Ship Subsidy Agreement Hammered Out In Brussels

Monday, June 26, 2000
The European Commission and South Korea have signed an agreement aimed at allaying European concerns that South Korean shipyards charge unfairly low prices, the European Union's executive body said. But the Commission said in a statement it has already asked for consultations with South Korea, as allowed for under the new agreement, "in order quickly to clarify several issues of concern and receive answers to key questions." These talks will take place in Seoul on July 18 and 19. The Commission gave no details of what it wanted to discuss. "The Commission considers that the full implementation of Korea's commitments will constitute the effective means to avoid a potential dispute between the EU and Korea in shipbuilding and (to) work together towards a fair and competitive world shipbuilding market," it said. The 15-nation EU and the South Korean government began talks last December on shipbuilding after the Commission accused South Korea of using International Monetary Fund aid received after the 1997 Asian financial crisis and other subsidies to undercut European shipbuilders. South Korea denied the charge. The agreement, agreed in April, aimed to stabilize the world shipbuilding market, which the EU says suffers from over-capacity and steadily falling prices. The pact contains a pledge not to subsidize shipbuilding, and commitments to transparency and commercial pricing. It provides a consultation mechanism allowing either side to request talks if they feel the agreement is not being respected.
Maritime Reporter September 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Shipbuilding

Messer to Debut MetalMaster Xcel

Messer Cutting Systems said it has answered the call from manufacturers that have been demanding a faster, more accurate way of producing cut parts. Messer’s

Rolls-Royce Expands in the Canary Islands

Rolls-Royce announced it has signed a cooperation agreement with the Astican Shipyard in Las Palmas, Canary Islands that it said will enhance the service capabilities

Rolls-Royce to Design, Equip Stern Trawler for Ramoen

The Armon shipyard in Gijón, Spain has entered into a contract to build a new Stern Trawler for the Norwegian fishing company Ramoen. The vessel will be a Rolls-Royce design,

 
 
Maritime Careers / Shipboard Positions Maritime Security Naval Architecture Offshore Oil Pod Propulsion Port Authority Ship Repair Ship Simulators Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1050 sec (10 req/sec)