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Pascal Lamy News

12 Apr 2012

Trade Growth to Slow in 2012: WTO Economists

World trade expanded in 2011 by 5.0 percent, a sharp deceleration from the 2010 rebound of 13.8 percent, and growth will slow further still to 3.7 percent in 2012, WTO economists project. They attributed the slowdown to the global economy losing momentum, due to a number of shocks, including the European sovereign debt crisis. A significant braking of trade expansion had been forecast for 2011. But multiple economic setbacks during the year dampened growth beyond expectations and led to a stronger than anticipated easing in the fourth quarter. “More than three years have passed since the trade collapse of 2008-09. But the world economy and trade remain fragile. The further slowing of trade expected in 2012 shows that the downside risks remain high.

01 Mar 2004

EU-US Sign Marine Equipment Accord

The EU and the U.S. signed a mutual recognition agreement on marine equipment. Under the agreement, marine equipment certified as acceptable in the market of one party will be able to circulate in the other market without additional testing or certification. The agreement covers 30 types of marine equipment, including life-saving equipment (distress signals, rigid life rafts), fire protection equipment, and navigational equipment (GPS receivers, echo-sounding equipment). European Union (EU) Trade Commissioner Pascal Lamy, United States (US) Trade Representative Robert B. Zoellick and Ireland's Ambassador to the US, Noel Fahey signed a mutual recognition agreement (MRA) on marine equipment between the EU and the US.

03 Oct 2000

EU Could Resolve Shipbuilding Row At WTO

The European Union could take South Korea to the World Trade Organization (WTO) over its shipbuilding practices after talks last week failed, EU officials said. The EU has repeatedly accused South Korea of unfair price undercutting in shipbuilding and has urged the government to take action. But, in last week's talks, "the Korean side was unable to offer a proposal which would alleviate EU concerns," the European Commission said in a statement. The Commission, the EU's executive body, will report to EU governments soon to propose alternative ways forward "including a possible action in the WTO", it said. For the EU to take South Korea to the Geneva-based WTO…

24 Oct 2000

Shipbuilders Complain About S. Korean Shipbuilding Aid

European shipbuilders recently complained to the European Union over South Korean state aid to its shipbuilders, opening the way for a possible EU case against Seoul at the World Trade Organization (WTO), Reuters reported. The Committee of EU Shipbuilders' Associations (CESA) said it had filed a complaint with the European Commission under the EU's Trade Barriers Regulation over alleged trade distortions in global shipbuilding caused by South Korean aid to its industry. "We are complaining about the state aid that Korean companies are receiving," Reinhard Lueken, the head of CESA's Brussels office. He said there were a number of bankrupt shipyards in Korea still offering prices which did not cover their costs.

04 Dec 2000

EU Investigates Unfair Trade Practices

The European Union is to investigate alleged unfair trade practices by South Korean shipbuilders, a move that could lead to a World Trade Organization (WTO) case, Reuters reported. The move follows a complaint in October by the European shipbuilding industry that accused South Korea of subsidizing its shipyards to unfairly undercut the market. "We have looked carefully at the complaint of our industry and believe there are clear grounds for us to launch this investigation," European Union Trade Commissioner Pascal Lamy said. "We are treating the concerns of EU shipbuilders with the utmost seriousness. If necessary we will take this all the way to the WTO," he said. The Commission -- the EU's executive branch -- will launch a five-month investigation under its Trade Barriers Regulation.

07 Mar 2001

Korean Shipbuilder See Capacity Shortage

An executive at South Korea’s Hyundai Heavy Industries, the world’s top-ranked shipbuilder, said on Tuesday there was a global capacity shortage in shipbuilding despite European Union claims to the contrary. In an interview with Reuters, he also said the shipbuilding division’s order book was likely to decline this year in an effort to improve profit margins by being more selective in taking orders. “The world’s shipbuilding industry is seeing shortages of supply unprecedented in 20 years,” said Han Dae-youn, executive vice president and chief marketing officer (CMO) of Hyundai Heavy’s shipbuilding division. “But the issue is whether producers can provide ships at market prices,” he told Reuters in an interview.

