attempting to reshape the global supply chain, excluding China, in high-tech industries. The  EU perceives the green transition as a new growth strategy and has been actively leading the green transition early on. Industrial policy and green transition are not clearly distinguished, and both affect the Korean economy as well as the global economy.

The legislation is central to both industrial policy and green transition. As the  importance  of  legislation  increases,  the  need  for  parliamentary diplomacy heightens. Parliamentary diplomacy, centered around exchanges between legislators, offers the advantage of discussing sensitive topics that may be difficult to address in official diplomatic channels between countries.

In this report, we first examine U.S. legislation related to industrial policies, such as the Export Control Reform Act, the CHIPS and Science Act, and the Inflation  Reduction  Act.  Next,  we  examine  legislation  related  to  green transition in both the U.S. and the EU, such as the Inflation Reduction Act, European Climate Act, Critical Raw Materials Act, etc. We explore  the legislative  process,  key  content,  and  ramifications,  along  with  deriving implications for parliamentary diplomacy through the analysis of domestic political factors in the U.S. and the EU.