Korean President Yoon Suk-yeol, center, talks with U.S. President Joe Biden, left, after attending the seventh replenishment conference of the Geneva-based Global Fund to Fight AIDS, Tuberculosis and Malaria in New York on Sept. 21. On the right is Foreign Minister Park Jin. Yonhap

President Yoon Suk-yeol asked U.S. President Joe Biden to resolve Korea's concerns over the Inflation Reduction Act (IRA), and Biden responded he was well aware of the concerns, Yoon's office said Wednesday.

Biden also said the two sides should continue serious discussions about the matter, the office said in a press release summarizing the presidents' three encounters over the last four days.

"President Yoon explained our businesses' concerns about the U.S. Inflation Reduction Act and asked that the U.S. administration cooperate closely with South Korea in the process of enforcing the IRA so as to resolve our concerns," it said.

"In response, President Biden said he is well aware of our concerns, and that South Korea and the U.S. should continue to hold serious consultations," it added.

The IRA excludes electric vehicles assembled outside North America from tax incentives, raising concerns it will act as a significant trade barrier for Korean-made cars.

The topic had been widely expected to be raised by Yoon if he held a summit with Biden on the sidelines of the U.N. General Assembly in New York this week.