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EU SIDES WITH JAPAN IN KOREAN SHIPBUILDING SUBSIDY PROTEST

Sunday, November 25, 2018 

Reports in the South Korean media suggest that the European Union is joining forces with Japan in the Japanese complaint to the World Trade Organisation against the Korean shipbuilding industry.

A statement delivered to the WTO by the EU said: "The EU notes that the request for consultations relates to a number of alleged export and local content subsidies provided by Korea directly, or through public or private institutions, to Korean shipbuilders or their customers."

The EU statement pointed out that Europe is a major global producer and exporter of both ships and maritime equipment, such as ship engines and navigational equipment. According to the EU, the measures referred to in the consultation request may have a substantial impact on the price of ships, including ship engines and other maritime equipment, and affect trade flows in these products.

South Korea’s Yonhap news agency said that in October 2002, the EU sued South Korea, claiming the government's support for the restructuring of local shipbuilders can be considered to be subsidies. In March 2005, the WTO came up with a conclusion accepting most of South Korea's arguments.

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