28 Jun 2002

EU Agrees Strategy to Counter Korean Shipbuilding Practices

Today the Council of the EU approved the twin-track strategy proposed by the European Commission to counter unfair Korean practices in the shipbuilding sector. The EU has set a deadline of the end September to resolve the dispute amicably, failing which it will immediately launch procedures for a Panel against Korea in WTO and activate a temporary defensive mechanism (TDM) for European shipbuilding. The Commission will now hold a series of further negotiations with Korean authorities in an attempt to restore normal trading practices in this sector. Welcoming the decision, EU Trade Commissioner Pascal Lamy said "Korea now knows that if we fail to resolve this dispute in the few weeks between now and the end of September…

25 May 2001

Trade Officials To Discuss Korean Shipbuilding Disputes

European Union and South Korean trade officials will meet next week in Seoul to resolve a dispute over alleged shipbuilding subsidies by Korean yards. "Working-level officials from the EU and Korea will discuss the hottest trade issue between the two parties from May 28-30 in Seoul," said Seoul's Commerce Ministry in a statement. Earlier in the month, European Trade Commissioner Pascal Lamy met South Korean Commerce Minister Hwang Doo-Yun to discuss the EU executive's threat to start a WTO (World Trade Organization) dispute against Seoul unless a deal could be reached by June 30. The EU argues that South Korea has granted substantial subsidies to its shipyards, contravening the WTO's 1994 Subsidies Agreement.

26 Jun 2003

EC Extends Shipbuilding Subsidies to LNG Carriers

The European Commission (EC) has decided to extend the granting of temporary and limited state aids in the shipbuilding sector to liquefied natural gas (LNG) carriers. The action is being taken to offset perceived subsidies by South Korea to its shipyards. EU Trade Commissioner Pascal Lamy said: "Today's decision offers a temporary relief to European LNG shipyards which are facing serious difficulties, while Korea continues to price ships below cost. This decision takes place after an in-depth investigation in the framework of the Trade Barriers Regulation has confirmed that Korean unfair practices have injured EU shipyards in this sector.

03 May 2001

EU Points Finger At South Korea

The European Union has accused South Korean shipyards of distorting the international market by pricing ships below cost, but put off a decision on whether to launch a trade complaint against Seoul. In its latest report on world shipbuilding, the EU's executive Commission said significant over-capacities in South Korean shipyards, combined with a need to generate new orders to assure sufficient cash flow, prevented a recovery of shipbuilding prices. None of the South Korean shipbuilding contracts it had examined had been priced at a level that covered operating costs, profits and debt repayments, the Commission said. South Korean yards incurred losses averaging 14 percent on these orders, it said.

07 May 2001

Lamy To Back European Yard Subsidies

European Union Trade Commissioner Pascal Lamy said he would back government aid for European shipyards if the EU lodges a formal complaint against South Korean shipbuilders with the World Trade Organization. Government subvention "is an instrument we want to use," he said. "We have to increase our weapons arsenal. Such a (WTO) process can be very drawn out," said Lamy. The EU has long accused Seoul of paying its shipbuilders illegal subsidies that threaten the existence of European yards. Lamy said the Council of Ministers will ultimately decide whether to help shipbuilders, but added the Commission was likely to support some form of temporary assistance because talks with his Korean counterparts had made little progress.

08 May 2001

EU to S. Korea: Agreement on Subisdies Soon Or Else

The European Union's executive body proposed starting a World Trade Organisation (WTO) dispute against South Korea over alleged subsidies to its shipyards unless a deal could be reached by June 30. At the same time, the European Commission said it would propose allowing temporary government aid for European shipyards hit by South Korean competition for the duration of the WTO case. Both proposals will be discussed by EU industry ministers who meet on May 14 and 15. "Although we have not closed the door to an amicable solution with the Korean authorities, the clock is now ticking," EU Trade Commissioner Pascal Lamy said. The Commission…

16 Jun 2003

EU Requests Establishment of WTO Panel Over Korean Shipbuilding Practices

The European Commission has requested the WTO's Dispute Settlement Body (DSB) to set up a Panel over the unfair Korean shipbuilding practices, at its next regular meeting of 24 June. This decision has been taken further to the failure of bilateral and or WTO consultations to reach an amicable solution to this long-standing dispute. EU Trade Commissioner Pascal Lamy said: "It is regrettable that Korea has shown no real will to resolve the issue in an amicable manner. In particular, we deplore the fact that Korea has failed to respect its commitments under the bilateral Agreement with the EU signed in June 2000 (the so-called Agreed Minutes). Furthermore Korea has made no efforts to find a solution during the three rounds of WTO consultations which have taken place since October 2002.

23 Oct 2002

EU Takes South Korea to WTO

The European Commission has requested the World Trade Organisation (WTO) to set up formal consultations under its Dispute Settlement mechanism over the unfair Korean shipbuilding practices. This decision has been taken further to the failure to reach an amicable solution to this long-standing dispute by September 30, 2002. EU Trade Commissioner Pascal Lamy said: "The lack of progress in our bilateral discussions so far has left us with no option but to take Korea to the WTO. I now call on Korea to swiftly settle this matter within the WTO consultations". In these consultations, the European Commission will convey to Korea its view that…